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There are similar outfits in Berlin, Boston, London, Los Angeles, Melbourne, NYC, Ottawa, Providence, San Francisco, and Washington DC. The idea is the same in each case: 10 people have committed to contributing $100 per month (maybe it's denominated in pounds or euros in the non-US cities), each month's money to be given to one project deemed to be awesome.

You can read about some of the things funded by the Awesome Foundation at http://awesomefoundation.org/blog/ .

(Why did I link to the Toronto one? One reason only: that's the one I happened to come across first. I guess SF or NYC would be of direct interest to more HN readers. The Boston one was first.)