Crowdfunding as a Competing Venture Funding Innovative Tool to Attract Investment
EDN: ZCNBFX
Abstract
The article is devoted to the new instrument to attract funding, which competes with the traditional instruments of attraction of investments - crowdfunding. The comparative research of venture capital and crowdfunding shows opportunities and risks of crowdfunding in the purpose of raising funds to projects. Crowdfunding opportunities are highlighted, as well as competitive advantages of crowdfunding compared to venture capital. In order to identify the advantages and disadvantages of crowdfinding, as well as the characteristics of the competitive advantages of the instrument and the risks of its use, the factors of the competitiveness of the tool are determined in the work. A comparative study of the source of funding for crowdfunding with venture capital in the field of: financial arrangements and contracts, investor protection, investor relations and behavior, investors' exit from the company's capital. In the course of the study, unique features of crowdfunding were also revealed in attracting funding, for example, the emerging asymmetry of information. The double trust dilemma created in the process of using the innovative tool is considered. The motivational component of crowdfunding is determined, divided by the motivation of the entrepreneur and the motivation of the investor. Dedicated to the same factors deterrence of entrepreneurs and investors.
References
1. Аналитический сборник РАВИ 2016 / Российская ассоциация венчурного финансирования.
2. Воробьев К. Ю. Сущность электронной коммерции в системе международных торговых связей // Российский внешнеэкономический вестник. 2015. № 3. С. 106-114.
3. Лаврушин О. И. О доверии в кредитных отношениях // Деньги и кредит. 2015. № 9. С. 46-51.
4. Леднев М. В. Новые технологии маркетинга и конкуренция в условиях финансовой нестабильности // Банковский ритейл. 2015. № 4 (40).
5. Рубин Ю. Б. Что такое конкуренция? (введение в теорию конкурентного поведения) // Современная конкуренция. 2014. № 1. С. 110.
6. Рукавишников С. В. Краудфандинг в системе предпринимательства, его виды и используемые технологии // Вестник Университета (Государственный университет управления). 2017. № 3.
7. Рукавишников С. В. Краудфандинг - новая возможность привлечения инвестиций и инвестирования // Сборник материалов международной научной конференции Университета «Синергия». Москва, 2016.
8. Da Rin M., Nicodano G., Sembenelli A. Public policy and the creation of active venture capital markets / ECB-CFS Research on capital markets and financial integration in Europe // Working paper series. No. 430. ECB 2005.
9. Gini - сервис оптимизации документооборота. URL: https://www.gini.net/en/company/ (дата обращения: 17.12.2016).
10. CF-RE / Massolution.
11. C-crowd. Швейцарская интернет-площадка краудфандинга. URL: http://www.c-crowd.com/en/home-englisch/main/ about-us/what-is-c-crowd/ (дата обращения: 11.01.2017).
12. Cooter R. The Falcon's Gyre: Legal Foundations of Economic Innovation and Growth. Berkeley Law Books. 2014.
13. Schwienbacher А. Crowdinvesting - angel investing for the masses? // Handbook of Research on Venture Capital. Vol. 3. Business Angels, Forthcoming, 2014.
14. Surowiecki J. The Wisdom of Crowds: Why the Many are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies, and Nations. Doubleday, 2004. - 320 p.
15. US Securities and Exchange Commission Low «Securities Act of 1933», «Regulation D», «Rule 506» 2014.
16. US Securities and Exchange Commission Low «Jumpstart Our Business Startups (JOBS) Act» 2015.
17. Venture monitor 2016 / National Venture Capital Association.
Review
For citations:
Rukavishnikov S. Crowdfunding as a Competing Venture Funding Innovative Tool to Attract Investment. Journal of Modern Competition. 2017;11(3):77-88. EDN: ZCNBFX
Email this article 