THE ROLE OF CROWDFUNDING IN THE FUTURE OF UKRAINE: PROBLEMS AND PROSPECTS
Abstract
The purpose of writing the article is to find alternative sources of funding for restoration projects, forecasting the impact of their implementation on the state of Ukraine's economy. Analysis of the current state and study of the state's investment needs is the main vector in the direction of developing recommendations for finding and attracting financial assistance. Understanding the principles and basics of crowdfunding platforms is an important step on the way to using this tool to attract additional sources of funds in the future for recovery. There are different approaches to the classification of crowdfunding fees, each of which plays an important role in modern society. Each of them reveals the value of crowdfunding as a tool for supporting modern art, innovative technologies, charitable gatherings and organizations, political ideas in the form of projects. The article also contains statistics of successfully implemented projects on domestic crowdfunding platforms, features of the implementation of these projects and their impact on the present and future of the country. We consider the reasons for the appearance and principles of operation of popular platforms, both foreign and domestic counterparts. We also considered the influence of the Russian military aggression on the state of the crowdfunding market in the world, the trends of its further development and expected forecast indicators until 2027. The study also touched on the analysis of the advantages and disadvantages of crowdfunding as a system for both parties: both for project initiators and for investors. The biggest problem today is the imperfect legal basis. Prospective directions for investing in the country's post-war reconstruction were determined, and recommendations were made for the implementation of these principles.
Downloads
References
Bondar, A. V. (2019). Forms of joint financing of ecologically oriented projects: domestic and foreign experience of stakeholder partnership. Problems of the systemic approach in economics, 2(70), 58-65. doi: https://doi.org/10.32782/2520-2200/2019-2-34 (in Ukrainain)
Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of Small Entrepreneurial Ventures. Handbook of Entrepreneurial Finance (pp. 369-391).
Lissowska, M., & Majewski, P. (2020). Co to jest crowdfunding? Jak opisać swój projekt by przekonać darczyńców? Gazeta SGH. Retrieved from https://gazeta.sgh.waw.pl/po-prostu-ekonomia/co-jest-crowdfunding-jak-opisac-swoj-projekt-przekonac-darczyncow (in Polish)
Tulchynska, S. O., Solosich, O. S., & Golub, M. O. (2017). Peculiarities of crowdfunding as a type of investment. Innovation and investment processes in the national economy and entrepreneurship, 19, 132-140. (in Ukrainain)
Omelchuk, O. S., & Baitalyuk, D. R. (2021). Problems and prospects of legal regulation of crowdfunding in Ukraine. Scientific works of the National Academy of Sciences of Ukraine, 29, 171-180. doi: https://doi.org/10.32837/npnuola.v28i29.731 (in Ukrainain)
Vasiliev, O. V., & Matyushchenko, S. S. (2016). Crowdfunding is a modern tool for financing the development of intellectual capital. Economics, 18, 36-40. (in Ukrainain)
Sacks, E. W. (2014). The Growing Importance of Community Foundations. Indianapolis. Charles Stewart Mott Foundation. Retrieved from https://philanthropy.iupui.edu/files/file/the_growing_importance_of_community_foundations-final_reduce_file_size_2.pdf
Yeliseeva, L. V. (2017). Exponential development of crowdfunding as a tool for activation of innovative activity. Economy and society, 8, 3-8. (in Ukrainain).
Howe, J. (2008). Crowdsourcing: Why the Power of the Crowd is Driving the Future of Business. NY: Crown Publishing Group.
Shapovalova, D. R. (2022). Review of legal aspects of crowdfunding relations in Ukraine. Legal scientific electronic journal, 7, 498-502. dоі: https://doi.org/10.32782/2524-0374/2022-7/120 (in Ukrainain)
Manaenko, I. M., & Didenko, A. S. (2017). Crowdfunding as an innovative tool for business development. Actual problems of economics and management: a collection of scientific works of young scientists, 11. Retrieved from https://ape.fmm.kpi.ua/article/view/102780 (in Ukrainain)
Valanciene, L., & Jegeleviciute, S. (2013). Valuation of crowdfunding: benefits and drawbacks. Economics and management, 18(1), 39-48. doi: https://doi.org/10.5755/j01.em.18.1.3713
Shevchenko, O. M., & Kazak, O. O. (2019). Development of crowdfunding in conditions of digital transformation of the economy. Efficient economy, 3. doi: https://doi.org/10.32702/2307-2105-2019.3.43 (in Ukrainain)
Povod, T. V. (2021). Key aspects of crowdfunding. Taurian Scientific Bulletin. Series: Economy, 10, 117-125. doi: https://doi.org/10.32851/2708-0366/2021.10.16 (in Ukrainain)
Mollick, E. (2013). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29, 1-16. doi: https://doi.org/10.1016/j.jbusvent.2013.06.005
Forbes, H., & Schaefer, D. (2017). Guidelines for Successful Crowdfunding. Procedia CIRP, 60, 398-403. doi: https://doi.org/10.1016/j.procir.2017.02.021
Leoński, W. (2022). Crowdfunding as an innovative source of financing business initiatives in Poland. Volume, 207, 2921-2929. doi: https://doi.org/10.1016/j.procs.2022.09.350
Gerber, E. M., & Hui, J. (2013). Crowdfunding: Motivations and deterrents for participation. ACM Transactions on Computer-Human Interaction, 20(6), Article 34. doi: https://doi.org/10.1145/2530540
Shvayko, M. L., & Grebeniuk, N. O. (2020.) Current crediting instruments influencing investment climate in Ukraine. Financial and credit activities: problems of theory and practice, 1(32), 414-423. DOI: https://doi.org/10.18371/fcaptp.v1i32.200584
Gvozd, M. Y., Bondarenko, O. G., & Kulinyak, I. Y. (2020). Crowdfunding as a tool for attracting funds for financing start-up projects: analysis of foreign and domestic experience. Economics and enterprise management, 43, 131-136. doi: https://doi.org/10.32843/infrastruct43-24 (in Ukrainain)
