Website helps to make dreams come true - 0 views
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Amy B on 17 Apr 11ABC LATELINE Michael Atkin Byline: "Australian website Pozible is helping to connect generous donors with needy projects, but there are concerns about how the website operates." The article introduces crowd-funding as an 'innovation of the internet age', bringing together donors and projects in need of funding, using an environmental group called Green Way Up as an example project, and a website called Pozible as an example of a crowd-funding resource. As an introduction to crowd-funding it presents Green Way Up as being both environmentally and socially conscious, as well as a good example of a crowd-funded project worth attention: Bob Miles and Chuck Anderson want to travel around the world on bio-fuel converted from recycled fats and oils obtained, in one case, from the waste of a chicken shop. However, Green Way Up may not have had such a start toward achieving this venture if not for Pozible; a crowd-funding resource whose Co-founder, Rich Chen, created the site 'because he was sick of hearing about exciting projects which failed to go ahead because they lacked money' (Atkin, 2011). Though it presents a hopeful opportunity to projects and financial benefactors alike, the article turns critical of the website's operations, suggesting Pozible may be 'violating the Corporations Act by raising money and offering rewards without issuing a prospectus' (Atkin, 2011).
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Amy B on 17 Apr 11Jennifer McKay, Professor at the University of South Australia is also concerned that Pozible infringes upon consumer protection laws and security laws, but when asked by Lateline, the Australian Securities and Investment Commission said they were 'considering whether crowd-funding poses any regulatory concerns' (Atkin, 2011). Green Way Up is presented as an exception rather than a rule for projects seeking crowd-sourced funding; '[p]rojects only receive the money if they reach their funding target within 90 days and currently two-thirds fail' (Atkin, 2011). Built upon and relying heavily on trust, the article concludes there is potential risk for all involved. Atkin, M. (2011). Website helps to make dreams come true. Lateline. Retrieved from http://www.abc.net.au/lateline/content/2011/s3180494.htm.
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Kellie Ramm on 28 Apr 11SETI@home and the various other projects that use BOINC rely on public contributions to achieve their computer processing goals. In a similar vein, the website Pozible.com.au also relies on public response to assist what would otherwise be unheard of projects. Pozible is a website that uses "crowd-funding" to get its donations. "Crowd-funding is an innovation of the internet age which links generous donors with needy projects" (ABC, 2011). In the example provided by this resource, the needy case is an environmental group called Green Way Up who want to fund an expedition to Norway using only bio-fuel. First shown on ABC's Lateline on the 1st April 2011, this interview discusses numerous aspects of Pozible. It talks through the set-up process, talks to a donator, and even questions the administration process from an ASIC/ACCC point of view. Not only does this website help otherwise unknown projects get up off the ground, it also helps connect them to "lounge-chair activists" looking to donate to causes they believe in. There are still a few problems with the donation process. Projects are required to generate 100% of their goal amount within 90 days to receive the money, meaning that currently only 1/3 of projects achieve this goal. There is also no formal follow-up process to ensure that the projects do what they have promised. On a positive note however, if a project fails to meet the requested total, no money changes hands. Donations work more on a pledge system, and even Pozible makes no profit from the projects, unless this total is met(Pozible.com, 2010). Projects like BOINC and Pozible are innovative ways of using current computer/internet usage to get public interest and participation in what could otherwise be undiscovered projects that could have positive implications in the future. ABC. (2011). Website Helps To Make Dreams Come True. Retrieved from http://www.abc.net.au/lateline/content/2011/s3180494.htm Pozible.com. (20