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

The second European country in terms of crowdfunding operations was Germany, whose potential market is the largest in the EU by the number of consumers, which exceeds 82 million. Crowdfunding activities in Germany are developing dynamically. The only obstacle to the faster development of crowdfunding in this country was the regulatory framework, which limited the scope of such a funding model. In 2011, crowdfunding platforms in Germany collaborated with registered investors only and the allowed volume of transactions could not exceed 100 thousand euros. Since 2015, new laws have been introduced in Germany that set limits on the maximum allowed amount of funds raised through crowdinvesting platforms. The main purpose of the regulations is to protect small investors and increase the level of confidence in crowdinvesting activities. In Germany, there are about 80 crowdinvesting platforms where tech startups can sell their shares, and ordinary citizens can buy them. However, such investments are usually associated with high risks. There is a limit on the maximum contribution amount: investors can invest no more than 1 thousand euros in crowdinvesting projects ( ɍɝɨɥɶɤɨɜɚ , Ɏɟɳɭɪ , Ʉɭɡɶɦɿɧ and ɋɤɢɛɿɧɫɶɤɢɣ , 2017). The most successful crowdfunding platforms in Germany are the following ( ɒɜɚɥɶɰ , 2014): 1. «Seedmatch» (Dresden). Since its foundation in 2011, it has funded more than 60 projects, raising a total of 10.7 million euros. The minimum fee is 250 euros. Four out of five (80%) of the largest crowdprojects in Germany received funding using this platform. The Protonet project became a record, which only in the first 4 hours after the placement collected 1 million euros, and its total amount was more than 3 million euros. The platform charges a commission of 10% of the accumulated amount. 2. «Companisto» (Berlin). It covers more than 15 thousand investors. The minimum fee is 5 €. It collects individual investments into a single pool for lending to startups. Such a model can be considered as a special venture financing that allows investors to exit at any stage. 3. «Innovation» (Berlin). It specializes in investing in innovative startups. The resource has a unique model that provides for auctions. In Germany, most often some platforms specialize in ɪ eer-2- ɪ eer lending or crowdfunding. Thus, in 2016, the total amount of financial resources accumulated through various types of crowdfunding amounted to 321 million euros (Fig 2.10). The largest share (more than 60%) belongs 69