Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.
This type of finance has given a jump start to thousands of startup entrepreneurs since the concept‘s initiation in 2006. The model is generally based on three types of actors: the project initiator who proposes the idea, individuals or groups who support the idea, and a moderating organization that brings the parties together to launch the idea.
Crowdfunding, via websites such as Indiegogo and Kickstarter, has been used to fund a wide range of entrepreneurial ventures such as artistic and creative projects, medical expenses, travel, or community-oriented social entrepreneurship projects. Some campaigns have been more successful that others, both in attracting funds and delivering on their promises.
And this is important to keep in mind if you decide to participate in a project. There are no guarantees and in most cases it is not possible to seek a refund.
With that in mind, have a look at our pick of interesting and/or promising health and fitness gadgets and wearables crowdfunding campaigns.