Donation (rewards based) Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet, in exchange for a tangible, non-monetary reward such as a t-shirt, a pre-released CD, or a finished product.
Musicians, filmmakers, authors, and inventors have successfully raised funds and created awareness through crowdfunding.
Keys to success are: How great is the project, product? How great is the mass appeal? How many fans & followers do you have - before launching - your crowdfunding campaign?
Some of the most popular crowdfunding sites are Kickstarter, Indiegogo, Rockethub, and GoFundMe.
An early example of Crowdfunding in the U.S. occurred in 1885 when renowned publisher, Joseph Pulitzer, placed an article in his newspaper, The New York World, asking for pledges to build the pedestal for a recent gift from France, the Statue of Liberty. Over $100,000 was raised from around the world in 5 months. The rest is history.