Crowdfunding
Imagine that you have got a service or a product that is intended to revolutionise or will have a huge impact in a particular field but you have little or no money to fund the project!
If you have some contacts with rich people or firms you can take loans to fund your project but if you have no such contacts, it will be really difficult for you to launch your product or service.
A lot of small companies and start ups found it very difficult when they were to launch new products as they either ran out of funds or had no funds to back their products.
Source
Kickstarter has completely changed the way the small companies and start ups went off the ground by raising funds directly from their intended customers before the launch of a service or a product.
Kickstarter went live on 28th of April 2009 and has been the pioneer in crowdfunding world.
Many other companies followed the kickstarter and the successful ones include Indiegogo, GoFundMe and Patreon.
Source
Crowdfunding can be defined as a way to raise capital from large number of people to fund a project typically through the internet.
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