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University crowd funding platforms also focus on student run projects that benefit a specific student group on campus. For example, the MIT Ski Team successfully funded a "snow day fund" with the use of MIT's crowd funding platform. [16] The project highlighted the group's needs and used appropriate perks to incentivize their potential donors.
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A 2014 tuition project raised over $100,000 for a homeless high school valedictorian to attend college and help his family. [21] GoFundMe targets social media platforms to create awareness for campaigns, and encourages individual users to promote their fundraiser on social media throughout a campaign. According to a 2018 report by GoFundMe ...
The funding for these projects is distributed unevenly, with a few projects accounting for the majority of overall funding. Additionally, funding increases as a project nears its goal, encouraging what is called "herding behavior". Research also shows that friends and family account for a large, or even majority, portion of early fundraising.
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Classy is a software company and online fundraising platform designed for nonprofit organizations. Headquartered in San Diego, California, Classy was founded by CEO Scot Chisholm, Pat Walsh, and Marshall Peden in 2006, originally to host fundraising events that benefit charities. The firm transitioned to a software and services company in 2010.
Its student body, though, is especially sensitive to any extra costs. Pell-eligible students have nearly doubled since 2007, from 32 percent to 59 percent. And in 2012, more than 14,000 Georgia State students had unmet financial need, in some cases more than $15,000 a year.
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