Crowdfunding, which uses the Internet to generate small contributions from a large number of people, has been getting a lot of attention lately among entrepreneurs. It has been primarily used to help raise money to support social causes and to help fund struggling artists.The money that comes in has to be considered a contribution or a donation. In most cases, something nominal is usually offered in return for financial support, such as a free download from a musician.
One instantly legendary crowdfunding campaign was implemented by Eric Migicovsky. He was raising money for his new wrist watch, called Pebble, which pairs with smartphones via Blue - tooth. Contributors were promised they’d get preference to buy a Pebble when the watches were introduced to the market. Although his initial goal was to raise $100,000, Migicovsky was able to raise more than $10 million to help launch Pebble.
Founded in 2010, the industry website, Crowdsourcing.org, is a neutral organization dedicated solely
to crowdsourcing and crowdfunding. As one of the most influential and credible authorities in the crowdsourcing space,
Crowdsourcing.org is recognized worldwide for its intellectual capital, crowdsourcing and crowdfunding
practice expertise and unbiased thought leadership.