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

2. Crowdfunding with non-financial rewards — contributors can receive certain gifts, thanks in social networks, a discount on goods or services that are the purpose of the project, the product or service itself, which resembles the advance of goods or pre-sale. Crowdfunding with financial rewards can be divided into three types, depending on the investment model. The first type is P-2-P lending (or co-lending), which allows recipients to receive and use funds in exchange for their commitment to return these financial resources to contributors and pay a predetermined amount of interest. The advantage for the author of the project is the ability to agree on the amount of interest and payment schedule (such percentages are significantly lower compared to the percentages of ordinary financial and credit institutions). For the contributor (investor), an advantage is the availability of an agreed schedule for repayment of borrowed capital. This means that the investor has all the information that is necessary for him. Only individuals can become contributors. Examples of crowdfunding platforms of this type are Funding Circle, Zopa, Babyloan, and KIVA (Harris, 2009; Hellmann, 2007; Ibrahim, 2012; Jegeleviciute et al., 2015; Zeoli, 2014; ɉɚɬɥɚɫɨɜ et al., 2016). The second type of crowdfunding with financial rewards is ɫ rowdinvesting . The contributor receives for the funds invested in the project mutual securities, most often shares, certifying part of his ownership in the enterprise. The purpose of the contributor is to receive dividends or participate in management. When US President Barack Obama signed the JOBS act JOBS in 2012, non-accredited investors, i.e. ordinary citizens, were granted the right to participate in this type of crowdinvesting. Examples of this type of crowdinvesting platform are Seedrs and EquityNet. The third type of crowdfunding with financial rewards is crowdfunding based on royalties . In this way, contributors finance the right to receive a percentage of the project's profits. The use of royalties is considered promising because it allows you to financially motivate contributors. This method is often used to finance music projects, movies, and game development. For example LookAtMyGame, SonicAngel, and Slated (Ordanini et al., 2011). The disadvantage of this method of crowdfunding is its low competitiveness compared to the previous two types of crowdfunding. The project placement procedure itself is fairly universal for all types of crowdfunding. It may differ depending on the crowdfunding platform, 41