ways like credits or passes or stickers. but it really is charity. >> there is a mantra that we say a lot is that kickstart it is not a store. we're trying to set the right expectation for backers. your supporting expectation of something, you are not buying it. you are the reason why it is going to happen and you're going to learn about it and see videos from the factory or in the lab and exotic. you get the relationship with the. it is about expectations. there always is a return. generally a return is a copy of the thing being made. the question of what kickstart it is is very interesting. it is not directly one-to-one.

i don't think it is charity because there is a return, but there are elements of altruism, absolutely. it has similarities to investment and that the money is upfront and it is going to create something later, however, there is no financial return. i think it ultimately might be a -- way of transacting. i think this way is distinct and it is ultimately about creating a human relationship and money serving as a mechanism of that. it is about fostering something new, but really doing it out of a desire to shape the world into what we wanted to be. there's a really pure spirit to it that we try to uphold and on her as best as we can. >> so far, we have talked about startups. people who didn't have much and had a vision for something and people got behind that. most of them did not start with

success. increasingly, you see people like spike lee, zach braff, the people who decided that they wanted to have a tv show or movie and they want to get funding. there's been an argument that the bigger names to some degree have even begun to crowd out the smaller names. what do you make of that? >> in the last year, spike lee, neil young have launched kickstarter. it is strange when i see kickstart are listed on a video. i think it is great that that happens. this is a tool for people to take an idea, share it with the world, invite people to become involved and go through the process of creation according to their rules. you do if you are spike lee and

have made to thing and malcolm x, you still have to answer to somebody. when somebody writes a check, there are demands it and with it. sometimes it doesn't fit with someone wants to do. at that moment we are a great opportunity. if you are zach braff and you have a rabid fan base on the web, go to them and say let's make this movie together. they get to see the movie first, they get to be an extra in the movie, they get all these cool things. can you imagine martin scorsese letting you visit the set for 500 bucks? that is awesome. that is not scorsese begging you for money, that is him giving

you the opportunity to be harder some anger you love to do. i think a lot of the cynical respective's seem to think that audiences are sheep. but i think audiences are smart. these are things they would always have liked to have, but the entertainment industrial complex to not allow. it was about moving a singular product. a movie is 120 minutes of a moving image on the screen. i think it is shifting that. we see exactly the opposite. this is bringing tons of new audiences to kickstarter, tons of new creators supporting the project. if the platform grows it is benefiting everyone involved. >> was the most amount of money so far the people have raised a kickstarter? if i'm sitting in the honest right now and i have a brilliant

idea, what is the chance that i'm going to succeed? >> it is 100% for all of you fine, beautiful people. to date, it is a billion dollars that have moved to the system. it is about $1.5 million a day that gets pledged on kickstarter. that is a thousand dollars a minute. the largest single campaign was something called the pebble which raised $10.2 million. that is a smart watch, the first smart watch out there. on my walk here i said to people wearing them. that has been the largest project in terms of money raised. the very first project raised $35 from three backers. that was called trying for dollars. the guy said i want to draw a picture of something. give me five dollars and i will do it for you. that is still the essence of

kickstarter. pebble is just a version of that. the way our system works is that money only changes hands if someone has reached their funding goal. there is a massive vetting of the public of every single object which is really kind of amazing. it is this incredible safety mechanism where the collective intelligence of humanity says this is cool or this is not cool. it helps sift out a lot of stuff. 44% of projects reached their goal. over 90% of all the money goes to those 44%. you really make your goal is you get very little. 10% of money goes to projects that don't make their goal. that says that collectively we as the public are sniffing things out. we are up people or ideas that we like and think are worthy of support. i like that. i like that there is a clear difference between what gets done and what doesn't.

