Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people, according to an IRS definition. One source notes that crowdfunding projects generate $17.2 billion a year in North America.
How Does Crowdfunding Work?
Crowdfunding is the process of getting a large crowd of people to each pay a small amount of money to invest in an idea or product, typically with a tangible incentive and the promise that when the idea comes to fruition, they will get first access to it.
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