Given the hundreds of different funding platforms that now dot the internet, it's no surprise that the crowdfunding economy has more than tripled since 2011, totaling an estimated $5.1 billion in 2013. With so many entrepreneurs vying for funding, creating a successful crowdfunding campaign is more challenging than ever.

"There are many entrepreneurs who consider crowdfunding a route for free money that doesn't require preparation," says Sang Lee, CEO and founder of Return on Change, a platform for accredited investors to engage in equity-based transactions. "However, like any other capital raise, there needs to be a lot of ground work done before launching a campaign."