Definition of crowdfunding
: the practice of obtaining needed funding (as for a new business) by soliciting contributions from a large number of people especially from the online community
crowdfunding was our Word of the Day on 06/11/2014. Hear the podcast!
Did You Know?
Crowdsourcing and crowdfunding are two words that have recently found their way into the crowded pool of English. Crowdsourcing, which typically refers to the practice of soliciting services, ideas, or content from a large group of people online, was coined by Jeff Howe in a 2006 article in Wired, and crowdfunding was created by entrepreneur Michael Sullivan in that same year. Both words conceptualize "the crowd" as a vast online community from which something needed may be obtained. In crowdsourcing, the crowd is called upon for needed assistance or information. A well-known use of crowdsourcing is Wikipedia, whose content is the result of various contributors. Crowdfunding, on the other hand, involves a more specific request: the crowd is solicited for financial contributions to a particular venture or cause, such as a film project or cancer research.
First Known Use of crowdfunding
Seen and Heard
What made you want to look up crowdfunding? Please tell us where you read or heard it (including the quote, if possible).