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Crowdfunding: Lessons from Japan's Approach (SpringerBriefs in Economics)
by Bishnu Kumar Adhikary Kenji Kutsuna Takaaki HodaThis book discusses the concepts, types, models, and patterns of crowdfunding to provide a comprehensive portrait of this newly developed market-based financial tool. In addition, it examines a number of economic theories to help readers understand the proliferation of crowdfunding, reviews empirical works to find gaps in the literature, and outlines future research directions. A unique feature of this book is that it discusses Japan’s crowdfunding approach, which is somewhat different from that of the Western countries, by highlighting a specific crowdfunding platform (Music Securities) and a crowdfund-backed firm (SABAR restaurant). Further, it explores the suitability of Japan’s crowdfunding approach for addressing the financial needs of SMEs in developing countries,using Bangladesh as a representative case. Finally, the book identifies some lessons learned from crowd funding so as to advance research into this phenomenon, and to make it efficient and sustainable. As such, the book will benefit novices, academics, researchers, and policymakers interested in crowdfunding technology.
Crowdfunding
by Steven DresnerA groundbreaking book on the growing trend of crowdfundingCrowdfunding has gained considerable traction over the last few years. By combining the Internet/social media with equity-based financing, it is poised to usher in a new asset class that will change how early stage and small business financing transactions are consummated. Author Steven Dresner, Founder and CEO of Dealflow.com, understands the nuances of how crowdfunding can help companies gain much needed access to capital, and now he shares those insights with you.Engaging and informative, this book will serve the needs of a global audience comprising entrepreneurs, financiers, and other professionals. It skillfully addresses the market dynamics that are catapulting crowdfunding into the mainstream and explores essential issues ranging from planning an online campaign, post-transaction management, and business planning to securities law and tax issues.Puts the business of crowdfunding in perspective with a look at the current marketplace, overview of important data, and legitimate concernsExamines effective techniques for communicating with the crowdDetails equity-based financing and other sources such as debt instrumentsContains contributions from a wide array of individuals involved in the worlds of finance, law and accounting, social media, marketing, as well as DealFlow Media's own staffCrowdfunding affords-start ups and other smaller businesses better access to capital via the Internet/social media. It also allows an investor of any size to back a business of their choosing. This new book will show you what this process entails and how it can benefit everyone involved.
Crowdfunding als kommunale Finanzierungsalternative (essentials)
by Kai AssenmacherDieses essential beantwortet die Frage, ob Crowdfunding eine geeignete M#65533;glichkeit ist, um kommunale Projekte zu finanzieren, und beschreibt den Ablauf einer solchen Kampagne. Nach einer kurzen Begriffseinf#65533;hrung werden die Akteure und Grundprinzipien sowie die wesentlichen Erfolgsfaktoren erl#65533;utert. Anschlie#65533;end stellt der Autor alle gesetzlichen, aufsichtsrechtlichen sowie haushaltsrechtlichen Aspekte, die speziell das Crowdfunding in Kommunen betreffen, ausf#65533;hrlich dar. Die Ergebnisse einer eigenen empirischen Befragung werden ausgewertet und st#65533;tzen die Ausf#65533;hrungen. Das essential schlie#65533;t mit einem Fazit #65533;ber die Praktikabilit#65533;t und Einsetzbarkeit von Crowdfunding in Kommunen.
Crowdfunding and Entrepreneurship
by Ignatius Ekanem Steve IdehThis accessible text provides an insight into the growing global trend of crowdfunding as a source of entrepreneurial finance. Grounded in academic literature, this book looks at the micro and macro issues within crowdfunding, from the entrepreneur’s access to finance at the business level, to the role of government in regulating the market. It helps the reader develop a sound understanding of crowdfunding as a source of finance, the crowdfunding process and potential options when faced with start-up funding issues. A range of international case studies of successful and unsuccessful crowdfunding campaigns help readers to apply theory to real-life scenarios. Readers are also supported throughout the book with chapter objectives and summaries, key terms, discussion questions and further reading guidance. Instructor materials such as slides and test questions are available as digital supplements. Crowdfunding and Entrepreneurship will be a valuable resource for students of new venture creation and entrepreneurial finance, as well as entrepreneurs exploring crowdfunding as an option for business development.
