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

ڰ an indicator of the financial feasibility of the use of crowdfunding ( ܲ ݎ ௖௙௔ ), %: ܲ ݎ ௖௙௔ ൌ ˔ ௖௙௔௣ ൅ ܿ ௖௙௔௣௦ ൅ ܿ ௖௙௔௕ ܥ ܲ ή ͳͲͲΨ where ˔ ௖௙௔௣ — commissions of crowdfunding platform, monetary units; ܿ ௖௙௔௣௦ — commissions of the payment system, monetary units; ܿ ௖௙௔௕ Ȅ commissions of the banking institutions, monetary units; ܥ ܲ — the average cost of debt financing, monetary units. This indicator demonstrates the adequacy of crowdfunding, rather than other traditional methods of raising capital. If its value is less than 100%, it will mean that the total cost of funds raised through crowdfunding is less than the interests of bank loans, and will show the feasibility of using crowdfunding. If the indicator value is more than 100%, this demonstrates the financial inefficiency of crowdfunding. However, for some projects with high risk, traditional financial instruments are not available and crowdfunding remains the only possible option for obtaining funds. The positive dynamics of these indicators will characterize the high quality of public administration and allow for a comparative analysis of crowdfunding at both the state and regional levels. 3.3. Potential of crowdfunding and its impact on the reengineering development In the capital markets of developed countries, money turnover increases the number of newly created entrepreneurs and supports companies that diversify the economy and create new jobs. However, it is often difficult for enterprises in the early stages of their development to obtain adequate financing, even in economically rich countries. Despite various challenges, many entrepreneurs from developing countries receive the necessary financial support for their business through various online platforms. A study by the World Bank Group «Crowdfunding in developing markets: lessons from East Africa» (Crowdfunding's Potential) reveals the success and failure of crowdfunding projects in developing countries, namely: 1. Crowdfunding is much more difficult than most entrepreneurs expect. Indeed, one of the advantages of this funding tool is its time effectiveness (most campaigns are implemented in 30–120 days) and the 119