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Is Crowdfunding The Future For Biomedical Research?

Microryza.com (not the catchiest of names) is a crowdfunding platform for research that raises money over the Internet from individuals who are willing to donate small amounts to fund a specific project. The average donation according to Microryza is $92. In return for a 5 percent cut of funds raised and a 3 percent credit card processing fee, Microryza provides researchers access to a website where they can solicit money from the public to fund their research. Crowdfunding is typically an all-or-nothing deal, where donors only have to pay their pledged support if the project is fully funded within a defined period of time. Is this the solution to the reduction in government funding of science? Crowdfunding has received the endorsement of President Obama. At the White House on June 4, a dozen entrepreneurs who used crowdfunding for start-ups and innovative projects were recognized as “Champions of Change.” As Thomas Kalil, Deputy Director for Technology and Innovation for the White House Office of Science and Technology Policy, noted in the event’s press release, “Crowdfunding is the 21st century equivalent of barn-raising. We can use it to help our neighbors and fellow citizens start a business, enrich our culture, and apply […]

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