Crowdfunding can be described as a collective cooperation of people who pool their money together, usually via the Internet, to support projects initiated by other people or organizations. Recently, crowdfunding has proven that it can effectively replace specialized grant applications or other more traditional and formal fundraising techniques. This is largely due to its Internet-based, social-media nature, which allows information to spread around the world almost instantaneously. Moreover, crowdfunding provides a more casual way of fundraising, based on building communities and crowd participation.