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

iHUB, Communa, Startup Depot, Tech Startup School, and others. The survey took the form of an online questionnaire and was publicly available on the Internet for 3 months in 2017. In addition, a letter was sent to potential respondents requesting them to complete the specified online survey. 248 respondents in Lviv and Kyiv (and corresponding regions) took part in the survey. Summarizing the results of the study allowed to conclude, that the concept of «crowdfunding» is well-known for respondents (response rate 84%), however, a small part of them considered crowdfunding as a promising way to finance their business ideas (response rate 18%) and only 5% of respondents already have experience in creating a crowdfunding project. 8. The model of project implementation was developed, which includes six main stages: preparatory stage, the location of the project on crowdfunding the platform, the acceptance of a crowdfunding project by the crowdfunding platform, launch a crowdfunding campaign, the implementation of the project or its closure and modification of the existing project for future posting on another crowdfunding platform. The model also specifies the project participants. Among the main participants of all crowdfunding projects are its authors (or recipients), mediators of the crowdfunding platform, and contributors. The model defines the functions of participants at each stage of the crowdfunding project. The model of crowdfunding project implementation allows authors, contributors, and moderators of crowdfunding platforms to understand their own functions in crowdfunding activities and take responsibility for the actions being implemented. It helps the representatives of state or local authorities and non-profit organizations to understand the process of implementing a crowdfunding project in order to create the necessary infrastructure and legislative support for crowdfunding systems. 9. The idea of state regulation of crowdfunding systems is improved. It specifies the functions and tools used by public authorities to influence crowdfunding activities. The state regulation of crowdfunding systems depends on the type of crowdfunding. In particular, crowdfunding on the basis of donations (or without remuneration) and on the basis of material remuneration is a non-financial model of financing and usually falls outside the jurisdiction of financial regulators. The crowdfunding model involving loan relationships (crowdlending) and the payment of the share (crowdinvesting) usually regulated by the financial authorities in most countries. The proposed methodological approach to state regulation will 136