CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

Improved legislation at the European level can contribute to the development of both domestic and cross-border crowdfunding markets. In this context, it is necessary to regulate all financial instruments that can be used in crowdfunding. 3.2. Tools of the state regulation of crowdfunding in the conditions of reengineering The tools are part of the concept of state regulation of crowdfunding, including in the context of reengineering. To analyze such tools, you should clearly understand the process of implementing a crowdfunding project, as well as know the features of crowdfunding platforms and the role of public authorities in this process. The process of implementing a crowdfunding project can be depicted as a model that shows the relationship between the stages of the project, as well as its participants and their functions at each stage (Fig. 3.1). The first stage is preparatory. It is usually the longest one and requires a lot of work from the project authors. The second stage is to place the crowdfunding project on the crowdfunding platform. The third stage is the procedure for accepting the project by the moderators of the crowdfunding platform. These three stages should be considered in a complex because the functions of all participants in the model are duplicated at these stages. The main functions of recipients are: ڰ developing the concept of a crowdfunding project; ڰ analysis of existing crowdfunding platforms; ڰ choosing the optimal crowdfunding platform; ڰ registering a crowdfunding project; ڰ selecting a monetary goal, campaign type («all-or-nothing» or «towards the goal»); ڰ choosing the campaign duration; ڰ choosing the remuneration type; ڰ preparation of all necessary information tools (video, logo, blog, content, etc); ڰ communication with existing and potential contributors, etc. 102