One recent development that demands the attention of all entrepreneurs is the emergence of crowdfunding and crowdfund investing. A crowd is defined by the Macmillan Dictionary as “a large number of people in the same place.” A crowd can, but does not necessarily, have a common purpose. Using the more sophisticated digital services available today that were not as easily accessible in the past, entrepreneurs can take advantage of the potential energy and resources of crowds.

For example, less than 24 hours after David Henneberry’s boat had been ruined in Watertown, Massachusetts, a total stranger from Texas named Craig Dunlap started a campaign on Crowdtilt.com titled: “Let’s Fix David Henneberry’s Boat (That Got Ruined ...

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