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What is crowdfunding?

What is crowdfunding? Here are some definitions.

Noun
  1. (finance) Funding by many individuals pooling their money together for a common goal, usually via the Internet.
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Examples
As crowdfunding has matured from a series of one-off efforts into something reproducible, the money has followed.
He is optimistic crowdfunding will provide a successful venture capital model for established businesses.
In another crowdfunding first, a former lawyer has decided to go the Adam and Eve route and create what one would euphemistically call an onahole.
The system I am proposing dispenses with the middlemen and replaces them with crowdfunding from consumers who have very different incentives.
Microfinance, crowdfunding, and incubators are worth pursuing, say business owners.
He is painting a mural in Pike Place Public Market and is using crowdfunding to obtain the funds to complete this colorful project.

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