Fans as Investors?

Joe at SpinMe.com has stumbled onto a genius idea. There's a website called Fundable that lets you raise capital via investors. So, say I wanted to make a new CD but didn't have all the cash. I could put a project on this website and break it down and say something like I need 100 people to put up $10 to raise a $1000 by a certain date. (Of course, they'd get the finished CD for free). The COOLEST PART of this, however, is that if you don't reach your goal by your set date, your "investors" (or donors rather) get their money back, so there's zero risk for them. It would be tantamount to taking pre-sale orders really, which is always a good idea and something I haven't done yet.

I would love 2 try it out, don't know how effective it would be though. I know I'm currently working on a pop/rock EP and I sure could use about $750. It sounds good in theory, but would my fans be willing to do it? I guess I could try it out, at this point I have nothing 2 lose. If I could get 75 people to put up $10, that would do it ... then again, I haven't sold 75 copies of "Deviant" yet and that's been out since December ... which would raise the question why I'm even recording another project then in the first place. I guess I'm just a glutton 4 punishment.

Truth is I've put out 2 cds now and neither one of them has made their money back, but I'm looking at it at this early stage in my career as more of an investment than a loss. With an idea like Fundable, though, I could conceibably take the risk and the loss right out of the equation.

What do U think? Would U put up $10 for a project like that for an artist you liked?

"Think what that money would bring ..." - Gwen Stefani, Rich Girl

PS: My CD Deviant is available to sample and buy right here! So, go check it out!