The advent of crowdfunding platforms — internet-based marketplaces that connect those seeking funds with hundreds if not thousands of supporters — has been greeted with enthusiasm by entrepreneurs, policymakers, and the general public alike. Their enthusiasm is understandable: today, normal people can invest in ideas that they think might gain broad appeal. But crowdfunding remains an emerging and evolving phenomenon that is not well understood. Far from a fad, this mega trend is here to stay.

Read more about crowdfunding in the California Management Review.