Crowdfunding - doświadczenia światowe i polskie

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.5<67<1$0,75ĉ*$1,(675Ï-Crowdfunding – worldwide and Polish experiences

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. One of the most important and interesting process is the develop-PHQW RI WKH ³FROODERUDWLYH ILQDQFH´ ZKLFK DVVXPHV WKDW ILQDQFLDO WUDQVDFWLRQV DUH EHLQJ FRQGXFWHG EHWZHHQ UHOHYDQW SDUWLHV ZLWKRXW WKH LQWHUPHGLDWLRQ RI ILQDQFLDO LQVWLWXWLRQV 7KLV LV SRVVLEOH EHFDXVH RI WKH WHFKQRORJLFDO LQQRYDWLRQV HVSHFLDOO\ in the information technology and the rise of the significance of social networks WKH,QWHUQHW7KHFROODERUDWLYHILQDQFHLVWKHSDUWRIWKHZLGHUSKHQRPHQRQRIWKH ³VKDULQJHFRQRP\´±WKHQHZHFRQRPLFDOPRGHOEDVHGRQVKDULQJRIWKHUHVRXUFHV and the cooperation.

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&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.

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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 QHWZRUNRILQGLYLGXDOVWKH³FURZG´WRREWDLQLGHDVIHHGEDFNDQGVROXWLRQVLQRUGHU WR GHYHORS FRUSRUDWH DFWLYLWLHV DOVR SURGXFWLRQ 7KH SURPRWHUV RI FURZGIXQGLQJ EHOLHYH LQ WKH ³ZLVGRP RI FURZGV´ ZKLFK DFFRUGLQJ WR -DPHV 6XURZLHFNL PHDQV WKDW³XQGHUWKHULJKWFLUFXPVWDQFHVJURXSVDUHUHPDUNDEO\LQWHOOLJHQWDQGDUHRIWHQ VPDUWHUWKDQWKHVPDUWHVWSHRSOHLQWKHP´>%UDEKDPS@

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There are different methods for classifications of crowdfunding. One of them GLVWLQJXLVKHVIRXUW\SHVRIFURZGIXQGLQJDFFRUGLQJWRWKHUHODWLRQVKLSVEHWZHHQLQ-GLYLGXDOVDQGRUJDQL]DWLRQVZKLFKDUHFRQQHFWHGWKURXJKDQ,QWHUQHWEDVHGSODWIRUP ZKLFKDOORZVWRPDUNHWSURMHFWVJHQHUDWHLQWHUHVWDQGUHFHLYHIXQGV

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4. 'RQDWLRQEDVHGFURZGIXQGLQJ±WKHPRWLYDWLRQRIIXQGHUVLVSXUHO\SKLODQ-thropic, for their personal satisfaction. The funders are more willing to donate higher amounts per person since they know that their money are used on DYHU\VSHFLILFSURMHFWZLWKFKDULWDEOHFDXVH>'H%X\VHUH.DQGRWKHUV SS±DQG%ULFNVWDUWHUDQG%ORJ,GHDVFDOH@ 3URSRQHQWVRIFURZGIXQGLQJVD\WKDWLWDOORZVILQDQFLQJRIWKHSURMHFWWKDWPLJKW QRWEHDEOHWRJHWEDQNORDQVRUFRQYHQWLRQDOIXQGLQJDQGLVQRWOLPLWHGWRFHUWDLQ NLQGRISURMHFW7KHILQDQFLQJLVIDVWHIILFLHQWDQGHIIHFWLYHDQGFDQEHOLWWOHULVN LQYROYHGFRPSDUHGWRRWKHUEXVLQHVVYHQWXUHVLVQRWJHRJUDSKLFDOO\OLPLWHGDQGLV not dependent upon a company’s credit rating. The rule “all or nothing” is used in FURZGIXQGLQJPHDQLQJ±LIWKHSURMHFWGRHVQ¶WUHDFKWKHWDUJHWDPRXQWRIILQDQFLQJ ZLWKLQWKHWLPHOLPLWQRILQDQFLQJLVPDGH&URZGIXQGLQJFRXOGEHDOVRDVVRFLDWHG ZLWKFHUWDLQGDQJHUVWKHSURMHFWVFDQEHH[SRVHGWRSRWHQWLDOFRS\FDWVWKHFURZG-IXQGLQJSODWIRUPVPD\OLPLWWKHDPRXQWRIIXQGVRQHFDQUHFHLYHIRUWKHSURMHFWWKH FURZGIXQGLQJUHJXODWLRQVDQGWD[DWLRQHVSHFLDOO\IRUHTXLW\EDVHGFURZGIXQGLQJ DUH VWLOO EHLQJ ZRUNHG RXW ZKLFK FDQ FDXVH SUREOHPV IRU IXQGUDLVHUV DQG LQYHV-tors. What’s more crowdfunding could lead to over-investing in a newly popular LQGXVWU\FDXVLQJWKHULVHRIPDUNHWEXEEOHV>4XLQODQ@&URZGIXQGLQJLVDS-SURSULDWHIRUILQDQFLQJWKHVWDUWXSVEXWWKHUHFDQEHSUREOHPVZLWKLQWKHFRQWH[WRI long-term investments plans and crowdfunding rather doesn’t attract large investors >7KRPSVRQ@

