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Oxford Dictionaries define Crowdfunding as: crowdfunding I Noun Pronunciation: /ˈkraʊdfʌndɪŋ/ the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet.
The first instance of online crowdfunding was in 1997, when fans underwrote an entire U.S. tour for the British rock group 'Marillion', raising US $60,000 in donations by means of a fan-based Internet campaign. The idea was conceived and managed by fans without any involvement from the band.’ - Source: Wiki, socialmediaweek.org
The phenomenon of crowdfunding is older than the term "crowdfunding". The earliest recorded use of the word was by Michael Sullivan in fundavlog in August 2006'. In an interview with crowdfunding.de, Sullivan said, 'As I focused more on how to help fund the videoblogger's projects such as new web shows and documentaries, I decided to build another platform in 2006 that I called, 'fundavlog'… During early development of fundavlog, I wanted a better term to use to describe what fundavlog was for. I came up with Crowdfunding and registered crowdfunding.com' - Source: Wiki, socialmediaweek.org, wordspy.com, crowdfunding.de
The size of Crowdfunding Industry worldwide grew from $ 2.7 bn to an estimated figure of $ 34.4 bn in 2015. Size of Reward and Donation based crowdfunding was estimated to be at $5.5 bn in 2015' Source: Massolution/Crowdsourcing.org 2015 CF Crowdfunding Industry Report.