Crowdfunding and Independence in Film and Music (Routledge Focus on Media and Cultural Studies)
by Blanka Brzozowska Patryk GaluszkaThis book explores how independent film and music artists and labels use crowdfunding and where this use places crowdfunding in the contemporary system of cultural production. It complements an analysis of independence in film and music with the topic of crowdfunding as a firmly established form of financing cultural activity. In the second half of the 20th century, the concept of artistic independence was vital to classifying and distinguishing artists, their works, and labels or publishers who released them. However, during the last three decades, this term has become increasingly blurred, and some commentators argue that independence is in crisis. Can crowdfunding be the answer to this crisis? Some believe that it is, whereas others argue otherwise, seeing crowdfunding instead as just the next manifestation of this crisis. This dilemma is a starting point for the analyses of the relationships between crowdfunding and artistic independence conducted in this book, and will be of great interest to people looking for a deeper understanding of crowdfunding, how it can influence artistic independence, and what it means for artists and audiences. It will be a stimulating read for scholars and students with an interest in media and cultural studies, digital humanities, fandom, sociology, economics, business studies, and law, while also offering insights to artists and practitioners in the creative industries.
Crowdfunding and the Democratization of Finance
by Mark Davis Bruce DavisDo you know where your money is? More importantly, do you know what your money is doing? Most of us feel confident that we know what money is. But few of us feel confident in taking responsibility for what our money does. We hand over the power of money to banks and mainstream finance with real, often damaging, consequences for people and planet. A unique collaboration between an academic and a practitioner, this book tells the story of money, from ancient Athens to the Bitcoin revolution, to explain how crowdfunding is the way for people to reclaim the power of their money in pursuit of a fairer and greener society.
Crowdfunding European Business (Routledge Focus on Economics and Finance)
by Antonella Francesca CicchielloThis book questions the ability of crowdfunding (especially in the lending and equity-based models) to contribute to the development of European businesses, and therefore, to the relaunch of the European economy. Following a mainly micro (firm-based) approach, the study investigates the advantages of crowd investors’ increased role both in making financial resources available to the industrial base, thus reinvigorating economic growth across the European Union.The book reframes contemporary issues surrounding corporate finance and develops relevant knowledge to help companies succeed when it comes to securing the means to grow. It provides new and interesting insights into the alternative finance market, in light of the global financial crisis and the COVID-19 pandemic. The book describes the main alternative finance models which include not only lending and equity-based crowdfunding, but also marketplace lending, balance sheet lending, invoice trading, securities, real estate crowdfunding, and profit-sharing. It also analyses the due diligence process and other value-added services provided by platforms and backers. The book outlines a systematic understanding of crowdfunding as a substitute or complement to other forms of entrepreneurial finance and unpacks some of the misunderstandings surrounding the crowdfunding industry and its future evolution. The conclusions reached can be of help to entrepreneurs who have limited knowledge of the crowdfunding tool and the associated benefits.As such, this book is a valuable resource for students, researchers, professionals, and practitioners interested in discovering or better understanding the crowdfunding process, its characteristics, and the range of players in this market.
Crowdfunding for Entrepreneurs: Developing Strategic Advantage through Entrepreneurial Finance
by Francesca Di PietroThis is the first book of its kind to systematically integrate crowdfunding in the entrepreneurial finance research field and extend the current debate to show how crowdfunding can be leveraged as a strategic tool to grow new ventures. Utilising original empirical evidence of companies that have raised funds via crowdfunding, it discusses the value-added services that the crowd provides to entrepreneurs, as well as how and under which conditions crowdfunding helps company development by facilitating subsequent access to critical financial and non-financial resources from external stakeholders. The first part introduces the most popular models and tactics for a successful crowdfunding campaign and illustrates the characteristics of the crowdfunding phenomenon and its evolution across the world during the last decade. The second part of the book, demonstrating how crowdfunding can be a starting point to seed financing, illustrates and discusses how entrepreneurs can use crowdfunding as a strategic tool for accessing subsequent resources from external stakeholders – showing the benefits, beyond capital, that entrepreneurs can gain from the crowd, as well as potential risks. Crowdfunding for Entrepreneurs is particularly useful for academics, advanced undergraduate and postgraduate students in entrepreneurship and innovation, entrepreneurial finance, strategic management, as well as professionals interested in how crowdfunding can be utilised as a strategic tool to create competitive advantage.
