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

So, «5P»(Nekaj, 2014; Shah, 2013) consists of the 5 key elements of the crowdfunding system : 1. People. Crowdfunding activities are focused on meeting the needs of specific people and the interests of society. The person is the main component of the system because only with the participation of ordinary people and with the assistance of society (the state, government, media, social networks, professional organizations, institutional investors, financial intermediaries, etc.), crowdfunding activities can occur ( ɍɝɨɥɶɤɨɜɚ , 2017a). 2. Purpose. The main goal of creating most crowdfunding projects is the desire to change the world by offering people a solution to a particular problem or satisfying their own needs. Of course, the authors of projects are also focused on ensuring profit, but this is not their main goal. Crowdfunding embodies a culture of creating shared values and social responsibility that differs from traditional funding methods. The authors of the projects are guided by the mission and working with all stakeholders. 3. Platforms. The platform should be considered a meeting place for initiative project authors and contributors (sponsors), i.e. people who want to become part of a particular project or are interested in its implementation results. They can be both crowdfunding platforms and social networks. Platforms play an important role because their reliability and popularity are among the main elements that can motivate or demotivate potential contributors. In the modern world, the development of Internet platforms leads to new business paradigms and completely changes the model of consumer behavior. It is also important for platforms to use various methods of receiving funds (operations with payment cards or e-wallets) because the convenience of payment for contributors plays an important role, and any problems with the transfer of funds can distract attention from the sponsor of the crowdfunding project. 4. Participation. Investing in a project is the main manifestation of people's participation for most traditional financing methods. For crowdfunding, the involvement of contributors is not only in financing but also in creative and informational support of the project, as well as in its critical analysis in order to improve its results. The idea of joint project implementation is important for crowdfunding activities. For example, the project Coolest Cooler is to create a new model of mobile refrigerator, has additional functions: USB input, flashlight, wheels, and a convenient handle, phone charger, etc. At first, the authors of the project planned to collect 50 thousand dollars, but significant support from contributors and 52