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Crowdfunding As an Alternative Source of Support for Entrepreneurial Initiatives

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Crowdfunding As an Alternative Source of Support for Entrepreneurial Initiatives Crowdfunding as an Alternative Source of Support for Entrepreneurial Initiatives Crowdfunding as an Alternative Source of Support for Entrepreneurial Initiatives Assist. Prof. Ivaylo Petrov Faculty of Management and Marketing ’Dimitar A. Tsenov’ Academy of Economics - Svishtov E-mail: [email protected] Груповото финансиране като алтернативен източник на подкрепа за предприемачески инициативи Ас. Ивайло Петров Факултет „Мениджмънт и маркетинг” Стопанска академия „Димитър А. Ценов“ – Свищов E-mail: [email protected] Abstract: New technologies allow global access to customers and markets not only to large enterprises, but also to anyone who has a good idea and manages to find the right approach for its implementation. The main problem in starting a new business venture is the provision of financial resources. In the second decade of the XXI century, a new form of financing gradually gained widespread response – the crowdfunding. Key words: crowdfunding, entrepreneurship, innovations, start-ups Резюме: Новите технологии позволяват глобален достъп до клиенти и пазари както на големите предприятия, така и на всеки, който има добра идея и правилен подход за нейната реализация. Основният проблем пред стартиране на ново бизнес начинание е осигуряването на финансовите средства. През второто десетилетие на XXI век една нова форма на финансиране постепенно придобива широко разпространение и отзвук – т. нар. групово финансиране. Ключови думи: краудфъндинг, предприемачество, иновации, начинаещ бизнес JEL Classification: G21, G24, L26, L31, M13 І. Introduction І. Въведение The development of Web 2.0 technolo- Развитието на Web 2.0 технологиите през gies in recent years allow people with последните години даде възможност на fresh ideas to seek new ways to achieve хората с идеи да потърсят нови начи- them. One of the most serious obstacles ни за тяхното осъществяване. Една от най-сериозните пречки пред стартиране to starting a new business venture is to на ново бизнес начинание е намиране- find proper sources of funding. The object то на адекватно финансиране. Обект на of this paper is the crowdfunding phenom- настоящото изследване е добиващото enon which has gained popularity in the популярност през последното десетиле- last decade. The main subject of the paper тие групово финансиране, а предмет са are the opportunities that the crowdfund- възможностите, които платформите за ing platforms provide to entrepreneurs to групово финансиране предоставят на предприемачите за реализация на свои- implement their ideas. те идеи. The main objective of the report is to high- Основната цел на доклада е да се откро- light the features that make this model of ят характеристиките, които правят този fundraising so popular nowadays, in order модел на набиране на средства толкова 89 Ivaylo Petrov to outline the benefits for the different популярен, за да се очертаят предим- stakeholders from their participation as ствата за заинтересованите страни от entrepreneurs or investors in the crowd- участието им в платформите за групово funding platforms. финансиране като предприемачи или ин- веститори. *** *** The development of new products and ser- Разработването на нови продукти и ус- vices is a process that covers the time from луги е процес, който обхваща времето от the generation of an idea for new products генерирането на идея за нов продукт до to its successful implementation and mar- неговото успешно създаване и пласира- keting. Large-sized companies undoubt- не на пазара. Големите по размер ком- edly have the advantage of having more пании несъмнено имат предимството да притежават повече нови продукти чрез new products through their research cent- своите изследователски центрове, чрез ers, by participating in strategic partner- участие в стратегически партньорства и ships and alliances with other companies алианси с други компании, или чрез при- or through the acquisition of innovative добиването на конкурентни иновативни competitive companies along with their компании с техните патенти и развойни patents and development departments. отдели. По данни на Европейската па- According to the European Patent Office, тентна служба, в която членуват 38 дър- жави, за 2014 г. големите компании са which now has 38 member-states, in 2014 подали близо две трети от исканията за large enterprises filed nearly two thirds of патент в Европа (виж Фиг. 1), като пър- all claims for patents in the European Un- вите в класацията компании Samsung, ion (see Fig. 1); the first companies in the Phillips и Siemens имат над 2000 заявле- rankings Samsung, Phillips and Siemens ния, а общо за същата година са издаде- had over 2,000 applications, and the same ни 64 613 патента. year the Office issued a total of 64,613 patents. Figure 1. Shares in patent applications in Europeby category Фигура 1. Дял на подадените формуляри за патент в Европа по категория But in today’s dynamic world, character- Но в днешния динамичен свят, характе- ized by the intensive race in the develop- ризиращ се от една страна