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CrowdFunding - - CFP

posted Apr 3, 2013, 3:43 PM by Andrew Manzo   [ updated Apr 5, 2013, 4:29 PM by David Khorram ]
    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.