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

Fig 2.3. Dynamics of crowdfunding operations in the world, billion $, 2010–2015 Note: formed by the authors based on sources (Crowdfunding’ potential, 2013; Massolution crowdfunding industry report, 2015; Statista) In the economically developed countries of the world, crowdfunding has become a widespread and effective tool for accumulating financial resources for small and medium enterprises and entrepreneurs, and for reengineering their business processes, too. Thus, according to the World Bank report (Crowdfunding' potential, 2013) «Crowdfunding potential for the developing world — 2013», the following countries are leading in terms of the number of active crowdfunding platforms: the United States, the United Kingdom of Great Britain, France, Canada, the Netherlands, Spain, and Germany. The total number of crowdfunding platforms by regions indicates that the largest number of them is created and operates in the EU, but North America is the leader in terms of funds collected (Figure 2.4). Analysis of the US experience in the field of crowdfunding is important because this country is the world leader in the volume of crowdfunding operations. An interesting fact is that the author of the term «crowdfunding» J. Howie used it for the first time in 2006, but the first prototype of such a platform was created in the US in 2003. The ArtistShare co-financing platform was dealing with the music industry and 0,5 1,4 2,7 6,1 16,2 34,4 2010 2011 2012 2013 2014 2015 The volume of crowdfunding operations in the world Years 60