Crowdfunding is the practice of raising money for a business, project or initiative via small contributions from a large number of people, typically over the Internet. Crowdfunding has become a popular method for jumpstarting a small business venture. It has also been used to raise money for individuals who have suffered from a personal tragedy or natural disaster. Kiva and Kickstarter are two of the most well-known websites for startup company fundraising. GoFundMe is the popular choice for raising money for individuals in need.
From a fundraising perspective, ‘crowdfunding’ for individuals is synonymous with peer-to-peer giving.