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

The implementation of an Internet campaign for the rock band Marillion is considered the first example of crowdfunding in the modern understanding of this concept. Fans of this rock band have raised funds online for the band's music tour. The campaign was successful, because the group raised more than 60 thousand dollars. After this successful case, the members of rock band began to independently apply this method of collecting money to record their next albums ( Ƚɟɪɧɟɝɨ , 2015; Ƚɥɭɯɨɜɚ et al., 2013, etc.). From the examples, it becomes clear that the concept of «crowdfunding» should be understood as receiving money to finance business projects and social projects from a large number of people (Belleflamme et al., 2013; Cambridge dictionary). What is controversial in the definition is that it covers any collection of funds, for example, collecting donations in churches or collecting donations during wars. It is worth noting that the term «crowdfunding» was first used only in 2006. That is why it is appropriate to add to the definition of the method of raising funds, namely the use of social networks or special crowdfunding platforms. Scientists believe that this is why it is necessary to use only a narrow definition of the concept of crowdfunding, depending on the scope of its use, and leave the possibility for further development of the content of this concept. A. Schwienbacher and B. Larralde define crowdfunding as an open appeal, mainly via the Internet, to provide financial resources, either in the form of donations, or in exchange for certain remuneration and/or voting rights, to support initiatives for specific purposes (Schwienbacher et al., 2010). V. Kuppuswamy points out in his studies that the concept of «crowdfunding» involves collecting contributions from a significant number of consumer investors during a period (usually several weeks) for entrepreneurs to finance their ideas (Kuppuswamy et al., 2014; 2015; 2016). Often the term «crowdfunding» is used as a synonym for the concept of fundraising, which requires a more detailed analysis of the differences between these concepts. There are dozens of interpretations of the concept of «fundraising» in the scientific literature and in the works of practitioners, all of them have certain differences, often they complement each other. Summarizing the proposed definitions, the most complete one is defined in the work ( ɑɟɪɧɹɜɫɶɤɚ et al., 2013), according to which the concept of «fundraising» should be understood as a professional activity that aimed to collect financial and other types of resources from various sources for the implementation of socially important and other non- 13