Cost can add up for Olympic athletes who don’t have million-dollar endorsement deal secured. As a non-profit organization, the US Olympics does not rely on government funding to support its Olympic team like other countries. Unless they´ve won a medal, Olympic athletes must rely solely on private funding, donations, and sponsorships.
For instance, the Santa Clara Aquamaids club, who sends a swath of swimmers to the Olympics, raises funds by hosting bingo nights to financially support the competing athletes.
But now there is another way to support competitive Olympic dreams. Athletes have increasingly turned to crowdfunding sites like Indiegogo, GoFund Me, RallyMe and Pursu.it to cover these costs.
Speedskater Emily Scott saw her stipend cut from $2,000 to $600, which in turn sent her to the food stamps line. Eventually, she created a GoFundMe account and went to the crowd with her problem; who backed her with $48,000 in just seven days.
Freestyle wrestler Kyle Snyder has raised more than $25,000 to help support his family’s travels to see him compete in the 2016 RIO Olympics.
Crowdfunding isn’t only for the United States athletes either. There are global accounts as well. GoFundMe has a dedicated group called “Road To Rio” on its site to help with training and travel for some competing athletes in this year’s Olympic games. More than $400,000 has been raised to support over 90 athletes through this platform.
Commitment, strength, and determination are strong attributes needed for a shot at an Olympic Gold medal. And financial support for training, gear and traveling expenses are essential and critical.
Crowdfunding has proven to be an answer to the roadblocks for a few of the Olympians on their road to Rio.
Let’s show support for our athletes and back their Crowdfunding campaign!