Crowdfunding for Environmental Sustainability and the Circular Economy: Empowered Strategies for Sustainable Growth
by Filippo Corsini Marco FreyThis book explores how crowdfunding can effectively promote environmental sustainability and circular economy practices in businesses, emphasizing its role in providing crucial financial resources. The importance of financial resources in businesses represents an essential enabler for implementing and scaling sustainable solutions. The book is composed of six chapters, which analyze some key aspects, such as how crowdfunding has been used to develop circular products, success factors for environmental crowdfunding campaigns, the issue of greenwashing in crowdfunding campaigns. By offering a comprehensive and critical analysis of the main issues at stake, this volume provides valuable insights for scholars and students of sustainable business and green finance. The present work also highlights how crowdfunding can help companies to integrate strategies to improve product environmental performance, engage in environmental marketing, and consider alternative business models. Overall, this book is essential to better understand how innovative funding solutions can overcome financial barriers and foster impactful environmental projects.
Crowdfunding for SMEs: A European Perspective (Palgrave Macmillan Studies in Banking and Financial Institutions)
by Roberto Bottiglia Flavio PichlerCrowdfunding for SMEs: A European Perspective provides a valuable insight into this new source of capital. Inparticular, the authors focus on financial return crowdfunding, which repaysthe crowd either through debt or equity. This source of capital might play asignificant role in the future becoming an alternative or a complement totraditional funding sources. It is therefore of the uttermost importance tounderstand what has boosted its exponential growth in recent years, as well asthe key drivers of success of P2P lending and equity crowdfunding campaigns onboth the funders and the fundraisers side. Due to the financial nature of thereturn provided to the crowd, financial return crowdfunding has been the objectof recent waves of regulation, although the European Union still lacks a set ofcommon rules. The aim of regulation should be twofold, to protect investorsand, at the same time, to favor the financing for SMEs. In this book, theauthors explore such issues and the regulatory policies, while looking to thefuture of financial return crowdfunding as an evolving source of capital.
The Crowdfunding Handbook: Raise Money for Your Small Business or Start-Up with Equity Funding Portals
by Cliff EnnicoEver wish your company could raise capital the Kickstarter® way? Equity crowdfunding is finally here, opening new funding avenues for small businesses and start-ups. In April 2012, President Obama signed the Jumpstart Our Business Startups--or JOBS--Act into law. This groundbreaking legislation empowers privately-owned companies to raise capital from investors without going through the rigorous IPO and private placement processes. When the SEC hands down the last regulations, the floodgates will open and companies will be free to compete for funding. Small business and legal expert Cliff Ennico has followed the equity crowdfunding story since its inception. Now, in The Crowdfunding Handbook, he explains the JOBS Act and translates the regulations into a clear set of do's and don'ts for entrepreneurs and small-business owners looking to get in early--and do things right. Need help pricing your securities? Pitching a project to the public? Choosing between funding platforms? Figuring out disclosure documents and reporting requirements? This book delivers targeted answers--whether crowdfunding is your best bet, picking the right legal entity, selecting types of securities to offer, reaching the most promising investors, keeping crowds under control, and more. IPOs are expensive, and venture capital nearly impossible to attract. Crowdfunding is changing the game for private companies . . . and this book will lead the way.
Crowdfunding in China: A New Institutional Economics Approach (Contributions to Management Science)
by Andrea S. FunkChina is currently the front-runner on the global crowdfunding market, even though this form of financing originated in the USA. Crowdfunding in China, however, differs significantly from its counterpart in the West. This book reveals that Chinese crowdfunding is a product of the country’s dynamic internet sector, which is based on mobile internet, e-commerce, and online/mobile payments, together with significant government support. The author presents a comprehensive theoretical, empirical and field-based work on crowdfunding in China. Adopting a new institutional economics approach, it maps and deciphers the origins and paths of informal finance that have led to internet finance and the rise of crowdfunding platforms. In addition, three case studies are analyzed and their implications for crowdfunding stakeholders in China are discussed.
Crowdfunding in Europe: State of the Art in Theory and Practice (FGF Studies in Small Business and Entrepreneurship)
by Dennis Brüntje Oliver GajdaCrowdfunding is becoming an increasingly popular method to finance projects of every kind and scale. This contributed volume is one of the earliest books presenting scientific and research-based perspectives of crowdfunding, its development, and future. The European Crowdfunding Network (ECN) and its scientific work group, together with FGF e. V. , invited both researchers and practitioners to contribute to this first state-of-the-art edited volume on crowdfunding in Europe. This book contributes to a better comprehension of crowdfunding, encourages further fundamental research and contributes to a systematization of this new field of research. The book also features expert contributions by practitioners to enhance and complement the scientific perspective. This book can be used as a guideline and shall advance classification in an emerging research field.
