Crowdfunding Champions: Flavor Flav and Alexis Ohanian Rally Behind Olympians on Indiegogo

If the Summer Olympics Have You Feeling Patriotic, There’s an Easy Way to Show Your Support

If the Summer Olympics have you feeling patriotic, there’s an easy way to show your support for America’s athletes: give them money. Roughly 600 athletes are in Paris this summer representing Team USA, and while there are some notably wealthy superstars in the mix — like NBA icon LeBron James, whose net worth is reportedly over $1 billion — many are scraping by.

The Reality of Olympic Athletes’ Finances

The U.S. Olympic & Paralympic Committee awards athletes with $2.5 million annually in scholarships and grants to pay for their education, travel, medical and training expenses. American Olympians receive payments of $15,000 to $37,500 for each medal they win, and some portion of athletes have lucrative sponsorship deals. Yet most don’t earn any money for competing in their sport.

Celebrity Donations and Crowdfunding Campaigns

To make ends meet, Olympians and their families are increasingly turning to social media and crowdfunding campaigns asking for direct financial help. It’s a strategy that seems to be working, especially thanks to high-profile donors like rapper Flavor Flav and Reddit cofounder Alexis Ohanian.

A Real-Life Example of Crowdfunding Success

Veronica Fraley, an American track-and-field star competing in the women’s discus throw, proudly announced on X (formerly Twitter) Friday that she “paid my rent this morning.” This is noteworthy because the day before, Fraley posted a different message griping, “I compete in the Olympic Games TOMORROW and can’t even pay my rent.” The post grabbed the attention of Ohanian — who promptly sent her $7,760 on Venmo.

USA Water Polo’s Partnership with Flavor Flav

Flavor Flav, a founding member of Public Enemy who teamed up with Ohanian to help Fraley with rent money, had already been heralded as the American women’s water polo top supporter after promising to sponsor the team. He offered help in response to an Instagram post in May from four-time Olympian and team captain Maggie Steffens.

Crowdfunding for Olympic Athletes

Beyond celebrity donations, Olympic athletes and their families have been raising money for their training and expenses through crowdfunding campaigns. GoFundMe, which has a centralized page with verified fundraisers for Olympians, tells Money that athletes around the globe have raised more than $2 million through its platform to help them participate in the 2024 Games, including over $300,000 earmarked for U.S. athletes competing in Paris.

Examples of Crowdfunding Success

One of the most high-profile campaigns benefited Dylan Beard, an Olympic hopeful in hurdles and full-time employee at the deli counter at a Walmart in North Carolina. Since he appeared on the Today show in April, Beard’s GoFundMe has raised more than $55,000.
Source link