The convening power of the Internet, rapid advances in technology, and the reduced costs of launching a social enterprise in today’s wired world are driving the race to create business models brimming with purpose. In this environment, social entrepreneurs like these are developing new solutions to take advantage of these advances and recreate yesterday’s broken business models. One example of their approach is crowdfunding — the collective cooperation by people who network and pool their money together. And the implications, from technology to community-powered renewable energy to political campaigns or to financing the next wave of social enterprises, are immense. Think about how the Obama campaign flipped the standard campaign fundraising model on its head through harnessing small repeatable donations from the crowd.
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