Crowd Funding is a recent phenomena being practiced for getting seed funding usually through the internet. Elucidate.

Crowd funding This is a recent phenomenon being practiced for getting seed funding through small amounts collected from a large number of people (crowd), usually through the internet. Now we have companies existing in India which are specializing in "Crowd Funding". The entrepreneur can get money for his venture by showcasing his idea before a large group of people and trying to convince people of its utility and success. The entrepreneur needs to put up on a portal his profile and presentation, which should include the business idea, its impact, and the rewards and returns for investors. It should be supported by suitable images and videos of the project. SEBI in 2014, even rolled out a "Consultation paper on Crowd Funding in India" proposing a framework in the form of Crowd funding to allow start-ups and SMEs to raise early stage capital in relatively small sums from a broad investor base. The Consultation Paper defined Crowd funding as solicitation of funds (small amount) from multiple investors through web-based platform or social networking site for specific project, business venture or social cause. However, SEBI has not issued any regulation in this regard.