This introduction to the special issue on crowdfunding begins by providing some information about the history and nature of the phenomenon. It then summarizes some of the key advantages and disadvantages of crowdfunding for entrepreneurs and for investors, introducing the various articles in the issue that explore these topics in greater depth. It concludes with some speculations regarding the possible future of the industry and its effects on entrepreneurship, innovation, and inequality.

A group of experts discuss their thoughts about the current state of crowdfunding, its future, important emerging trends in the field, and the opportunities and challenges facing investors and entrepreneurs in the space. Across the board, these experts highlight the importance of crowdfunding as a means for mobilizing resources. They also maintain that crowdfunding has already emerged as an important force in global finance, one which appears here to stay, but one where we have only begun to see the ways in which it will transform the financial sector.

Much has been made about how efficient it is to develop new products from independent, modular components. But 350 billion calculations on U.S. Patent Office data reveal that the true breakthrough products are more likely to come from designs that employ the far messier and more unpredictable interdependent parts.