and many sharing economy platforms such as Peerby and Goteo creating new forms of crowdfunding methods, exchanges and new economic models;(
it is the activity of grassroots communities that in most cases add value to DSI services by using them, from mobilising votes for e-petitions to raising finance for a local cause through crowdfunding.
Safecast, for example relied on Open Hardware to build the first Geiger counter sensor kit, on crowdfunding (open knowledge) to fund the development of kit
and digital services adopted by DSI activities such as social networking, social media, crowdsourcing, crowdfunding, big data, machine learning, 3d printing, online learning,
and participate in e-campaigns, crowdfunding, crowd-mapping and crowdsourcing. Furthermore, the ability to access, use,
Causes and Avaaz), Crowdfunding, and Crowd mapping, social networking and democratic decision making tools, are technologies that allow for the quick identification (and dismissal) of issues.
in this report, take a detailed look at the Goteo crowdfunding platform, but following on from that it then becomes interesting to understand the concept of‘crowdfunding'as a new way of financing social innovation.
Empathic networking, care networks, and support between peers such as Tyze and Patients Like Me. While to date we have looked at
and crowdfunding projects such as CHEST Automation of DSI activity/events into event timelinelong-term Vision (currently out of scope for this tender) The current crowdmapping facility is a first step towards the creation of a DSI networking platform
Exploring the potential of different mechanisms such as open data, crowdsourcing/crowdfunding, Living Labs, etc. and comparing these to more traditional approaches.
Platform for crowdfunding for projects generate a collective return through fomenting the openness Technology Trends:
http://goteo. org/Organisation Name Goteo Short description Goteo. org is an open source social network for crowdfunding as well as distributed collaboration based in Spain.
Firstly, Goteo wanted to create a crowdfunding service for people in Spain. When they were developing the platform, Kickstarter,
the leading international crowdfunding platform at the time, had a limitation of people not being able to publish projects without an American bank account. 122 However, secondly,
and more importantly to the Goteo team they also saw a flaw with existing crowdfunding platforms and a subsequently a gap in the market for Goteo to target.
The crowdfunding taking place on Kickstarter Indiegogo and similar crowdfunding platforms very easily lend themselves to
what Schulbaum and Senabre refer to as‘problematic practices of‘crowd capitalism'where crowdfunding helps raise money for a commercial venture with global production processes,
with the risk of subcontracting critical tasks to global sweatshop factories. Thirdly, Goteo identified that the majority of existing platforms didn't encourage collaboration,
This included looking at new models for financing ventures such as the micro credit site Kiva, P2p lending models and emerging crowdfunding platforms like Kickstarter.
The aim of the exercise was to understand how compatible crowdfunding was with crowdsourcing lessons learned from the open source world.
This meant both replicating some features of crowdfunding from other sites, but also adding new features such as optimum and minimum costs needed, petitions for collaborations as well as monetary help,
Crowdfunding: The crowdfunding platform features of Goteo follows the basic principles of most other crowdfunding platforms.
The platform facilitates the sourcing of many small financial contributions towards projects that contribute to developing the commons,
free knowledge and/or open source. Unlike most other crowdfunding platforms Goteo operate with two funding windows for a campaign, each with a duration of 40 days.
'This second component of Goteo is based on a belief that that crowdfunding offers benefits beyond new opportunities for finance,
As a crowdfunding platform focusing on the commons, Goteo has helped raise finance for a suite of digital social innovation projects.
To facilitate the crowdfunding of campaigns, Goteo relies heavily on the ability of people to easily transfer money online,
Modern crowdfunding and its ability to quickly mobilise large groups of often very geographically dispersed people online around a common cause, would not have been possible before the emergence of the Internet.
Individual Landshare initiatives have been funded using Landshare's sister site the crowdfunding platform Peoplefund. it, which, like the Landshare website and app, was also set up by KEO Digital.