Crowdfunding In German Association Football Clubs: Identifying Supporters’ Drivers To Invest (Schriften der accadis Hochschule)
by Maria RatzThis thesis analyses the potential of crowdlending and crowdinvesting to be a valuable financial alternative for professional football clubs in Germany. Given the increasing importance of crowdfunding in other business areas and the necessity for German football clubs to access alternative approaches to financing, the perception of football clubs and supporters with regard to crowdfunding was investigated. The question is whether the fans, who are associated with the club due to their loyalty, could become financing partners. By applying Commitment-Trust Theory, this study examines the antecedents of supporters behavioural intentions to invest and their effect on the key mediating variables of Fan Loyalty and Trust. Semi-structured interviews with financial managers of the football clubs and an online survey with fans (n = 712) were conducted. This sample data was analysed using Structural Equation Modelling. Among three rival models, the partial-mediating model was able to explain 81.4 % of the variance of the sample data. According to the results, the key driver for supporters’ Willingness to Invest is the intrinsic, other-orientated motivation called Perceived Meaningful Contribution. This study has added knowledge to theory by applying the Commitment-Trust framework to crowdfunding motivation within the context of professional German football. Furthermore, the practical contribution is derived from the recommendations for football clubs on how to frame crowdfunding campaigns by highlighting the rewarding feeling of helping their club and the meaningfulness of projects.
Crowdfunding in Higher Education Institutions: Theory and Best Practices (Contributions to Finance and Accounting)
by Regina Lenart-Gansiniec Karsten Wenzlaff Sebastian SpäthThis book offers a comprehensive review of crowdfunding at Higher Education Institutions, both in theory and practice. In addition, it sheds new light on the emerging concept of crowdfunding at Higher Education Institutions and presents an overview of current academic discussions and best practices regarding crowdfunding in education. Approaching crowdfunding from an integrated perspective, the book explores the relationship between crowdfunding and higher education institutions from both theoretical and practical perspectives. The theory part outlines why higher institutions should interact with crowdfunding platforms beyond the goal of simply raising funds. It continues to define science crowdfunding and education crowdfunding and provides a literature review of education crowdfunding. It follows with an outline of teaching alternative finance theory. The practice part consists of an attempt to develop a core curriculum for teaching crowdfunding, with cases stemming from university education as well as professional education. Two contributions deal with the implementation of crowdfunding platforms at universities. Furthermore, crowdfunding is then connected to non-fungible tokens used to alleviate student debt. Lastly, crowdfunding is put into the context of crowdsourcing practices. It includes contributions from international academics, scholars and professionals in the field and provides a global, multidimensional perspective on crowdfunding. Lastly, the book is unique in that it points the way forward, both for policymakers and for the research community, in terms of thinking about crowdfunding at Higher Education Institutions and the complex issues surrounding its development.
Crowdfunding in the Public Sector: Theory and Best Practices (Contributions to Finance and Accounting)
by Regina Lenart-Gansiniec Jin ChenIn recent years, crowdfunding has become important and it has been enthusiastically used not only by commercial organizations but also by the public sector. This alternative source of financing in times of constrained government budgets enables citizens to vote with their dollars online to bring ideas into reality. This book sheds light on the developing concept of crowdfunding in the public sector, with an overview of current academic discussions and best practices on crowdfunding in the public sector. The volume approaches crowdfunding in the public sector from an integrated perspective, addressing the dearth of publications on the subject. The book gathers a wealth of theoretical information, ideas, best practices and lessons learned in the context of executing concrete crowdfunding projects, and assess methodological approaches to integrating the topic of crowdfunding in public organizations curricula. The book provides definitions, insights and examples of this managerial perspective resulting in a theoretical framework of crowdfunding in the public sector. The contributors also explore different crowdfunding applications in public sectors such as local government, higher education, schools, arts & culture organizations, healthcare, energy sector, and police services, which are presented in several case studies. This is a unique book in the field that points the way forward both for policymakers and for the research community in terms of thinking about crowdfunding in the public sector and the complex issues surrounding its development.
