I didn't read all of the whitepaper for Tezos, but I think most people think of an ICO - an initial coin offering, as being the beginning of a launch of a currency that will be traded and have utility at least for use as a trading token. I don't understand why the word 'donation' would be being used when the only function of the entire project appears, from the content on their crowdfunding website, to be the creation of a cryptocurrency - so while it is true that there is no investment in the sense of investing in a company (as with share ownership) there IS an investment in the sense of investing in tokens which will themselves have a value which speculators are thinking will rise after they invest in them.

By using the word 'donation' there is an inference that nothing will be returned in exchange for the bitcoin and ether that was provided to Tezos - but surely that is untrue!? If the project fails and the coin never launches, then yes - 'hard cheese'!