Collection of finance from backers to fund an initiative
Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet.[1][2] Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, over US$34 billion was raised worldwide by crowdfunding.[3]
Although similar concepts can also be executed through mail-order subscriptions, benefit events, and other methods, the term crowdfunding refers to internet-mediated registries.[4] This modern crowdfunding model is generally based on three types of actors – the project initiator who proposes the idea or project to be funded, individuals or groups who support the idea, and a moderating organization (the "platform") that brings the parties together to launch the idea.[5]
Crowdfunding has been used to fund a wide range of for-profit entrepreneurial ventures such as artistic and creative projects,[6] medical expenses, travel, and community-oriented social entrepreneurship projects.[7] Although crowdfunding has been suggested to be highly linked to sustainability, empirical validation has shown that sustainability plays only a fractional role in crowdfunding.[8] Its use has also been criticized for funding quackery, especially costly and fraudulent cancer treatments.[9][10][11][12]
^Goran Calic, "Crowdfunding", The SAGE Encyclopedia of the Internet, 2018
^"Definition of Crowdfunding". www.merriam-webster.com. Retrieved October 23, 2017.
^"Cambridge Judge Business School: Cambridge Centre for Alternative Finance". Cambridge Judge Business School. Jbs.cam.ac.uk. Retrieved July 24, 2015.
^"Oxford Dictionary Definition of Crowdfunding". Archived from the original on January 31, 2013. Retrieved July 23, 2014.; The Merriam Webster Dictionary defines crowdfunding as "the practice of soliciting financial contributions from a large number of people especially from the online community" "Merriam Webster Dictionary Definition of Crowdfunding". Retrieved July 23, 2014.
^"Crowdfunding: Transforming Customers Into Investors Through Innovative Service Platforms" (PDF). Retrieved February 7, 2013.
^Agrawal, Ajay; Catalini, Christian; Goldfarb, Avi (2015). "Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions". Journal of Economics & Management Strategy. 24 (2): 253–274. doi:10.1111/jems.12093. ISSN 1530-9134. S2CID 154926205.
^Gleasure, R., & Feller, J. (2016). Emerging technologies and the democratisation of financial services: A metatriangulation of crowdfunding research. Information and Organization, 26(4), 101–115.
^Laurell, Christofer; Sandström, Christian; Suseno, Yuliani (April 2019). "Assessing the interplay between crowdfunding and sustainability in social media". Technological Forecasting and Social Change. 141: 117–127. doi:10.1016/j.techfore.2018.07.015.
^Cara, Ed (September 12, 2018). "Crowdfunding Sites Are Putting Money in the Pockets of Cancer Quacks, Report Finds". Gizmodo. Retrieved December 10, 2018.
^"Crowdfunding: The fuel for cancer quackery". Science-Based Medicine. September 17, 2018. Retrieved January 12, 2019.
^Mole, Beth (September 20, 2018). "Crowdfunding raises millions for quack cancer remedies, like coffee enemas". Ars Technica. Retrieved January 12, 2019.
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