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How is it unethical? Whether or not you agree with the funding method, he hasn't promised anything to anyone, he's just asked for donations. It's up to you whether on not you think it's a good idea. If he'd have promised something in return for donations and then not delivered, that would be unethical.
Gewürzt-
He appears to be exploiting people's goodwill for his own financial gain. Think a number of posts further up hinted that people would have been more comfortable with Kickstarter, whereby they got something for their investment. It's a business he's starting, not a charity and he is the sole beneficiary of any subsequent profit. Think it's cheeky as fuck to ask for money without any thought of repaying it even with token goods.
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This whole thread makes for uncomfortable reading, did you make any effort to secure funding through conventional means? It seems pretty unethical to solicit money from people, for a private enterprise that only benefits you.