Pobrane z czasopisma Annales H - Oeconomia http://oeconomia.annales.umcs.pl Data: 28/09/2021 11:24:54
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Crowdfunding – worldwide and Polish experiences
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Key words: crowdfunding, crowdfunding platforms 6áRZDNOXF]RZH crowdfunding, platformy crowdfunding
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The last over twenty years is the period of vast and revolutionary changes in financial services. OneUMCS of the most important and interesting process is the develop- PHQWRIWKH³FROODERUDWLYHILQDQFH´ZKLFKDVVXPHVWKDWILQDQFLDOWUDQVDFWLRQVDUH EHLQJFRQGXFWHGEHWZHHQUHOHYDQWSDUWLHVZLWKRXWWKHLQWHUPHGLDWLRQRIILQDQFLDO LQVWLWXWLRQV7KLVLVSRVVLEOHEHFDXVHRIWKHWHFKQRORJLFDOLQQRYDWLRQVHVSHFLDOO\ in the information technology and the rise of the significance of social networks WKH,QWHUQHW 7KHFROODERUDWLYHILQDQFHLVWKHSDUWRIWKHZLGHUSKHQRPHQRQRIWKH ³VKDULQJHFRQRP\´±WKHQHZHFRQRPLFDOPRGHOEDVHGRQVKDULQJRIWKHUHVRXUFHV and the cooperation. 2QHRIWKHIRUPVRIWKHFROODERUDWLYHILQDQFHLVFURZGIXQGLQJZKLFKJLYHVSRV- VLELOLW\WRREWDLQIXQGLQJZLWKRXWWKHSDUWLFLSDWLRQRIILQDQFLDOLQVWLWXWLRQ &URZGIXQGLQJHVSHFLDOO\LQ3RODQGLVDTXLWHDQHZSKHQRPHQRQWKDWLVZK\ VFLHQWLILFOLWHUDWXUHDQGHPSLULFDOUHVHDUFKHVDUHOLPLWHG7KHREMHFWLYHRIWKHDUWLFOH is twofold. First, it focuses on the fundamental issues in crowdfunding. Second, it analyses the crowdfunding activity worldwide and in Poland. As the research method used is the descriptive and comparative analysis. Pobrane z czasopisma Annales H - Oeconomia http://oeconomia.annales.umcs.pl Data: 28/09/2021 11:24:54
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The main idea of crowdfunding (also referred to as crowd financing or crowd VRXUFHGFDSLWDO LVWKDWPHPEHUVRIVRFLHW\WKURXJKWKHFROOHFWLYHFRRSHUDWLRQQHWZRUN SRROWKHLUUHVRXUFHVWRJHWKHULQRUGHUWRVXSSRUWYDULRXVHIIRUWVRUSURMHFWVLQLWLDWHGE\ RWKHUSHRSOHRURUJDQL]DWLRQV7KHGHILQLWLRQPRVWRIWHQXVHGLQOLWHUDWXUHGHVFULEHV the crowdfunding as the provision of financial resources either in form of donation RULQH[FKDQJHIRUVRPHIRUPRIUHZDUGDQGRUYRWLQJULJKWVWKURXJKDQRSHQFDOO HVSHFLDOO\WKURXJKWKH,QWHUQHW >%HOOHIODPPHDQGRWKHUVS@ &URZGIXQGLQJVHHPVWREHDQHZSKHQRPHQRQ±WKHWHUPZDVILUVWXVHGRQWKH EORJE\0LFKDHO6XOOLYDQLQ±DOWKRXJKWKHJHQHUDOFRQFHSWKDVEHHQDURXQGIRU