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I have an MBA. What do you call soliciting money from the public in order to run a message board? I call it publicly funded. You think that’s private? Right as always. You’re brilliant.
Private versus public funding usually refers to the reporting requirements. Private individuals, who are members of the public, can fund a venture that is both a private or public. The private or public label usually refers to the government requirements to publicly disclose the company's financials (public company) versus no public disclosure requirements (private company).