Peoplefund. it works in a similar way to crowdfunding platform Kickstarter. As an example the platform was used to successfully raise £4, 401 (109 per cent) of the £4, 030 target for the proposed Dyfi Landshare.
to change donation laws to enable crowdfunding projects, a law proposal on marriage equality, and the copyright law proposal explained more fully above.
The team turned to the crowds via crowdfunding platform, Kickstarter, to finance the device and help launch a sensor network where bgiegie owners could share the data they were collecting.
Safecast has gone some way in demonstrating this is possible by creating a process where citizens have done everything, from crowdfunding,
Open hardware such as Arduino forms part of the actual build of the Geiger counter, crowdfunding platforms such as Kickstarter have been used to raise funding for developing different versions of the Geiger counter
Crowdfunding has been crucial in the funding and scale up of the Geiger counters. Safecast successfully ran campaigns on crowdfunding platform Kickstarter (it raised $36,
900 with an original target of 33,000) to finance its first Geiger counter in 2011. It returned to Kickstarter again in 2012 to finance the Safecast,
Safecast has used two rounds of crowdfunding on Kickstarter to fund the development of its devices.
the original financing of the kit happened via crowdfunding platform Goteo. A number of technological developments have been fundamental in making the kit a reality,
Building on this, the crowdfunding of the kit demonstrated the collective interested in a tool
To finance the project the Smart Citizen Kit team turned to the crowdfunding, via the Spanish Goteo crowdfunding platform.
but was aided by the funds generated through crowdfunding platform. The team returned to crowdfunding using platform Kickstarter in May 2013 once again,
where it managed to raise $68, 000 from 517 backers. The second round of crowdfunding helped the Smart Citizen team achieve their aim of purchasing bulk orders of hardware components to offer kits at the lowest possible costs
developing additional features for the smartphone app to interact with the hardware, and finalizing a 3d-printable, resilient enclosure.
A guide to eco-innovation for SMES and business coaches. 56 eco-innovation observatory What is crowdfunding?
Crowdfunding is a peer-to-peer funding model that offers transparency and a sense of community for both funder and entrepreneur.
Tips for establishing a crowdfunding campaign Consider the proposition and scope for tiers of rewards alongside the environmental impact of the proposition and establish a clear link between the reward
As a result of their experience Enviu has established Impactcrowd, a crowdfunding platform for European ecoinnovators. Crowdfunding for eco-innovators 14 www. environmentalleader. com/2013/01/09/impact-investing-to-hit-9-billion-in-2013/Get your eco-innovation idea off the ground:
lead questions Eco-innovate! A guide to eco-innovation for SMES and business coaches. 57 eco-innovation observatory Good practice examples In the US Mosaic (www. joinmosaic. com) targets small businesses
and ANI (As Nature Intended)( www. anibrand. com) vegan Barefoot shoes were funded both by Kickstarter (www. kickstarter. com). Learning Resources A Directory of crowdfunding platforms www
. crowdsourcing. org/directory Choose the category as Crowdfunding and then country. Results can be filtered by sub-category for donations, equity or lending.
140 events were held in 34 countries in November 2013.44 Using crowdfunding. In a large number of emerging platforms, both funding needs
In 2012, global crowdfunding reached $ 2. 7 billion raised (of which some 44%was lending and 4%equity).
Global crowdfunding grew 81%in 2012, accelerating from 64%growth in 2011, while European crowdfunding volumes grew slower 65%to $945 million. 45 At the current market development stage,
due diligences for lending and equity crowdfunding can be an issue due to the low market power of individual investors. 46 Offering alternative instruments to classic loans Intermediated disintermediation Setting
up mini-bonds, e g. of €10 million volume, which are accessible to medium-sized companies
such as dedicated SME markets, securitization, transparency of information between banks and SMES, and crowdfunding. Based on the public consultation, the Commission proposed specific actions in March 2014 to stimulate new and different ways of unlocking long-term financing.
Massolution. com (2013), The Crowdfunding Industry Report. 46. Interview with Karen E. Wilson, Senior Fellow, Bruegel,
with least activity around DSI science and technology projects (110) and DSI finance and economy solutions, such as crowdfunding for social good projects (104).
