A Wedding Crowdfunding Campaign

Modern families are now turning to crowdfunding websites to help pay for their weddings. There are even special platforms for it, like CrowdedWedding and WedAndGo. However, keeping in mind that crowdfunding sites initially started as charity fundraising websites, you might gain mixed feelings about your wedding inquiry. Therefore SwanLuv proposed a new system in 2015, and here’s why it failed.

Since 2010, over 1.500 wedding-related campaigns were launched on crowdfunding website GoFundMe.com. While it never provided fundraising totals, more than 16.000 donors helped contribute to provide couples the day (or night) they would never forget. Not long after gaining viral status, the Internet responded to the matter, criticizing the commodification of frailty bonds. Then SwanLuv happened.

In December 2015, a young startup company started accepting applications from couples that thought to have found everlasting love. The company promised a $10.000 loan, with one little catch; in case of divorce, the newly-weds had to refund the money –with interest. While it seemed SwanLuv would profit of the doomed marriages, it was the company itself that ended up broken hearted.

On Valentine’s Day, SwanLuv officially launched, and some wondered whether the company’s promise was too good to be true. Turns out, it was. Due to “overwhelming demand,” SwanLuv turned their business model around and launched as a wedding crowdfunding website instead, in which couples were to raise the money themselves.

SwanLuv CEO Scott Avy once referred to their platform as “a casino for marriage” in which algorithm software determines the interest rate, based on the capability score of their relationship. As it turns out, Avy himself took a gamble, but it didn’t turn out as he had calculated, making him walk the aisle of shame.

Source: GeekWire

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: