Importance This paper discusses the issues of crowdfunding. This phenomenon is new and practically not studied by the Russian national science. Objectives The article aims to analyze the framework of categories and concepts of crowdfunding, reveal its strengths and weaknesses, and determine the prospects for the development of the domestic market crowdfunding taking into account foreign practices. Methods For the study, I used the methods of comparative analysis, scientific knowledge, and techniques based on logical arguments. Results The article highlights the advantages, disadvantages and role of crowdfunding as a source of financing for small and medium-sized enterprises. Conclusions and Relevance In Russia, crowdfunding has not yet found extensive application. The analysis of world and European statistics leads to the conclusion that the importance of alternative financial sources and in particular crowdfunding, has increased in recent years. The study results can be useful both in terms of increasing financing opportunities for small and medium-sized businesses and in terms of considering crowdfunding as a factor of macroeconomic growth.
Keywords: crowdfunding, small and medium enterprises, crowdfunding platform, private investors
Pazowski P., Czudec W. Economic Prospects and Conditions of Crowdfunding. Management, Knowledge and Learning International Conference 2014. Human Capital without Borders: Knowledge and Learning for Quality of Life. Slovenia, Poltoroz. 2014, June 25–27, pp. 1079–1088.
Bouncken R.B., Komorek M., Kraus S. Crowdfunding: The Current State of Research. International Business & Economics Research Journal, 2015, vol. 14, iss. 3, pp. 407–416. URL: https://doi.org/10.19030/iber.v14i3.9206
Silver L., Berggren B., Fili A. The Role of Crowdfunding in Entrepreneurial Ventures: An Analysis of Recent Trends in Sweden. Investment Management and Financial Innovations, 2016, vol. 13, iss. 1, pp. 221–229. URL: https://doi.org/10.21511/imfi.13(1-1).2016.09
Golić Z. Advantages of Crowdfunding as an Alternative Source of Financing of Small and Medium-Sized Enterprises. Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu, 2014, no. 8, pp. 39–48. URL: https://doi.org/10.7251/ZREFIS1408039G
O'Toole C.M., Lawless M., Lambert D. Non-Bank Financing in Ireland: A Comparative Perspective. The Economic and Social Review, 2015, vol. 46, iss. 1, pp. 133–161. URL: http://www.esr.ie/article/view/294/106