"Fan Funding" Comes to Wattpad

Aug 13, 2013

At this point, ebooks are practically old news, but digital technology continues to change the way books are created, discovered, and even funded. Wattpad, a social network for aspiring writers, has added a crowdfunding component to its site--only they call it "fan funding."

The model is familiar. Writers can set a 30-day goal to raise money to fund a project, and fans who pledge money get rewards like dedicated chapters or even a character named after them. If they writer fails to achieve his/her goal in 30 days, no money is taken from the pledges--and no rewards are given.