с устремната ment of information and communication надпревара в развитието на информа- ционните и комуникационни технологии technologies and the dominance of Web и доминацията на Web 2.0 базирани 2.0 based services such as social net- услуги като социални мрежи, блогове, works, blogs, wikis, cloud services, etc., уикита, облачни услуги и др., а от дру- on one hand, and the fresh memories of га страна с пресните спомени от глобал- the global financial and economic crisis ната финансова и икономическа криза и and the slow recovery of the world econo- бавното възстановяване на световната my, even the largest companies cannot be икономика, дори и големите компании не могат да бъдат сигурни за своите пози- sure about their market position and good ции на пазара и добрите си финансови 90 Crowdfunding as an Alternative Source of Support for Entrepreneurial Initiatives financial prospects. According to popular перспективи. Според популярни данни, data, the average life expectancy of a mul- средната продължителност на живот на tinational corporation of the Fortune 500 is мултинационална корпорация от Fortune 500 е между 40 и 50 години. Една трета between 40 and 50 years. One third of the от фирмите, включени в класацията на companies included in the Fortune list of Fortune за 1970 г., през 1983 г. вече са 1970 disappeared through 1983 as a re- изчезнали вследствие на придобивания, sult of acquisitions, mergers or restructur- сливания, или преструктуриране. Проуч- ing. A Study of the John M. Olin (School ване на John M. Olin School of Business of Business at Washington University) към Вашингтонския университет предри- predicts that 40 percent of today’s Fortune ча, че 40 процента от днешните Fortune 500 компании след 10 години вече няма 500 companies will no longer exist in 10 да съществуват, като една от основни- years, one of the main reasons being the те причини е нежеланието за адаптация reluctance to adapt to changes in the en- към промените на средата. vironment. Новите технологии позволяват глобален New technologies allow global access to достъп до клиенти и пазари както на го- customers and markets not only to large лемите и средни фирми, така и на всеки, and medium-sized enterprises, but also to който има добра идея и успее да намери правилния подход за нейната реализа- anyone who has a good idea and manages ция. Тук основният проблем е осигуря- to find the right approach for its imple- ването на финансовите средства. Споме- mentation. Here the main problem is the натата финансова и икономическа криза, provision of financial resources. The afore- както и честата политическа нестабил- mentioned financial and economic crisis ност в различни региони на света, при- and frequent political instability in various нуждават много от традиционните инвес- regions of the world force many of the tra- титори да гледат консервативно на нови бизнес начинания. Банковите системи ditional conservative investors to look for на САЩ и Европейският съюз бяха сери- new business ventures. Banking systems озно разклатени през последните годи- in the US and the European Union have ни, а понастоящем продължава да стои been seriously weakened in recent years проблемът с изплащането на кредитите and the matter of repayment of loans from от Гърция и задлъжнялостта на другите Greece and the debt of other southern EU южни държави от ЕС. Икономиката на countries is now still standing. China’s Китай също забавя своя темп на растеж economy also slowed its growth pace and и продължава да е изправена пред много вътрешни предизвикателства, а страните continues to face many internal challeng- от Персийския залив трябва да балан- es, and the Gulf countries have to balance сират между нестабилната политическа between the unstable political situation in обстановка в региона и загубите, които the region and the losses suffered by the търпят от ниските цени на нефта. low oil prices. Както заявява Г. Маринов (2013): „От As stated by G. Marinov (2013): ‘The pres- решаващо значение за икономиката е ence of private initiative is crucial for the наличието на частна инициатива, а тя в много голяма степен зависи от степента economy, and it largely depends on the на защита на правата на собственост.” degree of protection for property rights.’ Количеството инвестиции и иновации- The amount of investment and innova- те са в пряка връзка с увереността на tion is directly related to the confidence икономическите субекти в защитата на of economic actors in the protection of техните права както върху физическата, their rights on both physical and intellec- така и на интелектуалната собственост. tual property. Dr. Iliev § D. Ilieva (2014) Др. Илиев и Д. Илиева (2014) открояват ролята на културата като основен инте- highlighted the role of culture as a basic гриращ механизъм на обществата, а една mechanism for integration of societies, от най-важните ѝ функции е създаване- and one of its most important functions is то на доверие, чрез което: „…се улесня- to create a trust through which ‘...it facili- ва взаимодействието между индивидите, 91 Ivaylo Petrov tates the interaction between individuals, доброволното им коопериране в пре- their voluntary cooperation in the pursuit следването на някакви общи цели, т.е.
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