By Staff Reports
(DGIwire) – According to the old saying, “Two’s company, three’s a crowd.” But in the 21st century, a crowd—rather than something to disdain—can often be a force for good. Just consider the rise of crowdfunding: the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the Internet.
Just about everyone who’s ever browsed the web has stumbled upon sites like Kickstarter, GoFundMe or Indiegogo, where a vast array of projects have attracted contributions from ordinary folks. In 2013, the crowdfunding industry grew to more than $5.1 billion worldwide, according to a recent Forbes article. Thousands of entrepreneurs have already used crowdfunding’s power and reach for launches and growth. Most of that growth has come from the world’s developed economies, but crowdfunding’s true potential might lie in emerging markets. A 2013 World Bank report predicts that crowdfunding in China could reach $50 billion by 2025—and other emerging economies like Brazil may not be far behind. According to Forbes, here are the top five business crowdfunding campaigns of all time:
“Crowdfunding is a phenomenon that merges finance with social media,” says Sunny J. Barkats, founding partner of JSBarkats, PLLC, a full-service business law firm located in New York City. “This enables a meaningful democratization of capitalism that is only just starting to realize its potential not only in the US but also worldwide.