High-Level Overview
Experiment is a specialized crowdfunding platform dedicated exclusively to funding science-based research projects. It enables researchers to raise money directly from the public by posting their projects and soliciting pledges under an all-or-nothing funding model, where funds are only collected if the campaign reaches its target within a set timeframe. Unlike general crowdfunding platforms, Experiment focuses on transparency in the scientific process rather than offering tangible rewards to backers. This platform serves scientists, especially early-career researchers, who seek alternative funding sources outside traditional grants, helping them secure resources, engage with a science-interested community, and share progress openly. Since its launch, Experiment has facilitated funding for hundreds of projects, raising millions of dollars and fostering a new funding ecosystem for scientific innovation[2][3][5].
For an investment firm, Experiment’s mission centers on democratizing science funding by connecting researchers directly with backers, bypassing traditional gatekeepers. Its investment philosophy emphasizes supporting early-stage, high-risk, and high-reward scientific ideas that conventional funding often overlooks. Key sectors include biology, chemistry, medicine, physics, and interdisciplinary scientific research. Experiment impacts the startup ecosystem by enabling scientific entrepreneurs and researchers to validate ideas, gain visibility, and accelerate innovation through community-backed funding and rapid grant programs[5].
For a portfolio company perspective, Experiment builds a crowdfunding platform that serves scientists and researchers worldwide (primarily in the US, Canada, Australia, and the UK). It solves the problem of limited access to traditional research funding, especially for early-career scientists or unconventional projects. The platform’s growth momentum is demonstrated by over 760 projects funded, nearly $8 million raised, and a growing community of over 41,000 backers as of 2019, with ongoing expansion through grant programs and partnerships[2][3][5].
Origin Story
Experiment was founded in 2012 by Denny Luan and Cindy Wu, former students at the University of Washington. Originally named Microryza—after mycorrhizae, the symbiotic fungi associated with plant roots—the platform rebranded to Experiment.com in 2014 to better reflect its mission of enabling scientific experimentation through crowdfunding[2].
The idea emerged from the founders’ recognition of the difficulties early-career researchers face in securing funding through traditional channels. They envisioned a platform that would empower scientists to pursue curiosity-driven research by directly engaging the public. Early traction included surpassing $1 million raised by 2014 and funding hundreds of projects, validating the demand for an alternative funding model tailored to science[2][3].
Core Differentiators
- Science-Only Focus: Unlike general crowdfunding sites, Experiment exclusively hosts scientific research projects, fostering a community of science-minded backers and researchers[1][2].
- All-or-Nothing Funding Model: Projects must meet their funding goals within a set timeframe to receive funds, ensuring commitment and feasibility[2][4].
- No Tangible Rewards: Backers support research for the sake of discovery and progress rather than physical rewards, emphasizing transparency and engagement with the scientific process through updates and “Lab Notes”[1][2].
- Peer Review and Project Vetting: Experiment reviews projects for clarity, scientific accuracy, and feasibility before campaigns launch, maintaining quality and credibility[3].
- Low Overhead and Transparent Fees: The platform charges an 8% fee plus 3-5% payment processing only on successful campaigns, with no hidden costs or overheads typical of institutional grants[3].
- Grant Programs: Beyond crowdfunding, Experiment runs regranting initiatives like the Science Engine, providing microgrants to early-stage projects and enabling rapid funding decisions by “Science Angels”[5].
- Community and Communication: The platform supports ongoing researcher-backer communication, fostering public engagement and scientific literacy[1][5].
Role in the Broader Tech Landscape
Experiment rides the growing trend of democratizing science funding by leveraging crowdfunding to bypass traditional peer-review bottlenecks and institutional biases. This timing is critical as early-career researchers face increasing challenges in securing grants, and public interest in supporting science grows. Market forces favor platforms that enable direct engagement between scientists and the public, increasing transparency and accountability in research funding[4][5].
By providing a dedicated space for science crowdfunding, Experiment influences the broader ecosystem by:
- Expanding funding access to underrepresented researchers and high-risk projects.
- Encouraging open science communication and public participation.
- Complementing traditional funding with agile, community-driven support.
- Inspiring similar models in other niche research areas and innovation sectors[4][5][8].
Quick Take & Future Outlook
Experiment is poised to continue expanding its impact by scaling its grant programs and enhancing its platform to support a broader range of researchers globally. Trends shaping its journey include increasing demand for alternative research funding, growing public interest in science engagement, and the rise of fast, flexible grant mechanisms.
Its influence may evolve from a niche crowdfunding site to a critical component of the scientific funding ecosystem, potentially partnering more with foundations, companies, and federal agencies to channel resources efficiently. The platform’s emphasis on agency and rapid funding could accelerate breakthroughs by enabling researchers to pursue bold ideas without traditional constraints[5].
In summary, Experiment exemplifies a transformative approach to science funding, empowering researchers and democratizing discovery through community-backed support and innovative grantmaking.
