News Summary: Windfall for Kickstarter projects

Associated Press
In this April 27, 2012 photo, Pebble Technology founder Eric Migicovsky poses for a portrait wearing 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. (AP Photo/Mary Altaffer)

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WINDFALL: At Kickstarter, a website where people ask for money to finance their projects, people sometimes get much more money than they ask for.

ABOUT THE SITE: Kickstarter is the largest of dozens of sites devoted to crowdfunding, in which donors contribute small sums of money to get a project off the ground. Usually, the contributors get something — like a ticket to a theater production or a programmable watch.

BIG MONEY: Since launching in 2009, Kickstarter has raised $323 million for projects. Nine projects have surpassed $1 million each.

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