Crowdfunding means raising money for a project or cause by collecting small amounts from many different people, usually through the internet. Instead of asking one wealthy person or bank for all the money you need, you ask hundreds or thousands of regular people to each contribute a little bit.

Imagine you want to create a new board game but need $5,000 to manufacture it. Through a crowdfunding website, you could ask 500 people to each give $10. If they like your idea, they might contribute, and in return, you might promise to send them the finished game when it's ready. Artists use crowdfunding to make albums, inventors use it to build prototypes, and people use it to help others pay medical bills or recover from disasters.

The concept works because the internet connects you to vast numbers of potential supporters. Before crowdfunding websites existed, gathering small donations from thousands of strangers would have been nearly impossible. Now platforms like Kickstarter and GoFundMe can make it straightforward.

Success depends on convincing enough people that your project matters and delivering on your promises if they support you.