January 16, 2014 2 min read

Crowdfunding is big. Really big. And it's going to get a whole lot bigger.

If you've been skeptical of all the crowdfunding buzz, consider this: By the end of 2014, crowdfunding is estimated to add at least 270,000 jobs and inject more than $65 billion into the global economy, according to estimates from crowdfunding platform Fundable.

In eight months, Fundable has been able to help startups raise $50 million worth of commitments, either in the form of donation-based or equity crowdfunding. In donation-based crowdfunding, an individual solicits funds from a group and in exchange gives a gift, like a tote bag or product sample. Equity-based crowdfunding is where a company sells a portion of its company in exchange for cash. Currently, an entrepreneur can only equity crowdfund from accredited investors who meet standard requirements for wealth. A law has been passed and provisional rules written which, when final, will allow entrepreneurs to equity crowdfund from anyone with the cash and the interest.

Related: SEC Releases Long-Awaited Rules on Crowdfunding

In addition to recent law changes, the popularity of and comfort level with the idea of crowdfunding is growing. Check out this infographic made by Fundable and entrepreneurship advocate Empact which includes some pretty mind-blowing estimates for where crowdfunding will be in 2020.