From the site:
'Big budgets, big names and a wide release are but three of the advantages enjoyed by studio films. An overriding concern to make money, interfering executives and lack of creative control are three more, rather less enjoyable, attributes. Because of this it's more often independent cinema you must turn to for examples of truly brave and innovative filmmaking and, assembled herein, you will find Empire's choice of the 50 greatest independent films: some of the boldest and most creative movies ever undertaken. Bearing in mind that to encompass all those that are independently financed would mean The Phantom Menace is an independent film, we've qualified all entries by ensuring they were made with what we consider to be an independent spirit. The final order then takes into account the quality of the film, the circumstances behind its production, the achievement of the filmmakers despite monetary and logistical constraints and its influence on subsequent projects'
IMO, Eraserhead is the quintesential indie film. It was writen and directed by David Lynch, and he also funded the entire project over a 7 year period as there were no financial backers for a film so unusual, and as a result, he created one of the most groundbreaking and brilliant films of all time.