Crowdfunding: Waker of Small Hidden Insignificant Funds?

Crowdfunding: Waker of Small Hidden Insignificant Funds?

Zorica Golic (University of East Sarajevo, Bosnia and Herzegovina)
Copyright: © 2016 |Pages: 20
DOI: 10.4018/978-1-4666-9604-4.ch012
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Abstract

Crowdfunding has proved for a very short time to be a powerful tool to stimulate innovative entrepreneurship. Only original and quality projects and ventures that are good enough will be recognized by crowdfunders and get a chance of this alternative option to be funded with the money that will arrive from different parts of the world without any restrictions. Someone once said that the world is a global village, and crowdfunding as an innovative way of financing confirms that such a statement in many ways is true. Only in the last five years, individuals and companies have had the opportunity to raise billions of euros, dollars or pounds through different modalities of crowdfunding. We dare say that crowdfunding is one of the most exciting phenomena of networked globalization of which, however, very little is known. Therefore, this paper will explain several steps of the crowdfounding mechanism, its evolution and dynamics, as well as indicate many advantages of using crowdfunding both in developed and even more in developing countries.
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Theoretical Background

In less than a decade, a completely new method of fundraising by intermediary of Internet called crowdfunding has had its own evolution and revolution. Despite its rapid development it seems that academic and wider social circles still know little about the phenomenon of crowdfunding, its usage patterns, opportunities and benefits in general, particularly in the domain of entrepreneurship (Urbańska & Staszkiewicz, 2015; Lehner, 2013; Griffin, 2012).

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