Reddit isn’t just a social sharing and commentary site anymore. Now, with the release of Redditmade, it’s a crowd-sourced funding site as well. Interestingly, Redditmade works as a sort of mashup of Reddit and traditional crowd fund sites like Kickstarter. After their $50M funding round at $500M in valuation last month, Reddit seems eager to expand and this seems an intuitive way to do it. Between Redditmade and plans to introduce a virtual currency specifically for Reddit, the handshaking seems obvious.
“Redditmade is a new place to turn the best designs and products by the community into reality,” says the service’s launch post. The cool thing here is that it’s not just for startups and basement hackers with good ideas. It’s also for charity.
Those who begin Redditmade threads to raise money (“Moderators”) can opt to share part or all of the monies raised to a charity. So if a project is set to raise $100,000 and raises $250,000 instead, the Moderator can have stipulated that any money over and above the funding goal (in this case $150,000) will be donated to a charity of choice. It’s even possible for the Redditors themselves to choose a charity by vote.
A good example of how all of this works is this Reddit Secret Santa Sticker Pack Redditmade. They plan to make 100 packs and anything above that will be donated to whatever charity Reddit members vote as their top favorite at the end of the year.
If any community site has a good chance of becoming another successful crowdfunding source, Reddit is it.