But it's not a donation at all in many cases. Frequently, you give money in exchange for a product, promised at some future time, generally for a discount over the ultimate retail price. That's an investment, with the finished product being the reward, and the risk being the potential failure of the project. Yes, Kickstarter calls them donations, but when people are putting up money in exchange for a promise of being delivered a product, it's hard to believe that's what they really are.

That's not an investment, any more than buying a keyboard or an iPhone dock at the local computer store is an investment. It's an advance downpayment on a product purchase, with no recourse if the seller never delivers you the product, or delivers something that doesn't meet your expectation.