New financial instruments (such as crowdfunding, challenges and prizes) should be experimented with through R&d funding, while support to Innovation Spaces (such as Fab Labs, hackerspaces and makerspaces) should be increased. 4. Enable some of the radical and disruptive innovations emerging from DSI such as new approaches to money, consumption, democracy,
It includes crypto digital currencies, new forms of crowdfunding and financing, new platforms for exchanges and sharing resources based on reputation and trust.
Goteo is a social network for crowdfunding and distributed collaboration (services, infrastructure, micro tasks and other resources) for encouraging the independent development of creative initiatives that contribute to the common good, free knowledge and open code.
The team turned to‘the crowd'via crowdfunding platform, Kickstarter, to finance the device and help launch a sensor network where bgiegie owners could share the data they were collecting.
Finally, crowdfunding platforms serve as intermediaries to link people and to stimulate and fund new ideas.
including crowdfunding and P2p lending that has been documented deeply by Nesta in the UK14 36 Growing a Digital Social Innovation Ecosystem for Europe Case studies categorised into the 6 different types of DSI COLLABORATIVE ECONOMY FUNDING ACCELERATION
for example relied on open hardware to build the first Geiger counter sensor kit, on Crowdfunding to fund the development of kit,
social media, crowdsourcing, crowdfunding, big data, machine learning, 3d printing, online learning and e-petitions. The main technological trends in DSI 0100 200 300 400 Arduino Smart Citizen Kit Fairphone Safecast OPEN NETWORKS Tor Confine Guifi. net Smart
and to participate in e-campaigns, crowdfunding etc. Furthermore, the ability to access, use, and reuse without financial, legal,
The project was developed originally within the Fab Lab Barcelona at the Institute for Advanced Architecture of Catalonia and crowdfunded via the Goteo and Kickstarter crowdfunding platforms.
Cityofedinburghcouncil Universityofedinburgh Cityofeindhoven MADEMERGENTARTCENTER CMC2COMMUNITYINTERESTCOMPANY Coexisthance Communiaassosiation NEXA Consorziotiberina Riverwatch/Tevere Coventryuniversity Fundaciói2cat Crowdfunding. pl Myseed crowdsourcing CUBITSCARL DCLG Deheerprojecten
Cityofedinburghcouncil Universityofedinburgh Cityofeindhoven MADEMERGENTARTCENTER CMC2COMMUNITYINTERESTCOMPANY Coexisthance Communiaassosiation NEXA Consorziotiberina Riverwatch/Tevere Coventryuniversity Fundaciói2cat Crowdfunding. pl Myseed crowdsourcing CUBITSCARL DCLG Deheerprojecten
start-ups and social innovators Taxes Crowdfunding & Challenge Prizes Open access Open standards Interoperability Open licensing Open platforms Open Data privacy-aware technologies
Seed funding and crowdfunding are also two important instruments. Although previous analysis and policy actions28 focus on the role of VC or business angels,
CROWDFUNDING SEED FUNDING & CHALLENGE PRIZES Crowdfunding should be included in thinking about the future of DSI.
The European commission should start promoting more crowdfunding tools, involving the community in choosing the best projects to be funded,
as part of their R&d programmes. Crowdfunding allows people to have the opportunity to support what they consider to be an attractive idea
and to help someone else's dream to become a reality, while simultaneously getting benefits from the new product,
eciprocity being one element of crowdfunding. 70 Growing a Digital Social Innovation Ecosystem for Europe Crowdfunding platforms In Spain,
peer-topeer consumer lending, equity crowdfunding, community shares, pension-led funding and invoice trading). In 2012, more than $2. 7 billion was raised through crowdfunding worldwide helping to fund more than one million new projects.
