Funding creativity and innovation (without patents or copyright)
How could new ideas receive economic support in a world without intellectual property laws?
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So. How would content creators be rewarded in an IP-free market? I have tried to collect some answers in Innovations that Thrive without IP. I also came across some other ideas in TWiT 275 (81:45 to about 85:17). First they discuss the site Kickstarter, “a new way to fund creative ideas and ambitious endeavors…. Kickstarter is powered by a unique all-or-nothing funding method where projects must be fully-funded or no money changes hands.” As an example they discuss Scott Wilson’s use of the service to raise funds to sell watchbands for use with the new iPod nano (which has a clock interface). The set a goal of having $15,000 committed; as of the date of this post they have had almost $500k pledged. This guarantees enough funding and demand for the product to get off the ground.Skip to next paragraph
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They also discuss IndieGoGo, which allows projects to be funded. For example, people with low budget documentaries could post their project description to try to get funding. For example, one would-be documentarian wanted to do a film based on some collegiate a capella group; he needed to raise $1000 and raised twice that. The hosts also mention the site Quirky.com, which enables “social product development.” This lets you outsource various parts of engineering or manufacturing or product development to others, and give them a cut of profits. And then there is the micropledging service The Point, used recently by Austro-libertarians Bob Murphy (to challenge Paul Krugman to a debate–$56k pledged so far) and Vijay Boyapati to raise almost $20k for the Mises Institute–see Jeff Tucker’s The Age of Micro-Patronage).
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