Crowdfunding has become an extremely important aspect of our economy, especially with the prevalence of social media in our culture. It has become a means for small business, individuals, and start-ups to generate enormous funds for their product, business, or cause by appealing to the public interests. It is estimated by CFX Alternative Investing Crowdfunding Statistics that in the year 2015 crowdfunding campaigns received a global total of 34 billion dollars. (nearly double the annual budget for the US NASA program)
The idea for crowdfunding has been around for hundreds of years. One of the earliest records of “modern” crowdfunding is seen is the famous French philosopher and sociologist Auguste Comte in the 1800s. His historical work “Premiere Circulaire Annuelle adressée par l’auteur du Systeme de Philosophie Positive”, in where he introduced the sociological theory of Positivism to the world, was the product of the brilliant sociologists appeal to the french public to help fund his research as a philosopher. The legendary philosophers work would finally be published on March 14th 1850 as a result of one of the worlds first modern crowdfunding successes.