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Chapter 1
The Foundations of Online CrowdfundingA History of Rewards-, Donation-, and Debt-Based Crowdfunding Platforms
The Internet Doesn't Change Everything

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That was the nineteenth-century version of crowdfunding, although the word didn't yet exist in the English language. The twenty-first-century version relies on the power of the Internet, of course – specifically, e-commerce and social networks merged into online funding platforms and portals.

Although the technology is vastly different, in many ways Pulitzer's version of crowdfunding is strikingly similar to today's version. Both versions involve issuing emotional appeals via the most advanced mass dissemination tools of the time to crowds of ordinary (rather than just wealthy) supporters, most of whom contribute small amounts and receive rewards commensurate with their level of contribution. For some of those contributors, simply the satisfaction of helping a worthy project succeed is a significant benefit.

Equity Crowdfunding for Investors

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