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

According to the annual industry report of the group of investment companies «the DealBook of Ukraine 2020», 2019 was a record year for the Ukrainian high-tech sector, which attracted in various forms about 0.5 billion US dollars. This is despite the fact that the volume of transactions at an early stage has not changed compared to 2018 (The DealBook). Like any project, a startup has its own lifecycle (Table 3.2). Table 3.2 Stages of the startup lifecycle Stage of development Content of the stage Potential funding sources Preliminary stage There is a startup team, the main idea, significant enthusiasm Own savings and savings of relatives or friends; acceleration programs and business incubators Launch stage Attempt to produce a prototype or working model; there is a formed team with well-coordinated cooperation and distributed functions; a development plan has been drawn up Own savings and the savings of relatives or friends; business angels; crowdfunding Growth stage Operating enterprise; finished product, commodity, service or technology; existing consumers; market share Major investor, investment company, venture fund, crowdinvesting Expansion stage. The existence of the final product, commodity, service or technology; the company's profit appears, effective marketing support and management are available Distribution of shares among investors «Output» stage Effective work of a startup; constant income; a confident place in the market; the presence of regular consumers Emission of securities Note: compiled by the authors based on sources (Cassar, 2004: Global Startup Ecosystem Report; Ukraunian Venture; Ȼɚɛ ’ ɹɱɨɤ et al., 2018; Ȼɢɥɹɥɨɜ et al., 2017; Ʌɚɞɢɤɚ , 2017; əɪɨɜɚɹ , 2014). Of course, the differentiation of startup lifecycle stages is not universal, some of them may be omitted or merged. Table 3.2 shows that 113