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The growth of crowdfunding is not limited to the United States and Europe – also in other parts of the world the activity of crowdfunding platforms is rising. In Latin America one of the largest platforms – Ideame is present in Argentina, Chile, 0H[LFR&RORPELDDQG%UD]LODQGLVHVSHFLDOO\GHYRWHGWRFUHDWLYHDQGDUWLVWLFWDO-HQW LQ WKH UHJLRQ ,W VKRXOG EH XQGHUOLQHG WKDW LQ WKH FDVH RI GHYHORSLQJ FRXQWULHV

FURZGIXQGLQJFRXOGEHDQLPSRUWDQWWRROIRUHOLPLQDWLQJILQDQFLQJEDUULHUVIRUVPDOO entrepreneurs. In Australia and New Zealand, there are 18 crowdfunding platforms IRULQVWDQFH3R]LEOHL3OHGJ6WDUW6RPH*RRG3OHGJH0HDQG*LYHD/LWWOHZKLFK VXSSRUWFUHDWLYHFRPPXQLW\FKDULWDEOHVRFLDOLPSDFWPXVLFDQGVSRUWLQJSURMHFWV

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Poland is another market important for the development of crowdfunding specially WDNLQJXQGHUFRQVLGHUDWLRQWKHH[LVWLQJILQDQFLQJJDSSDUWLFXODUO\IRUVPDOOSURMHFWV XSWRWKRXVDQGV3/1$QGSUREOHPVZLWKJDLQLQJWKHILQDQFLQJFRXOGKDPSHU WKHLQLWLDWLYHVQRWLQIUHTXHQWO\±LQQRYDWLYHRIVPDOOHQWUHSUHQHXUVDQGGHYHORSPHQW of new ventures.

The crowdfunding market is developing very dynamically – last year via crowd-funding platforms a few hundred thousand zlotys was raised for the realization of many interesting undertakings. According to Deloitte in 2013 the funds organized WKURXJK³FURZG´VKRXOGUHDFKEQ3/1WKHDPRXQWWZLFHDVELJDVLQWKHSUHYLRXV \HDU>1DURGRZ\,QVW\WXW$XGLRZL]XDOQ\@6WLOOPRVWRIWKHSURMHFWVKDYHWKH niche and nonmass character, and what’s more – the organizing of the fundraising is QRWWKHPDLQDLPEXWWKHJRDOLVSURPRWLRQ7KHDGYDQFHRIFURZGIXQGLQJLQ3RODQG needs of course the changing of mentality and the development of the “culture of VKDULQJ´DQGWRVHHRQH¶VRZQJRRGWKURXJKRIIHULQJVRPHWKLQJWRVRPHERG\

In Poland different models of functioning of crowdfunding platforms are applied DQGWKXVWKH\FDQGLIIHULQUHTXLUHPHQWV±IRULQVWDQFHWKHGLIIHUHQFHFDQFRQFHUQWD[ REOLJDWLRQVDVZHOODVWKHDFFHSWDELOLW\RIGLIIHUHQWW\SHVRISURMHFWV$OPRVWHYHU\ SODWIRUPLVWDNLQJWKHFRPPLVVLRQIURPUDLVHGFDSLWDODSUR[±RQHVKRXOGSUH-GLFWWKLVFRVWZKHQSODQQLQJWKHPLQLPXPEXGJHWRIWKHSURMHFW3ODWIRUPVDOVRRIWHQ RIIHUDGGLWLRQDOVHUYLFHVIRUWKHDXWKRUVRIWKHSURMHFWVEXWWKH\DUHQRWIUHHRIFKDUJH

