In March 1885, publisher Joseph Pulitzer and his newspaper, The World, came to the rescue with a highly successful six-month fund raising campaign.
The response to Joseph Pulitzer’s campaign was overwhelming – $100,000 (the equivalent of $2.3 million today) was donated in just five months. Much of it came in gifts of one dollar or less. In addition to raising money, Pulitzer’s campaign helped to make the point that Statue was not just for New York, but for all America.
Lessons learned out of the campaign:
1. A project featuring an emotional element, easily attachable by the
masses, has all chances raising money with the crowdfunding.
2. Thanks to the Internet, even a project with an appeal to a narrower
audience can raise the amount needed due to more global reach.
3. Other compensation models can work.
4. Never underestimate the importance of willingness of people to express
themselves – let it be the letters published by each funder of The
Liberty, or the interest of even small shareholders to help a company
they have a stake in.