Was Here

Crowdfunding an American Icon

July 3rd By Alan Salganik

Statue of Liberty

Sure crowdfunding is a great tool that has helped fund a Siberian Animal Shelter and a youth leadership group promoting green living, but did you know it’s hardly a new concept?

In fact, in honor of Independence Day, did you know that one of the most notable American icons was made possible through crowdfunding? You might know what it is, it’s a big green lady located in New York City that has watched millions of immigrants become U.S. citizens. The pedestal holding up the Statue of the Liberty is actually one of the first and most iconic crowdfunding projects of all time. Newspaper magnate, Joseph Pulitzer, had the idea of collecting small contributions from the crowd in order to finance this enormous construction project. He and his newspaper, The World, were able to successfully raise over $102,000 (about $2.3 million today) from 120,000 contributors in five months.

statue of liberty pedestal crowdfunding

So while crowdfunding may seem like a new phenomenon, turning the wishes of a country, a city, or a tiny community into reality, just remember that every small contribution can make a world of difference.

Happy Independence Day!


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