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Crowdfunding platform 7\SHVRISURMHFWV Crowdfunders.pl

Thanks to the Internet and microinvestments, the numerous group of small LQYHVWRUVFDQWRJHWKHUILQDQFHHYHQODUJHLQYHVWPHQWSURMHFWVILUVWRIDOOLQWKH real estate

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,PSRUWDQWIRUWKHSURPRWLRQRIFURZGIXQGLQJZDVWKHHVWDEOLVKPHQWRIWKH3RO-ish Crowdfunding Society in March 2012. The Society aims to influence the legal-DGPLQLVWUDWLYH HQYLURQPHQW DQG LQLWLDWH FKDQJHV ZKLFK ZLOO HQDEOH WKH FRPPRQ DFFHVVWRILQDQFLQJRIVRFLDOLQLWLDWLYHVFKDULW\DQGRIEXVLQHVVXQGHUWDNLQJV2WKHU JRDOVDUHDPRQJRWKHUVXQGHUWDNHOHJLVODWLYHVWHSVLQRUGHUWRDOORZFURZGIXQGLQJDV a source of financing in Poland and Europe, popularize charity initiatives, supporting e-society initiatives and NGOs in fundraising, support investors on the capital market DQG60(>3ROLVK&URZGIXQGLQJ6RFLHW\@

,W VKRXOG EH XQGHUOLQHG WKDW OHJLVODWLRQ LQ 3RODQG KDPSHUV WKHGHYHORSPHQW RI FURZGIXQGLQJ)LUVWO\WKHODZRUGHUVWKDWQDWLRQZLGHSXEOLFFROOHFWLRQVPXVWKDYH permission of the Minister of Internal Affairs and Administration. Secondly, in the FDVHRIHTXLW\EDVHFURZGIXQGLQJ±LWLVWUHDWHGDVWKHSXEOLFRIIHUDQGDFFRUGLQJWR 3ROLVKODZUHTXLUHVWKHDSSURYDORIWKH3ROLVK)LQDQFLDO6XSHUYLVLRQ$XWKRULW\7KH FURZGIXQGLQJHQDEOLQJOHJLVODWLRQLVDOVRLPSRUWDQWLQWKHZKROH(XURSH$SDUWIURP WKDW±HGXFDWLRQDQGUHVHDUFKFRQFHUQLQJFURZGIXQGLQJDUHHVVHQWLDO>'H%X\VHUH K. and others, 2012, p. 7]. &RQFOXVLRQV &URZGIXQGLQJLVDQHPHUJHQWPHWKRGWRIXQGGLIIHUHQWNLQGRISURMHFWVE\LQGL-viduals using the social networks. The vast development of crowdfunding is nowadays

DFFHOHUDWHGE\WKHQHZLQIRUPDWLRQWHFKQRORJLHV7KHZRUOG¶VFURZGIXQGLQJPDUNHW is developing very fast last years. North America and Europe are the leading regions LQ FURZGIXQGLQJ DFWLYLW\ ,Q 3RODQG FURZGIXQGLQJ LV VWLOO D QHZ SKHQRPHQRQ EXW VXFFHVVHVRIPDQ\SURMHFWVZKLFKJDLQHGILQDQFLQJWKLVZD\DUHVKRZLQJWKDW3RO-LVK,QWHUQHWXVHUVDUHYHU\IDYRUDEO\LQFOLQHGWRZDUGVFURZGIXQGLQJ%HFDXVHRIWKH OHJLVODWLRQZKLFKLPSHGHVWKHGHYHORSPHQWRIFURZGIXQGLQJLQ3RODQGWKHRSHQSXEOLF GHEDWHDERXWWKLVSUREOHPLVQHFHVVDU\,WVKRXOGEHXQGHUOLQHGWKDWWKHGHYHORSPHQW RIFURZGIXQGLQJFHUWDLQO\SRVHVLPSRUWDQWTXHVWLRQVIRULQVWDQFHDERXWEHQHILWVDQG ULVNVDVVRFLDWHGZLWKWKLVFRQFHSWDQGWKLVDUWLFOHSURYLGHVRQO\DNLQGRILQWURGXF-tion to future research in this area.

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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.

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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.

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