Last year, when actor Zach Braff  launched a Kickstarter campaign to raise money for his movie, Wish I Was Here, it made the headlines. Some people couldn’t wrap their heads around giving funds to a guy who is already better off than the majority of us, but Braff quickly responded that that isn’t the point behind a crowdfunding effort.

Now Braff’s campaign is in the news again. The movie premiered at Sundance over the weekend to an enthusiastic audience. Fans cheered when the credits rolled and the 46,520 Kickstarter backers were listed. Within 24 hours of the film’s debut, Focus Features acquired it for about $2.75 million. In the indie movie arena, that fee would usually be used to repay the financial backers of the project; however, that is not the case for Braff’s Kickstarter campaign.

Producer Stacey Sher assured backers that they will be getting everything that they were promised upfront, though not reimbursed for the donations they made. The backers allegedly seem fine with this arrangement. The production team is keeping the promised schedule of meet and greets, showings, and paraphernalia. Before anything else, Sher says that they are committed to print t-shirts for and schedule visits with the film’s supporters.

So, is this fair? Yes. They are keeping their commitments and being consistent with their word. Though not traditional, this might be the new normal. This situation is another example of how crowdfunding and new ways of garnering investments are navigated. The Security and Exchange Commission is still orchestrating the logistics and legalities of exactly where The JOBS Act, micro-financing, and crowdfunding leaves investors. What does this mean in the long run? It means that rules are changing. Traditions are evolving. It means, though, that when you venture down this slightly less traveled terrain, you have to be all that more careful about specifying your promises and making sure to proceed with honesty to completion. Sher stated that a crowdfunding effort like Braff’s “is not to be entered into without a very serious commitment to your backers, and an understanding that these people are your champions, your cheerleaders, and your market.”

Courtesy of Mathieu Marquer via Flickr.

Don’t worry, Zach! We still heart you. Thanks for the t-shirts!

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Alexandra Saville (@CapitalistaBlog) is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

Alexandra Saville

Alexandra Saville is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

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