What is CRWD
1. Term: Crowdfunding is a form of funding by a crowd of Internet users. "Crowdsourcing" also became established around 2005 and is a related phenomenon. In German-speaking countries, the term crowd financing is also known, which emphasizes the relationships between users.
2. Features: Crowdfunding calls for donations or participation - mostly on the World Wide Web. Artists, activists, organizers and entrepreneurs present their projects and state the required amount and the expected consideration for the users. They become aware of them through social networks, blogs, microblogs and other channels. If the specified amount is reached within a certain time, the money goes to the initiators and the idea is implemented.
3. Platforms: Crowd financing is supported via personal homepages and professional websites, but above all via special platforms on which the descriptions of the projects can be found and which process all transactions and, if successful, withhold a commission. The first platforms of this kind appeared in the English-speaking countries around the year 2000, and in the German-speaking countries a decade later. A total of around forty project categories are differentiated.
4. Outlook: Crowdfunding is often used to finance rather unusual and inexpensive projects. Crowdinvesting is an alternative for capital-intensive companies and concerns. A clear demarcation is not always possible, and some crowdfunding platforms expressly address ambitious start-ups. The secure and serious processing of transactions is just as much a success factor for the numerous platforms as the ease of use. The attractiveness of the projects is also important.
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