If you have a cool, new idea for a product and need funding you might be considering a website like Kickstarter, Indiegogo or GoFundMe. They are crowdfunding websites, and they’re the hot new way for everyone from inventors to artists to raise money.

Rosanne Clementi turned to Kickstarter to raise money after inventing a device to make it easier to hold tablets, like iPads and Kindles.

She came up with the idea for her Pad-Go-Round like many inventors do: trying to solve a problem in her everyday life - arthritis in her hands.  

 “I kept saying, ‘It’s killing my hands. I want handles.’ I kept saying ‘I want handles,' ” Clementi explained.

And so, the Pad-Go-Round was born - a simple device -- with handles that makes it easier to hold a tablet.

Then, came the hard word of coming up with money to manufacture the product. She used some of her retirement savings, but wanted to try crowdfunding to help.

“Kickstarter would be a way for me No. 1, to pay for the molds, and No. 2, some people believe Kickstarter is a way to do some early market research.” 

Everything on Kickstarter has to be a project with a clear goal.  It does not allow projects to fundraise for charity, but other crowfunding sites, like GoFundMe, do allow charitable fundraising.

Since Kickstarter was launched in 2009, more than $1.5 billion has been pledged by more than 8 million people, funding more than 80,000 projects.

Supporters can click and pledge support for products like the Pad-Go-Round, artwork, music and more.

“There’s excitement about helping somebody, helping them get past go. Helping them to fulfill their entrepreneurial dream,” said Clementi, who’s also pledged her support to other projects.

It takes an investment of time and money, just to create an effective Kickstarter campaign. On Clementi’s Kickstarter page, you can watch a video about her product and read and explanation of how it works.

A video is a must to grab attention, and Kickstarter recommends you also provide rewards to supporters as incentive to donate to your cause. Clementi’s rewards included a T-shirt for donating $25 and a small Pad-Go-Round for donating $40.

“It’s an exercise in marketing,” Clementi said, “It’s not just an exercise in build it, put it up and they will come.  It doesn’t work that way.”

Every campaign has to have a fundraising goal and deadline, and with Kickstarter, it’s all or nothing.  If a project doesn’t meet its funding goal - by the deadline - you don’t get any of the money. That is a protection for the people who donate.

 “You won’t run the risk that whoever you contributed to doesn’t make their goal and can’t fulfill their rewards,” explained Clementi.

The Pad-Go-Round didn’t meet its goal in its first try, but most projects don’t.  Only about 44 percent do, according to the Kickstarter website.

If a project is successfully funded on Kickstarter - the creator has to pay a 5 percent fee on the funds collected and an additional 3-5 percent to process the payments.  If the fundraising goal is not met, no fees apply and no one is charged for his or her pledge.

Clementi says she isn’t giving up on her Pad-Go-Round. The molds for her product are in production, and she’s thinking about launching a second Kickstarter campaign.  

Click here for frequently asked questions about Kickstarter.

Other crowdfunding sites include GoFundMe, Indiegogo, RocketHub, Fund on Etsy, and Plum Alley, which specifically raises money for projects by women.

Click here to compare different crowdfunding sites.