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CrowdFunding occurs when many ordinary people put small amounts of money (typically $10 to $200) into projects that they believe in. For example, a designer needs to raise $30,000 to place an initial order for a watch that he/she has designed. If 430 people put up an average of $70 each, then the project can be funded, and the watch can become a reality.

The foundation of the Statue of Liberty was paid for by CrowdFunding, promoted then by a New York Newspaper. They raised over $100,000, and the average person put in one dollar.

Tags: CrowdFund, crowd, fund, crowdfunding, crowdfund your future