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

crowdfunding is the key source of funding startups at the launch stage, and crowdinvesting is the key one at the growth stage. The starting and functioning of a startup require a favorable economic, financial, and social environment, as well as access to investment and intellectual resources. The Global Startup Ecosystem Ranking determines the positions of ecosystems created for the functioning of startups based on five evaluation criteria ( Ȼɚɛ ’ ɹɱɨɤ et al., 2018; əɪɨɜɚɹ , 2014): ڰ the efficiency of using the raised capital; ڰ availability and volume of venture financing; ڰ potential opportunities to enter new international markets; ڰ quality of the startup's workforce and intellectual capital, salary level; ڰ the existing team experience in creating other startups. In 2019, this rating created a list of the thirty most effective ecosystems for creating and operating startups in the world, which was once again led by Silicon Valley (the USA) (1st place), New York City (the USA) (2nd place), London (the UK) and Beijing (China) (3rd-4th place) (The Global Startup). To design, create, and effectively operate a modern ecosystem of support for new startups, it is necessary to make significant managerial, legislative, and institutional efforts from the state side. Obviously, it is quite difficult to repeat the success of the Silicon Valley or London ecosystems. This is because their ecosystem has been developing for more than 30 years. In the case of Singapore, it is obvious that legislative changes in the field of start-ups have brought significant results only 20 years after their introduction. An exceptional example is the creation of an effective ecosystem for Beijing, which began reforming the branches of education and science in 2010, and it led to the renewal of more than seventy Beijing technical universities ( ɋɬɨɪɨɧɹɧɫɶɤɚ et al., 2018). Since 2015 China has allocated more than $200 billion in investment as part of its new start-up development program. As a result, the ecosystem of Beijing already has more than 40 startups with a market value of more than $1 billion. Across the planet, governments, universities, other institutions, and individual entrepreneurs are trying to build effective ecosystem elements for successful start-ups. For example, in Ukraine at the beginning of 2020, there were about 300 universities with more than 1.5 million students. In addition, the number of applicants for higher education in Ukraine is actually growing every year. However, in contrast to the situation in China 114