Crowdfunding Scenarios Explained: If, How, and When to Tax Money from Crowdfunding
by Delmar C. GilletteCrowdfunding Scenarios Explained: If, How, and When to Tax Money from Crowdfunding tackles head on the current version of using a &“crowd&” to raise funds for a charitable project, a business concept, or an idea for a toy or tool or other device. Most taxpayers are not knowledgeable about if or when the proceeds (income) they receive are taxable. Crowdfunding Scenarios Explained is designed to explain how and why they could be taxable, along with presenting several true-to-life illustrations and related concepts.
Crowding Out Fiscal Stimulus: Testing the Effectiveness of US Government Stimulus Programs
by John J. HeimThis book presents overwhelming evidence that US government stimulus programs over the past fifty years have not worked. Using the best and most modern econometric testing models, it applies 228 separate hard science tests to examine the effects of different stimulus models that should, in theory, have shown positive results. By testing every possible alternative interpretation, starting with one time period and then retesting in three additional time periods, this definitive study finds that even when favoring pro-stimulus Keynesian models, public financing through government tax cuts and spending increase programs is more likely to drive down - or "crowd out" - as much private sector spending as it stimulates in the public sector.
Crowdinvesting: Grundlagen – Anwendungsgebiete – Regulatorik
by Mario BaumgärtnerDen Kern dieses Buches bildet die Darstellung der Finanzierungsalternative Crowdinvesting im Vergleich zu anderen Finanzierungsformen sowie deren Jurisdiktionen in ausgewählten Ländern. Mario Baumgärtner klärt auf, welche rechtlichen Rahmenbedingungen für Unternehmen und Investoren in Deutschland, der Schweiz, den USA, Frankreich, den Niederlanden und Schweden existieren. Der Fokus liegt dabei auf den Investmentsegmenten Unternehmen und Immobilien. Zudem wird ein Einblick in die Finanzierungsformen Initial Coin Offering (mit Blick auf Deutschland, den USA, China und Südkorea) und Security Token Offering gegeben. Für einen tieferen Einblick in das Immobilien-Crowdinvesting sorgt außerdem ein Interview mit Investmentpunk Gerald Hörhan.
CrowdRising: Building a Sustainable World through Mass Collaboration
by Lorinda R. RowledgeOpen innovation enabled through crowdsourcing is one of the hottest topics in management strategy today. Particularly striking – and of vital importance to the world – are the pioneering efforts to apply crowdsourcing technology and open innovation to solve social, environmental, and economic sustainability challenges. CrowdRising sets out these challenges as context and then highlights the experiences of leaders and early adopters, identifies implementation guidelines, critical success factors and lessons learned, and finally projects where the field is going in the future. With a strong focus on the applications of crowdsourcing for innovation, engagement, and market intelligence, the book profiles the initiatives of companies, NGOs, and technology providers using crowdsourcing to develop these solutions to global problems. It addresses the key challenges impacting organizations: 1) identifying more sustainable ways to design, distribute, transport, recycle, and repurpose products; and 2) discovering and implementing the systems needed to transform global economic growth, drive human prosperity, and replenish the planet’s resources.
Crowds and Democracy: The Idea and Image of the Masses from Revolution to Fascism (Columbia Themes in Philosophy, Social Criticism, and the Arts)
by Stefan JonssonBetween 1918 and 1933, the masses became a decisive preoccupation of European culture, fueling modernist movements in art, literature, architecture, theater, and cinema, as well as the rise of communism and fascism and experiments in radical democracy. Spanning aesthetics, cultural studies, intellectual history, and political theory, this volume unpacks the significance of the shadow agent known as "the mass" during a critical period in European history. It follows its evolution into the preferred conceptual tool for social scientists, the ideal slogan for politicians, and the chosen image for artists and writers trying to capture a society in flux and a people in upheaval. This volume is the second installment in Stefan Jonsson's epic study of the crowd and the mass in modern Europe, building on his work in A Brief History of the Masses, which focused on monumental artworks produced in 1789, 1889, and 1989.
Crowds and Democracy
by Stefan JonssonBetween 1913 and 1933, the masses became a decisive preoccupation of European culture, fueling modernist movements in art, literature, architecture, theater, and cinema, as well as the rise of communism, fascism, and experiments in radical democracy. Spanning aesthetics, cultural studies, intellectual history, and political theory, this volume unpacks the significance of the shadow agent known as "the mass" during a critical period in European history. It follows its evolution into the preferred conceptual tool for social scientists, the ideal slogan for politicians, and the chosen image for artists and writers trying to capture a society in flux and a people in upheaval. This volume is the second installment in Stefan Jonsson's epic study of the crowd and the mass in modern Europe, building on his work in A Brief History of the Masses, which focused on monumental artworks produced in 1789, 1889, and 1989.
