fundable.org

fundable.org - sounds like a non-profit, right? Wrong. This is a really interesting web site that is doing something I've long thought about. That said, it's got some terrifying liability questions that would scare me if I were an investor. But we're getting ahead of ourselves; let's talk about what the site does.

The idea is that a person or a group wants to raise money for a particular reason. Any reason. Many personal web sites as well as those of political organizations have donation buttons on their web site, but the problem is that people don't donate because they don't really know (in real time) how close to the goal the requestor is. People figure that the donation button may be a black hole.

Enter fundable.org - as a "group organizer" you create an objective with a specific monetary goal, and then you have supporters pledge their donation through the web site. If the goal is met, then the donators credit card is charged. If not, at the end of the time period specified, the credit card holds are released. The site displays current progress towards the goal in real time.

This is a great idea and looking at their recently completed group actions there are a lot of interesting things going on. One group got together to purchase a lot of ribbon microphones at wholesale prices, thus allowing individuals who wanted to purchase the microphone to pool their purchasing power for a discount. I've seen several examples of people using the site to solicit donations to pay for their pet's vet bills.