Crowdfunding: Is it a replacement to traditional fundraising?

Headlines: Crowdfunding replaces traditional external fundraising (New York Times, April 15, 2018)

Recently there has been interest by entrepreneurs to use crowdfunding to fund their business.  The concept seems worthy for entrepreneurs to pursue, however, does it replace the traditional external fundraising activities of a growth startup?  Or is it another option that supports the traditional external fundraising activities of a growth startup?

Some of the recent scholarly research might address this:

Scholarly article 1  — something about this article

Scholarly article 2 — something about this article