The Crowdsourceress: Get Smart, Get Funded, and Kickstart Your Next Big Idea
by Alex Daly"Neil Young's Pono campaign was the third most successful hardware campaign of all time, and Alex deserves much of the credit, second only to Neil, of course. The Crowdsourceress will give you everything you need to make your campaign a success." --Phil Baker, COO, Pono"Owning The Crowdsourceress is like having Alex Daly's 'special sauce' right at your fingertips."--Jesse Reed, cofounder, Standards Manual In recent years, the crowdfunding industry has generated several billions in funding. But the harsh reality is that around 60 percent of Kickstarter campaigns fail. Enter Alex Daly, a crowdfunding expert who has raised over $20 million for her clients' campaigns. She has run some of Kickstarter's biggest projects-TLC's newest album, Neil Young's audio player, and Joan Didion's documentary. In this book, Daly takes readers deep inside her most successful campaigns, showing you how toGet fans and influencers excited about your launchBuild an appealing and powerfully designed campaignAccess proven video tips, pitching tactics, press releases, and rewards ideasAvoid the most common headaches and pitfallsHere you'll get tangible tools to run your own crowdfunding campaigns and fully connect with the crowd, get people to pay attention, and inspire them to act.
Crowdsourcing (The MIT Press Essential Knowledge series)
by Daren C. BrabhamA concise introduction to crowdsourcing that goes beyond social media buzzwords to explain what crowdsourcing really is and how it works.Ever since the term “crowdsourcing” was coined in 2006 by Wired writer Jeff Howe, group activities ranging from the creation of the Oxford English Dictionary to the choosing of new colors for M&Ms have been labeled with this most buzz-generating of media buzzwords. In this accessible but authoritative account, grounded in the empirical literature, Daren Brabham explains what crowdsourcing is, what it is not, and how it works.Crowdsourcing, Brabham tells us, is an online, distributed problem solving and production model that leverages the collective intelligence of online communities for specific purposes set forth by a crowdsourcing organization—corporate, government, or volunteer. Uniquely, it combines a bottom-up, open, creative process with top-down organizational goals. Crowdsourcing is not open source production, which lacks the top-down component; it is not a market research survey that offers participants a short list of choices; and it is qualitatively different from predigital open innovation and collaborative production processes, which lacked the speed, reach, rich capability, and lowered barriers to entry enabled by the Internet.Brabham describes the intellectual roots of the idea of crowdsourcing in such concepts as collective intelligence, the wisdom of crowds, and distributed computing. He surveys the major issues in crowdsourcing, including crowd motivation, the misconception of the amateur participant, crowdfunding, and the danger of “crowdsploitation” of volunteer labor, citing real-world examples from Threadless, InnoCentive, and other organizations. And he considers the future of crowdsourcing in both theory and practice, describing its possible roles in journalism, governance, national security, and science and health.
Crowdsourcing
by Daren C. BrabhamEver since the term "crowdsourcing" was coined in 2006 by Wired writer Jeff Howe, group activities ranging from the creation of the Oxford English Dictionary to the choosing of new colors for M&Ms have been labeled with this most buzz-generating of media buzzwords. In this accessible but authoritative account, grounded in the empirical literature, Daren Brabham explains what crowdsourcing is, what it is not, and how it works. Crowdsourcing, Brabham tells us, is an online, distributed problem solving and production model that leverages the collective intelligence of online communities for specific purposes set forth by a crowdsourcing organization -- corporate, government, or volunteer. Uniquely, it combines a bottom-up, open, creative process with top-down organizational goals. Crowdsourcing is not open source production, which lacks the top-down component; it is not a market research survey that offers participants a short list of choices; and it is qualitatively different from predigital open innovation and collaborative production processes, which lacked the speed, reach, rich capability, and lowered barriers to entry enabled by the Internet. Brabham describes the intellectual roots of the idea of crowdsourcing in such concepts as collective intelligence, the wisdom of crowds, and distributed computing. He surveys the major issues in crowdsourcing, including crowd motivation, the misconception of the amateur participant, crowdfunding, and the danger of "crowdsploitation" of volunteer labor, citing real-world examples from Threadless, InnoCentive, and other organizations. And he considers the future of crowdsourcing in both theory and practice, describing its possible roles in journalism, governance, national security, and science and health.