This is far from a new idea... and it is being implemented on a small scale already with the Armenia fund. We need to go much further with this though. When the Russian Jews were emigrating to Israel, the Jews collected billions for housing alone. Of course there are many more Jews than Armenians, but we have to match them per capita at least.
Basically we just need to make it a habit to give a little, and it will add up very quickly. We pay over 30% in taxes in the USA, and even more in most European countries, what is another one or two percent? These days it is so easy to have a monthly charge added to your credit card to your favorite Armenian fund. I actually think a new one is needed, with a somewhat new goal and new method of money management. The goal should be to promote and help the Armenian cause and Armenia... not just to pump money into Armenia. Armenia desperately needs the money now, but in the future the fund should be able to expand to accomplish other purposes. To purchase new lands/islands for Armenia(ns), to do things like build new Armenian monuments/cities, to pump new life into the Armenian language by translating books, movies, shows, etc into Armenian, start an Armenian radio station in LA, or whatever else came up. The money management change I thought should be implemented is that the original donation should never be spent. It should be invested in perpetuity and only the income should be spent. That way the fund will in a few years become a huge and powerfully rich institution which can weather anything. But for now, one or two percent to a good fund of your choice is a good start!
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