Crowdfunding has evolved, with more than $34 billion projected to be raised in 2015 - more than double the $16.2 billion raised in 2014, according to Massolution, researchers and advisers on the industry.

With so many campaigns launching daily, reaching funding goals is more challenging, says Sunil Wattal, a crowd-sourcing expert and associate professor of management information systems at Temple University's Fox School of Business.

Success requires the following, he says:

A product or service that meets a need.

A mission that is altruistic or charitable mission.

A social campaign that goes viral. "At some level, it doesn't matter how good the product is. What also matters is how socially savvy you are."

Promotion by a popular blogger or celebrity.

Coolness. Potential funders want to see that "the guy next store is buying it."