Getting funded is one of the biggest challenges for startups. Venture capitalists and angel investors are bombarded with “great” ideas for businesses, and they can only invest in so many. Banks are turning small businesses away for loans. So what’s a startup founder to do if they need money?

Obama says try crowdfunding. Rather than rely on banks or private investors to help get your business running with an injection of cash, put it in the hands of the people. With crowdfunding, anyone can invest in a company (in smaller increments ranging from $5 to $1000). And with President Obama’s JOBS Act, it will be easier for startups to get that funding without jumping through so many hoops.

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