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

Entrepreneurial activity is an all-encompassing factor because it shows the part of the population that seeks to create additional value by creating or expanding economic activities, or by identifying and using new products, processes, or markets. Entrepreneurial activity can be assessed by a large number of indicators, among which the main ones are the following: ڰ the number of new enterprises created that become employers for the population; ڰ share of enterprises in terms of employment growth; ڰ share of enterprises in terms of turnover growth; ڰ level of closing the enterprises; ڰ level of the bankruptcy of enterprises; ڰ the rate of business churn (the addition of indexes of «fertility» and «mortality» of enterprises); ڰ indicator of survival of enterprises after 5 years of existence; ڰ number of businesses aged 3 to 5 years as a percentage of all companies with employees; ڰ percentage of employees in 3-year-old and 5-year-old companies; ڰ the average size of 3-year-old and 5-year-old firms; ڰ share of business owners in the population structure; ڰ share of startup owners in the population structure; ڰ share of added value that new 3-year-old and 5-year-old enterprises create, etc. Consequently, all the states selected for the analysis of the state of their crowdfunding systems and indicators of crowdfunding activity showed common trends from both the economic and social sides. This allowed us to identify key factors that can significantly affect the formation and development of such activities. The list of these factors is not exhaustive and, if necessary, it can be specified, in particular, it should be done in connection with the emergence of new types of crowdfunding technologies. 1.3. Main directions of crowdfunding systems' development in the conditions of reengineering The crowdfunding system, as we understand, is a combination of activities of crowdfunding entities, i.e. project authors, project contributors (sponsors) and crowdfunding intermediaries, through the Internet resources to accumulate funds for the implementation of innovative 35