The main crowdfunding platforms are Kickstarter and Goteo but there are also plenty of other platforms that are gathered in the directory of crowdfunding platforms Crowdingin39,
operated by Nesta (in the UK). ) The platform Citizinvestor is an American portal where public projects such as new bins in the city,
or high bike racks, or playground installations are funded by citizens themselves. Seed funding is a very early-stage investment,
Seed money options include friends and family funding, angel funding and crowdfunding. Seed funding is aimed mainly at start-ups and ventures.
but could also be through public private partnerships or crowdfunding. TRANSITION project A good example to foster a European networks of incubators is funded the European commission TRANSITION project.
& NETWORKING TRAINING DSI networking and crowdfunding platform Fabacademy 5. 4 DISSEMINATION & LEARNING Growing a Digital Social Innovation Ecosystem for Europe 81 Firstly,
possibly linking crowdmapping to crowdfunding and other bottom-up incentives mechanisms such as Prizes and Challenges. Thirdly, knowledge sharing is key.
and crowdfunding platforms to manage and distribute assets (financial as well as nonfinancial) between citizens in different EU countries.
prizes and crowdfunding. 2. Increase early-stage seed funding programmes and other types of nonfinancial support that are vital in helping innovators experiment with
http://www. impacthub. net/Accessed 29th january 2015 Page 71 Lendingmemo. com (2013) Crowdfunding online Flickr, Simon Cunningham Available from:
The key to crowdfunding lies in the fact that many participants (those that provide a financial contribution) are often emotionally
which appeals to the typical crowdfunding participant. As is the case with tax reliefs or peer-to-peer lending,
few are aware of the possibilities of crowdfunding. It is therefore a promising area for publicly funded projects,
which favours in a limited scope the innovative SMES by public tenders) 26.5) The provision of incentives for spreading new, web-based social innovation solutions (crowdfunding and crowdsourcing).
Pierrakis, Y. and Collins, L. 2011), Crowdfunding Innovation, NESTA Blog, 25 november 2011, http://www. nesta. org. uk/assets/blog entries/crowdfunding innovation Piva
with least activity around DSI science and technology projects (110) and DSI finance and economy solutions, such as crowdfunding for social good projects (104).
New financial instruments (such as crowdfunding, challenges and prizes) should be experimented with through R&d funding, while support to Innovation Spaces (such as Fab Labs, hackerspaces and makerspaces) should be increased. 4. Enable some of the radical and disruptive innovations emerging from DSI such as new approaches to money, consumption, democracy,
It includes crypto digital currencies, new forms of crowdfunding and financing, new platforms for exchanges and sharing resources based on reputation and trust.
Goteo is a social network for crowdfunding and distributed collaboration (services, infrastructure, micro tasks and other resources) for encouraging the independent development of creative initiatives that contribute to the common good, free knowledge and open code.
The team turned to‘the crowd'via crowdfunding platform, Kickstarter, to finance the device and help launch a sensor network where bgiegie owners could share the data they were collecting.
Finally, crowdfunding platforms serve as intermediaries to link people and to stimulate and fund new ideas.
including crowdfunding and P2p lending that has been documented deeply by Nesta in the UK14 36 Growing a Digital Social Innovation Ecosystem for Europe Case studies categorised into the 6 different types of DSI COLLABORATIVE ECONOMY FUNDING ACCELERATION
for example relied on open hardware to build the first Geiger counter sensor kit, on Crowdfunding to fund the development of kit,
social media, crowdsourcing, crowdfunding, big data, machine learning, 3d printing, online learning and e-petitions. The main technological trends in DSI 0100 200 300 400 Arduino Smart Citizen Kit Fairphone Safecast OPEN NETWORKS Tor Confine Guifi. net Smart
and to participate in e-campaigns, crowdfunding etc. Furthermore, the ability to access, use, and reuse without financial, legal,
The project was developed originally within the Fab Lab Barcelona at the Institute for Advanced Architecture of Catalonia and crowdfunded via the Goteo and Kickstarter crowdfunding platforms.