>> you're seeing a lot more competitors in the market. you became a ceo how many months ago? >> january 1. >> you just spent the afternoon ursus manta spent an afternoon with the ceo coach. when you think about the competitive landscape and what this will look like in the future, is a one platform is kickstarter? or is it going to be a fragmented thing where charities will go to one place? how you feel about crowd sourced investments where people will have equity on the other hand? >> -- on the other end? >> our goal is to help people create things, help people make stuff. we don't support charitable fundraising. we will not support investment. we are very focused on a single thing which is honestly just where our hearts lie and where we originated and what we still care about in the thing that we pursue with a lot of love. i think there is a pretty good chance that if we were different

people running this week could try to be the walmart of crowd funding. i don't want to do that. it doesn't seem very interesting to me. it is not what we care about. there will be other things. there will be platforms focusing on investment. that is fine. we are, there were platforms existed before us. they have all copied us since. the original crowd funding campaign was alexander pope's translation of the iliad from greek to english. he found support from 700 subscribers who gave him money and took in four years translating 16,000 lines of poetry.

their names are in the first edition of gilead, this is still the version we have today. we have mass media and large companies subsidize in our. there is a long history of this and there's a great future for this. it is still very early on. at this point, harmonious and claims to kickstart and all of the platforms combined. i do think that will always be the case, but i think that this market will continue to grow and interesting things will happen. >> he said that you won't sell the company, you will go public. what does this -- what will this look like in 10 years, mr. ceo? >> well, andrew. we try to take a long view of what we try to do. we want to be a cultural institution. we exist so other people can do things. i'm in service to for people who work with me in kickstart a. this is an idea that we believe in very deeply and i feel like we are trying to shepherd into the world. if the long-term help of this -- health of this mission is important and we think being owned by giant company would be best for that, is that we imagine very traditional things like profit-sharing to make sure that the value we create get shared with our community. >> we are out of time. what does the ceo coach tell you? [laughter]

>> we talk about the challenges of the job. it is a strange job. some of my friends who are ceos talk about the pressures and the crushing weight you feel the fear and terror and the thrill and excitement of responsibility. i couldn't imagine anything better to do with my life than this. >> thank you very much, we appreciate it. [applause] >> charles, coverboy, among the most celebrated and innovative anywhere in the world. >> i will interrupt. and thisfor five years was just an experiment my

students would work on in after school hours. there was one person in the world of philanthropy who saw our potential and that was darrell, who brought me in with my students to let me see what we're up to. >> you have been doing this amazing innovation but now you have been associated with new philanthropy. reflect on a quote i am inspired and challenged by when i think about our work at the ford foundation. by dr. quote of -- martin luther king about a philanthropy and philanthropists. he said philanthropy is commendable, but it must not cause the philanthropist to overlook the circumstances of injustice in america which make philanthropy necessary. [applause] you to reflect on that, in your own work.

you have created a platform that is one of the most papule or -- popular platforms or my growth the p -- micro-philanthropy in the world. our people on your platform thinking about the industrious -- injustice when they click to buy that playground? quote, which weighs on me and inspires me, invokes an understandable criticism of donorschoose.org. you are letting the government off the hook land citizen donors step in where the system is falling short. are you not inviting state legislatures and governments across the united states to stand down now that donorschoose .org is here? if that were true, we would all

quit. what we see happening is if someone gets to a project on our that there is a 70% chance this is their first real encounter with what is going on in public schools on different tracks. they're getting fired up, politically angry. they had a more vivid counter of studentseeds than if they had read statistics in a newspaper article. a large portion of donors say they are more likely to vote in an education budget referendum or take another form of systemic protest as a result of being on our website. rather thanizing reassuring when they encountered these needs. several more things we were the systemange

itself. >> are you building a movement of angry people about public schools? are you raising the consciousness of these people, and i am one of them, who fit in our comfortable homes and go online and look at your pictures of these terrible places that we cannot believe our american are you building a movement? are you about a movement? or are you a nice platform that allows people to go and buy classroom products for kids? >> yes. theas the audience will be judges. you each have a $25 donors so you can card choose the project to support. the gift of giving that stephen colbert, our board member, gives his guests on his show. you let me know.