As defined by Belleflamme (2014), crowdfunding uses the same concept as “crowdsourcing” in that “crowds” are the main provider of ideas, solutions and feedback. The difference here is that in crowdfunding, the crowd provides financial resources (Wieck,2013). The word “crowdfunding” literally means funding from the crowd, that is, receiving small investments from a crowd of people that cumulate to a large sum. With the rapid development of the internet, funding patterns have also been developed by using internet platforms as a transaction market, instead of traditional financial intermediaries such as banks and institutional investors. Crowdfunding, through crowdfunding internet-based platforms, has grown rapidly in recent years as a Geographic proximity