When Jia Yuhao, the owner of a hostel, thought about furnishing his hostel last year, he posted a fund-raising advertisement on demohour.com.
Two months later, he received 146,000 yuan ($23,725) from 3,000 people who he’s never met. In return, they all received membership cards for Jia’s hostel in Lhasa, capital of Tibet autonomous region in southwest China.
Jia is one of many Chinese entrepreneurs who are benefiting from crowd funding, an innovative way of raising money for their businesses.
Crowdfunding projects are usually displayed on websites designated for the purpose, with a fundraising goal and deadline. People who like the project can pay to support it.
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