(Read Write Web) — Whether or not you believe that venture capital is broken, the necessity of funding startups still exists. One alternative to traditional funding models is “crowdfunding” – crowdsourcing the fundraising process. Like crowdsourcing, crowdfunding is based on the idea of the “wisdom of crowds.” And crowdfunding contends that “the crowd” can be a better source for financial support than traditional funding avenues. As these traditional avenues are often criticized for being based on “who you know” as much as “what you do,” crowdfunding promises fundraising that is more transparent, more collaborative, more accessible, and more global.
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