February 17, 2014 Comments Off on Crowdfunding fuels Olympic dreams
Crowdfunding fuels Olympic dreams
What does it take to pursue an Olympic dream? It takes perseverance, commitment to excellence, discipline and lots of cash. The truth is, the cost of joining the Olympics is quite high. Athletes have to pay for training, equipment, travel, physiotherapy and daily living expenses. To get funding, most athletes rely heavily on sponsorship money in order to train. The more enterprising ones go to the Internet for support, specifically to crowdfunding websites to seek the much-needed funds.
There is a growing trend of crowdfunding sites that allow people and startups in need of cash to raise funds from a large pool of donors. It’s no secret that the 2-man Jamaican bobsled team has raised more than $115,000 from crowdfunding platforms Crowdtilt.com and Indiegogo.com. Canada’s Alpine skier Larissa Yurkiw used crowdfunding platform Pursu.it.com and raised $22,476 from more than 2,000 fans. In the US, ski jumper Lindsey Van raised over $20,000 via RallyMe.com, a crowdfunding site specifically focused on sports.
Given the funding success of these athletes, crowdfunding could play a bigger role in future Olympic games.
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