If you're starting a new business, there may be a way to bypass the sometimes-difficult bank loan process.
It's called crowdfunding – a way for everyday people to get involved with projects from around the world.
Users submit their project online and set a fundraising goal.
Pledgers can donate anything from $1 to $10,000 to bring the project to life.
For university student Georg Tam, whose mother died during his first semester at university, crowdfunding was a way to keep on track.
Mr Tam told SBS that the cost of his mother's funeral left him struggling to pay for university.
“Having lost dad last year, mum was the only support I had,” he said.
His friends helped him set up an online crowdfunding project that helped him raise more than $3000.
“It's really life changing, because I had other responsibilities and I didn't think I would be able to come back to the University of Sydney next semester.”
“I'm so thankful to everyone from the university and the wider community – Melbourne, Brisbane – who helped me out.”
The creators of the Pebble Smart Watch wanted to raise $10,000 in 38 days.
The watch, which synced up with social media accounts, text messages and even gave weather alerts, far exceeded expectations.
To date more than 68,000 people have pledged money and the watch has raised 1000- times its initial goal.
Alan Crabbe is the co-founder of Australian website Pozible, which has become one of the biggest crowdfunding platforms in the world since launching in 2010.
WATCH: ALAN CRABBE EXTENDED INTERVIEW
He said it's a way for like-minded people from around the world to connect.
“They are pitching their passion, their project and seeing if it resonated with other people to attract that support for the project,” Mr Crabbe said.
Around the world there are more than 500 crowdfunding platforms and it's growing at a steady rate.
In 2011, it was estimated crowdfunding raised more than $1 billion.
In 2012, those platforms raised $2.7 billion.
In the first six months of 2013, crowdfunding platforms around the world have raised $5.1 billion .
But it's not just about raising money.
Film producer Enzo Tedschi sees the platform as a way to interact with and build up a fan base.
WATCH: ENZO TEDSCHI EXTENDED INTERVIEW
“It's a way for consumers, the audience to interact with the product. In the case of film-making it's away for the audience to interact with film-makers,” he said.
“Once you've established that relationship with an audience and they like what you're doing, that's something you can carry on with future projects.”
His 2011 film The Tunnel was one of the first feature-length films to raise capital through crowdfunding, raising about $50,000 to kickstart the movie.
He said raising money online was a way to get around the difficulties of finding traditional funding.
“Funding from a traditional screen body can be challenging for a first time film-maker because it's very hard to prove yourself if you haven't proven yourself," he said.
"Screen Australia are dealing with tax payer dollars and need to be sensible about where they are putting that money."
But he doesn't see it taking over from bank loans or government grants.
Something Alan Crabbe agrees with.
“We see it as just another part of raising capital to make things happen,” Mr Crabbe said.
“Quite often we see emerging film-makers use Pozible to get things off the ground and raise capital."
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