A Pebble watch is shown. 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.By PETER SVENSSON
AP Technology Writer
NEW YORK – A funny thing happens on Kickstarter, the website where people ask for money to finance their projects. Sometimes, they get more money than they ask for.
Sometimes, they get millions more.
In April, three-person startup Pebble Technology sought to raise $100,000 to make 1,000 wristwatches that can be programmed with different clock faces. Donors on Kickstarter showered them with more than 100 times that amount: $10.3 million. It would have gone higher had Pebble not put a cap on contributions and ended the fundraising early.