The perception of Wikipedia has changed quite drastically over the years, with the Internet encyclopedia going from being viewed as rife with inaccurate information to being one of the more trusted digital resources available today. This change in perception is part of the reason Wikipedia has been able to use fundraising efforts to support the costs associated with its continued existence, but there has long been some concern that any potential economic instability could threaten the viability of this particular strategy at some point in the future.
Luke Weil, a wildly successful investor and social entrepreneur who is likely to be among those whose diligence causes them to routinely fact-check the citations of various Wikipedia pages, has lauded the success of Wikipedia’s funding efforts on a number of occasions. While he has praised the company for its immense fundraising success, he also felt it necessary for the company to further insulate itself against the unpredictability of the future undermining its ongoing source of financial support. This is why the entrepreneur was pleased to learn that the company had secured a new source of funding through The Wikimedia Endowment.
While the company plans to continue to utilize its highly effective fundraising model, it sees the stability generated by the new endowment as critical to ensuring the long-term stability of the digital encyclopedia. Calling the site a “cultural treasure,” the Wikimedia Foundation has taken a number of shrewd financial measures to ensure that it is able to continually fulfill its mission and provide useful information to individuals all over the world.