Worst Crowdfunding Reward: A Hug?

Crowdfunding rewards have run from a cool new high tech product to a DVD of a horror film.

But those who 4,765 backers who donated $661,452 to the Kickstarter campaign for the Marina Abramovic Institute for the Preservation of Performance Art (MAI) in Hudson, New York, will have to make do with the hug she gave you.

That is, only if you turned out at the Kickstarter headquarters in Brooklyn, New York, when she spent 3.5 hours paying back her loyal fans with an arty embrace.

She has scrapped the $31 million project and the $2.2 million raised was spent solely on schematics and a model by the famous architect Rem Koolhaas.

As the Kickstarter spokesperson said: ““It’s not unusual for creative projects to change direction over time, or to not work out at all…”


About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, balance, Charity, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Film, Funding Portals, Investments, Jobs, Legislative Intent, review, SEC, Small Business and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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