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Three Tips For Navigating the Crowdfunding Economy

But after raising $2.4 million on crowdfunding platform Kickstarter in September 2012, tech startup Oculus VR was able to launch its vision in earnest. That funding was a critical step in the development of the Oculus Rift and a major step toward the company's $2 billion acquisition by Facebook. This story and others like it are precisely why the crowdfunding landscape has become—well, crowded.

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."

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