Using the web to organize collective fundraising.

Via slashdot, an interesting new twist on the decentralization, mass innovation, social software them -- Fundable:

Fundable is a new service that lets groups of people pool money for various purposes in what are called "group actions." Similar to an online auction, a group action has its own page, describing how much money will be collected and what the money will do. No participant takes a risk: if the collection for a group action falls short of its target on deadline, all money is refunded.

Fundable's all-or-nothing approach to collecting money lets you participate in a group purchase or fundraiser without worrying about what other people will do. You will either get what you paid for or get your money back.

According to the slashdot article, Fundable has already succeeded in raising funds for OSS development.

Hmmm... I might use this to organize the next Gall Family Reunion. <grin>