Experiment (website)
| Company type | Private |
|---|---|
| Industry | Crowdfunding, Scientific research |
| Founded | 2012 |
| Founder | Denny Luan, Cindy Wu |
| Headquarters | United States |
| Products | Crowdfunding platform for scientific research projects |
| Website | experiment |
Experiment, initially known as Microryza, is a crowdfunding platform based in the United States that focuses exclusively on financing scientific research initiatives. Scientists submit their projects to the platform to request financial support through an all-or-nothing funding approach, meaning contributors are only charged if the project reaches its funding goal within a predetermined deadline. The platform underwent a rebranding from Microryza to Experiment.com in February 2014.
Established in 2012 by former University of Washington students Denny Luan and Cindy Wu, the original name was inspired by the mutualistic fungi called mycorrhizae. Unlike broad-based crowdfunding websites such as Kickstarter, Experiment does not provide physical incentives; instead, it fosters direct interaction between supporters and researchers throughout the scientific endeavor.
Experiment applies fees ranging from 11% to 13%, which are deducted solely from successfully funded campaigns (comprising an 8% platform fee and an additional 3-5% for payment processing). If a project fails to meet its funding target, no fees are collected.
By August 2014, the platform had successfully raised in excess of $1 million. As of August 2015, Experiment had initiated upwards of 5,000 projects, with 336 achieving full funding. By November 2019, more than 760 projects had been funded, accumulating close to $8 million from over 41,000 individual backers.