GoFundMe
Contents
GoFundMe
GoFundMe is a crowdfunding platform that allows people all over the world to fundraise for personal, business, and charitable causes [1]. GoFundMe leverages the internet’s reach to provide a space for individuals, teams, organizations, and nonprofits to raise the money they need to meet their goals [1].
Background
GoFundMe was officially launched in 2010 by Brad Damphousse and Andrew Ballester, however, the platform originally started out as "CreateAFund' in 2008 [1][2]. Damphousse and Ballester upgraded their CreateAFund to GoFundMe and were valued at $600 million at the time of their sale to Accel Partners and Technology Crossover in 2015[2]. Since then GoFundMe has grown to become the "world's largest social fundraising platform" and has raised over $9 billion[1].
Business Model
GoFundMe states they are the "world's largest social fundraising platform"[1]. The platform allows users to create their unique pages from which to post their causes. To start a fundraiser the user first sets their fundraiser goal, tells their story, and adds a picture or video [3]. After this step the platform links itself with social media accounts to share the fundraiser[3]. GoFundMe currently supports posting on Instagram, Facebook, Twitter, Snapchat, LinkedIn, and Pinterest[4]. For users who do not have social media, GoFundMe generates an email template or textable link for circulation[3]. People are then invited to donate to the fundraiser with a debit or credit card. After donations are received GoFundMe assists with thanking donors and the fundraiser can withdraw their funds. GoFundMe does not collect any platform fee for fundraiser organizers and charges a 2.9% transaction fee with an additional $0.30 per donation[5].
Notable GoFundMe Campaigns
Over the 11 years since its founding, GoFundMe campaigns have receieved over 150 million donations[6]. Due to the mass amount of fundraising campaigns generated over their decade of operation, several GoFundMe campaigns have recieved the public's attention.
Record Holding Campaigns
These campaigns are record-holding as indicated by The GoFundMe 2020 Giving Report[6].
America's Food Fund
The America's Food Fund GoFundMe was organized by Leonardio Diaprio and Laurene Powell Jobs at GoFundMe's request[7]. The fund sought to address the issue of food insecurity across the United States[7]. The fund partnered with World Central Kitchen, Feeding America, Save the Children, No Kid Hungry, and Urban School Food Alliance during the COVID-19 pandemic to help feed vulnerable populations[7]. As of March 2021, the America's Food Fund has not yet reached their going of $45 million. In spite of this, the fund holds the record for highest grossing campaign with $45,989,000 raised[6].
Official George Floyd Memorial Fund
The George Floyd Memorial Fund was created by his brother Philonise Floyd in response to the killing of George Floyd on May 25th, 2020[8][9]. During the campaign the fund raised $14,722,400 which was used to cover funeral and burial expenses, as well as counselling for family members while they sought justice for George Floyd[9]. On June 2nd the campaign made GoFundMe history as over 500,000 people donated to help the Floyd family in their time of need[6][10].
Medical Crowdfunding
GoFundMe lists medical fundraising as one of its most prominent fundraisers [1]. GoFundMe states they are the leader in online medical fundraising with $650 million raised through over 250,000 medical campaigns per year[11].
Ethical Implications
Medical crowdfunding has many benefits, however, researchers raise concerns about the unfair advantages it affords some individuals over others. Among the concerns raised by critics are the loss of patient privacy, widened health inequities, and the commodification of health care SPRINGER, GATE.
Fradulent Medical Campaigns
Jennifer Flynn Cataldo
GoFundMe: Gatekeeper
GoFundMe Policies
GoFundMe has begun taking considerable actions to protect the fundraisers and donators on their platform.
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 About gofundme. (2021, February 23). Retrieved March 12, 2021, from https://www.gofundme.com/c/about-us
- ↑ 2.0 2.1 Mac, R., & Author, M. (2020, April 08). 20 things you didn't know About gofundme. Retrieved March 12, 2021, from https://moneyinc.com/gofundme/
- ↑ 3.0 3.1 3.2 How gofundme works. (2021, February 23). Retrieved March 12, 2021, from https://www.gofundme.com/c/how-it-works
- ↑ Don't have facebook? Here are other ways to share your gofundme. (n.d.). Retrieved March 12, 2021, from https://support.gofundme.com/hc/en-us/articles/115011721327-Don-t-have-Facebook-Here-Are-Other-Ways-to-Share-Your-GoFundMe
- ↑ Pricing and fees. (n.d.). Retrieved March 12, 2021, from https://www.gofundme.com/pricing
- ↑ 6.0 6.1 6.2 6.3 The GoFundMe 2020 Giving report. (n.d.). Retrieved March 12, 2021, from https://www.gofundme.com/2020
- ↑ 7.0 7.1 7.2 America's food Fund, organized By Americas Food fund led by Leonardo DiCaprio AND Laurene Powell Jobs. (n.d.). Retrieved March 12, 2021, from https://www.gofundme.com/f/AmericasFoodFund
- ↑ Hill, E., Tiefenthäler, A., Triebert, C., Jordan, D., Willis, H., & Stein, R. (2020, June 01). How George Floyd was killed in police custody. Retrieved March 12, 2021, from https://www.nytimes.com/2020/05/31/us/george-floyd-investigation.html
- ↑ 9.0 9.1 Official George Floyd Memorial Fund, organized by Philonise Floyd. (n.d.). Retrieved March 12, 2021, from https://www.gofundme.com/f/georgefloyd?utm_source=giving-report&utm_medium=george-floyd-link&utm_content=fundraiser&utm_campaign=giving-report-2020
- ↑ Morgan Smith December 08, & Smith, M. (2020, December 08). More than 500k people helped Gofundme Set SINGLE-DAY Giving record After George Floyd's Death. Retrieved March 12, 2021, from https://people.com/human-interest/more-than-500000-people-donated-to-gofundme-campaigns-on-june-2-setting-single-day-record/
- ↑ All categories. (n.d.). Retrieved March 12, 2021, from https://www.gofundme.com/start/medical-fundraising
