What Is Crowdfunding and How Does it Work?

When it comes to funding things that are important to you, be it a new product or a donation drive, it used to be that you’d have to make appeals to a limited group of people, and those appeals would happen via a mailed letter or even an emailed letter, or sometimes a call. But in the last decade or so, there’s been a radical overhaul of how people are able to give to efforts that they may find important or valuable. Crowdfunding is what it’s called, and it’s grown to phenomenal amounts — about $300 billion will be the total in just another few years.

What makes crowdfunding so appealing is that it really expands the pool of possible givers. It’s not just people you know, but people you know who share the effort with people they know. What else should you understand about this effort? This graphic explains it.

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