August 17, 2012
In this April 27, 2012 photo, Pebble Technology founder Eric Migicovsky wears the Pebble watch, in New York. In April, three-person startup Pebble Technology sought to raise $100,000 to make the programmable wristwatch. Donors on Kickstarter showered them with more than a hundred times that amount: $10.3 million. Kickstarter is at the center of a new phenomenon known as “crowdfunding” in which donors contribute small portions of money to get a project off the ground.
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A funny thing happens on Kickstarter, the website where people ask for money to finance their projects. Sometimes, they get more money than they ask for. Sometimes, they get millions more.