What is meant by "crowdfunding" in the context of patents?

In the context of patents, crowdfunding refers to the process of collecting small contributions from a large number of individuals to help cover the costs associated with obtaining and maintaining a patent. This method allows inventors and entrepreneurs, who may not have sufficient financial resources, to gather the necessary funds through platforms where numerous supporters can contribute small amounts, thereby democratizing access to capital for innovation.

This approach is particularly beneficial for startups and individuals with compelling ideas but limited means, as it enables them to mobilize community support and interest in their inventions while also fostering a sense of ownership among contributors. It contrasts with other funding methods that may rely on a few large investments or government support, making it a unique and modern solution in the innovation finance landscape.