Startup Helps Cities Launch Crowdfunding Campaigns

Jason Shueh in Government Technology: “Popular crowdfunding platforms like Kickstarter and Indiegogo have been a hotbed for the aspiring to fund product prototypes, publish artistic works and create everything from films to trendy foods. Now governments are stepping into the mix to harness the low-risk funding method for community parks, gardens, sidewalks and more. And as public-sector interest in crowdfunding has grown, so too has interest from startup companies.

One of those, Citizinvestor, offers a crowdfunding platform tailored for government. Co-founders Tony DeSisto, Jordan Raynor, and Erik Rapprich launched the Tampa, Fla.-based civic tech company in 2012 to help localities raise thousands of dollars for numerous projects across the nation. Public officials simply add photos and a description of projects and the Web app pitches them to interested citizens.

While still a young company, Citizinvestor compares well with the more established Kickstarter, notwithtanding Kickstarter’s success — that since launch in 2009, has generated more than $2.2 billion for 100,000-plus projects. Citizinvestor’s own project funding success rate of 60 percent is higher than market leader Kickstarter’s rate of 36 percent. Funded projects have run from an $81,000 dog park to a roughly $1,000 set of bicycle racks….(More)