I certainly understand people not wanting to pledge money to it. I don't want to pledge any more than I have already for a couple of reason.
I don't really like the idea that we are just giving him the money to create a business that he could potentially profit from. I would be willing to invest far more if my money was worth shares in the company. On the other hand, if he can't get 12,499 more people to donate 100 bucks then there just aren't enough folks that care. How well will the venture actually do? How will it continue to generate income to pay himself and the staff once this start up money runs out?
I like the idea and his journalism is top notch but if 1.25 million only buys 100 episodes of real journalism and a website and it is just going to fizzle out, then it would be a waste to go along with being a shame that people didn't appreciate it and possibly not enough were exposed to it. It's a gamble and an experiment and there are a lot of unknowns.