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Financing by the people

The crowdfunding craze continues to gain momentum overseas … But will it follow suit and take off here? As crowdfunding expert and lead associate at Booz & Company Jihad Khalil points out, the phenomenon is not new — look back to 1885, when cash from over 120,000 Americans helped build the pedestal for the Statue of Liberty in the United States. And today, digitised crowdfunding, a model of financing projects or ideas by individual contributions which originated in the US, is continuing to diversify and grow — as are the level of funds involved. In 2012, the crowdfunding market grew more than 80 per cent by gaining over $2.7 billion in funds worldwide, a number expected to almost double to more than $5 billion this year, according to Khalil’s blog. And it is no longer just the domain of films and other creative projects, with a growing shift towards funding start-ups and small businesses. USA Today reported recently that American Olympians and athletes were now using the model, such as speedskater Emily Scott who raised nearly $48,000 in less than a week, while a technology project on one of the newer American sites, Indiegogo, recently set a record for funds […]

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