What is crowdfunding?

— Other — 1 minute read

Crowd funding is quite new and an emerging concept. It is hard to find valid, and relevant information on it. Here you will find my crowdfunding definition. If you have any comments or suggestion please do not hesitate to share with us.

"Crowd" "funding" literally implies (large group of people) who fund a project by making individual contribution of money.

The small amount poured by individuals towards the project accumulates into a bigger amount so as to finance a project, which the crowd has chosen.
The “crowdfunding “ model is backed by efficient use of Internet technology, which enables the borrowers to be in touch with crowd who has access to the money. Secured payment and hassle free communication has become a reality through the use of (videos, chat, online payments, etc) with absolute transparency.

If you are interested in Crowdfunding you might like the Crowdsourcing concept too. Just Google it.