MODELS OF CROWDFUNDING AND CROWDSOURCING, THEIR IMPACT ON CAPITAL RAISING AND FINANCIAL SUPPORT FOR PROJECTS IN THE DIGITAL ECONOMY
Abstract
In times of instability and crisis, market participants face difficulties in accessing credit in the traditional format. Information technologies provide an opportunity to practically use a wide range of financial and resource innovations. Crowdfunding and crowdsourcing are currently considered to be the most popular concepts of alternative financing. The study is devoted to an analytical consideration of the process of formation and development of crowdfunding and crowdsourcing models of business financing. The article examines the specifics of their functionality in terms of financial support for projects in the digital economy, identifies the main related problems, in particular, the lack of effective legal regulation and insufficient public awareness of the capabilities of the tools under study. The advantages of crowdfunding and crowdsourcing are identified, including independence and conditional gratuitousness of financing, accessibility of implementation in the process, minimization of risks and absence of intermediaries. The main models of crowdfunding and crowdsourcing are characterized, and their classification by forms of financing and expected returns is given. Particular attention is paid to the peculiarities of the studied processes within the European market, and the main elements of its regulation are characterized. It is proved that crowdfunding and crowdsourcing are most effective at the stage of forming a company's strategy, in particular, at the stage of an idea or a ready-made prototype. The basic principles of regulation of the market of crowdfunding and crowdfunding investments in Ukraine are proposed. It is noted that, given the rapid growth in popularity of the studied types of alternative financing in the global socio-economic environment, they are seen as a driving change in the transformation of approaches to financing innovative projects in the commercial, cultural or social spheres, by attracting many sources of financing at the same time. The implemented analytics makes it possible to identify the advantages of crowdfunding and crowdsourcing models in the concept of raising capital and financial support for projects, as well as to identify related challenges and risks to successfully mitigate them.
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