State-backed crowdfunding initative hits 97% success rate in first year

As many remain skeptical of crowdfunding’s ability to bolster growth among private-sector entrepreneurs, economic developers have found the fundraising model holds promise for public placemaking efforts statewide.

In the first year of the Michigan Economic Development Corp.’s “Public Spaces, Community Places” initiative, a partnership with crowdfunding platform Patronicity and the Michigan Municipal League, 33 out of 34 projects from around the state have met their fundraising goals, according to the program’s website.

As of July 8, five more projects were still accepting donations and two of those had hit their goals before deadline. 

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