VRPHFHQWXULHVDOUHDG\7KHFRQFHSWRIPRGHUQFURZGIXQGLQJFRPHVIURPEURDGHU LGHDRIFURZGVRXUFLQJZKLFKDVVXPHVWKHXVHDODUJHJURXSRISHRSOH±GLVWULEXWHG QHWZRUNRILQGLYLGXDOV WKH³FURZG´ WRREWDLQLGHDVIHHGEDFNDQGVROXWLRQVLQRUGHU WRGHYHORSFRUSRUDWHDFWLYLWLHV DOVRSURGXFWLRQ 7KHSURPRWHUVRIFURZGIXQGLQJ EHOLHYHLQWKH³ZLVGRPRIFURZGV´ZKLFKDFFRUGLQJWR-DPHV6XURZLHFNL PHDQV WKDW³XQGHUWKHULJKWFLUFXPVWDQFHVJURXSVDUHUHPDUNDEO\LQWHOOLJHQWDQGDUHRIWHQ VPDUWHUWKDQWKHVPDUWHVWSHRSOHLQWKHP´>%UDEKDPS@ 7KHYDVWGHYHORSPHQWRIFURZGIXQGLQJLVQRZDGD\VDFFHOHUDWHGE\WKHQHZ LQIRUPDWLRQ WHFKQRORJLHV ZKLFK JLYH WKH SRVVLELOLW\ WR DUUDQJHILQDQFLQJWKURXJK VRFLDOQHWZRUNVLQSDUWLFXODUWKURXJKWKH,QWHUQHW DPRQJRWKHUV)DFHERRN7ZLWWHU /LQNHG,QRWKHUVSHFLDOL]HGEORJVDQGVSHFLDOFURZGIXQGLQJSODWIRUPV 7KHJOREDO VRFLDOQHWZRUNVDOORZTXLFNDQGHIIHFWLYHZD\IRUILQGLQJIXQGVHYHQIRUVXGGHQQHHGV VXFKDVGLVDVWHUUHOLHI &URZGIXQGLQJFRXOGEHDYHU\JRRGPHWKRGIRUVXSSRUWLQJ RIFUHDWLYHDQGLQQRYDWLYHSURMHFWVEHFDXVHWKH\FDQHDVLHUILQGSHRSOH¶VZLGHZHE acceptance than financing through financial institutions. There are differentUMCS methods for classifications of crowdfunding. One of them GLVWLQJXLVKHVIRXUW\SHVRIFURZGIXQGLQJDFFRUGLQJWRWKHUHODWLRQVKLSVEHWZHHQLQ- GLYLGXDOVDQGRUJDQL]DWLRQVZKLFKDUHFRQQHFWHGWKURXJKDQ,QWHUQHWEDVHGSODWIRUP ZKLFKDOORZVWRPDUNHWSURMHFWVJHQHUDWHLQWHUHVWDQGUHFHLYHIXQGV 1. /HQGLQJEDVHGFURZGIXQGLQJ±IRULQVWDQFHFRPSDQ\FDQERUURZPRQH\IURP DJURXSRISHRSOHLQVWHDGRIDEDQNIXQGHUVH[SHFWWKHLUPRQH\EDFNSOXV a commission after a set period of time. The role of the crowdfunding platform here is to act as a middle-man and also make the repayments to the lenders RUWREHRQO\WKHPDWFKPDNHUDQGWKHERUURZHUDQGOHQGHUVDUHFRQQHFWHG when the deal is closed. 2. (TXLW\EDVHGFURZGIXQGLQJ±LQYHVWRUVUHFHLYHDVWDNHLQWKHFRPSDQ\ HTXLW\ SRVLWLRQRUVWRFNLQEXVLQHVV DQGEHFRPHVKDUHKROGHUV7KHFRPSDQ\JDLQV IXQGLQJIURPDJURXSRISHRSOHLQVWHDGRIIXQGLQJE\DEXVLQHVVDQJHORUDQ- RWKHUSULYDWHLQYHVWRUDOWKRXJKWKLVSUDFWLFHLVYHU\VLPLODUWREXVLQHVVDQJHOV $QGIUHTXHQWO\WKHIXQGHUVDUHLQWHUHVWHGLQDJLYHQSURMHFWVEHFDXVHLWVKDUHV WKHLURZQYDOXHVRULVORFDOO\HQJDJLQJRUFUHDWHVMREVLQWKHLUFRPPXQLW\ Pobrane z czasopisma Annales H - Oeconomia http://oeconomia.annales.umcs.pl Data: 28/09/2021 11:24:54
CROWDFUNDING – WORLDWIDE AND POLISH EXPERIENCES 89
