Question

In planning their wedding, a couple creates a website that will allow friends and relatives to donate money to their honeymoon expenses in lieu of traditional wedding gifts. This is an example of ________.
a. crowdsourcing
b. crowdstorming
c. crowdfunding
d. crowdmarketing

Answer 1

Answer: c. Crowdfunding

Explanation: Crowdfunding is funding by many individuals pooling their money together for a common goal, usually via the Internet. The required amount for the project is raised by pooling small sums of money from a large number of people. Each individual acts as an agent of the offering, by selecting and promoting the projects in which they believe in. A wide range of profit-based ventures such as creative projects, medical expenses, travel etc. have employed crowdfunding as a means of sourcing funds.