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CROWDFUNDING – WORLDWIDE AND POLISH EXPERIENCES 91
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CROWDFUNDING – WORLDWIDE AND POLISH EXPERIENCES 93
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1. %HOOHIODPPH3/DPEHUW76FKZLHQEDFKHU$Crowdfunding: An Industrial Organization Perspec- tive3UHOLPLQDU\SDSHUIRUWKH&RQIHUHQFH³'LJLWDO%XVLQHVV0RGHOV8QGHUVWDQGLQJ6WUDWHJLHV´ Paris, June 25–26, 2010. 2. %HOORQ03RODF\VąHQWX]MDVWDPLFURZGIXQGLQJ, 2012, KWWSILUPDSESOSRODF\- VDHQWX]MDVWDPLFURZGIXQGLQJX, access 25.04.2013. 3. %UDEKDP'Crowdsourcing as a Model for Problem Solving. An Introduction and Cases, Con- YHUJHQFH7KH,QWHUQDWLRQDO-RXUQDORI5HVHDUFKLQWR1HZ0HGLD7HFKQRORJLHVYRO 4. 'H%X\VHUH.*DMGD2.OHYHUODDQ50DURP'A Framework for European Crowdfunding, 2012, www.crowdfundingframework.eu 5. Dapp T., Crowdfunding. An alternative source of funding with potential'HXWVFKH%DQN5HVHDUFK March 18, 2013. 6. 5 Key Points To Know About Equity Crowdfunding, 2012, KWWSZZZIRUEHVFRPVLWHVWDQ\DSULYH NH\SRLQWVWRNQRZDERXWHTXLW\FURZGIXQGLQJ, access 27.04.2013. 7. .UyO.Polish crowdfunding scene, 2011, KWWSFURZGIXQGLQJSOSROLVKFURZGIXQGLQJ VFHQH8;B:VRNNW, access 15.03.2013. 8. Scharwath K., 7RS&URZGIXQGLQJ6LWHVUMCS, 2012 KWWSZZZWULSOHSXQGLWFRPHPHUJLQJ QH[WJHQHUDWLRQFURZGIXQGLQJSODWIRUPURXQGXS, access 20.04.2013. 9. Thompson M., The Dangers of Crowdfunding, 2012, KWWSEXLOGFUHGLWGQEFRPEXVLQHVVFUHGLWWLSV WKHGDQJHUVRIFURZGIXQGLQJ, access 27.04.2013. 10. 4XLQODQ0The pros and cons of crowdfunding, 2012, KWWSZZZFEFFDQHZVFDQDGDVWRU\ IIDTFURZGIXQGLQJKWPO, access 12.03.2013. 11. 3URJQR]\GRW\F]ąFHFURZGIXQGLQJX, Narodowy Instytut Audiowizualny, 2013, KWWSZZZQLQD JRYSONXOWXUDBEORJDUW\NX&SURJQR]\GRW\F]DFHFURZGIXQGLQJX, access 28.04.2013. 12. KWWSEULFNVWDUWHURUJDWLPHO\JOREDOVXUYH\RIFURZGIXQGLQJSODWIRUPVaccess 27.04.2013 13. KWWSFURZGIXQGLQJSOSROLVKFURZGIXQGLQJVFHQH8;B$8RNNV, access 02.04.2013. 14. Crowdfunding w Polsce, KWWSFURZGIXQGLQJSOFURZGIXQGLQJZSROVFH8<$'K(RNNV, access 02.04.2013. 15. KWWSZZZFURZGVRXUFLQJRUJVLWHEHHVIXQGEHHVIXQGFRP, access 22.03.2013. 16. KWWSVWRZDU]\V]HQLHFURZGIXQGLQJSOLQGH[SKSSRVWXODW\, access 20.04.2013. Pobrane z czasopisma Annales H - Oeconomia http://oeconomia.annales.umcs.pl Data: 28/09/2021 11:24:54
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