Cityofedinburghcouncil Universityofedinburgh Cityofeindhoven MADEMERGENTARTCENTER CMC2COMMUNITYINTERESTCOMPANY Coexisthance Communiaassosiation NEXA Consorziotiberina Riverwatch/Tevere Coventryuniversity Fundaciói2cat Crowdfunding. pl Myseed crowdsourcing CUBITSCARL DCLG Deheerprojecten
Cityofedinburghcouncil Universityofedinburgh Cityofeindhoven MADEMERGENTARTCENTER CMC2COMMUNITYINTERESTCOMPANY Coexisthance Communiaassosiation NEXA Consorziotiberina Riverwatch/Tevere Coventryuniversity Fundaciói2cat Crowdfunding. pl Myseed crowdsourcing CUBITSCARL DCLG Deheerprojecten
start-ups and social innovators Taxes Crowdfunding & Challenge Prizes Open access Open standards Interoperability Open licensing Open platforms Open Data privacy-aware technologies
Seed funding and crowdfunding are also two important instruments. Although previous analysis and policy actions28 focus on the role of VC or business angels,
CROWDFUNDING SEED FUNDING & CHALLENGE PRIZES Crowdfunding should be included in thinking about the future of DSI.
The European commission should start promoting more crowdfunding tools, involving the community in choosing the best projects to be funded,
as part of their R&d programmes. Crowdfunding allows people to have the opportunity to support what they consider to be an attractive idea
and to help someone else's dream to become a reality, while simultaneously getting benefits from the new product,
eciprocity being one element of crowdfunding. 70 Growing a Digital Social Innovation Ecosystem for Europe Crowdfunding platforms In Spain,
peer-topeer consumer lending, equity crowdfunding, community shares, pension-led funding and invoice trading). In 2012, more than $2. 7 billion was raised through crowdfunding worldwide helping to fund more than one million new projects.
The main crowdfunding platforms are Kickstarter and Goteo but there are also plenty of other platforms that are gathered in the directory of crowdfunding platforms Crowdingin39,
operated by Nesta (in the UK). ) The platform Citizinvestor is an American portal where public projects such as new bins in the city,
or high bike racks, or playground installations are funded by citizens themselves. Seed funding is a very early-stage investment,
Seed money options include friends and family funding, angel funding and crowdfunding. Seed funding is aimed mainly at start-ups and ventures.
but could also be through public private partnerships or crowdfunding. TRANSITION project A good example to foster a European networks of incubators is funded the European commission TRANSITION project.
& NETWORKING TRAINING DSI networking and crowdfunding platform Fabacademy 5. 4 DISSEMINATION & LEARNING Growing a Digital Social Innovation Ecosystem for Europe 81 Firstly,
possibly linking crowdmapping to crowdfunding and other bottom-up incentives mechanisms such as Prizes and Challenges. Thirdly, knowledge sharing is key.
and crowdfunding platforms to manage and distribute assets (financial as well as nonfinancial) between citizens in different EU countries.
prizes and crowdfunding. 2. Increase early-stage seed funding programmes and other types of nonfinancial support that are vital in helping innovators experiment with
http://www. impacthub. net/Accessed 29th january 2015 Page 71 Lendingmemo. com (2013) Crowdfunding online Flickr, Simon Cunningham Available from:
The article goes beyond the current crowdfunding platforms and extends that to crowdsourcing, and even crowdworking.
One of the new trends is crowdsourcing (beyond crowdfunding. Crowd processes can bring good, disruptive ideas or reinforce some solutions when used properly.
Atizo) or pre-purchase crowdfunding (e g. Kickstarter), see Table 1. From some platforms, industrial companies can reach a vast number of experts in specific field (e g. more than 1. 5 million mechanical engineers in Grabcad),
1) crowdsourcing,(2) crowdfunding 11 and (3) crowdworking. These concepts are referred to by numbers 1-3. These concepts are interrelated partly and intersecting.
Equity-based crowdfunding represents an interesting opening for Europe, as in many EU countries the legislation is enabling it,
and the Internal Market and Services DG has established recently a group to assist the Commission in developing policies for crowdfunding to help it to flourish
equity-based crowdfunding‘matchmaking'platforms vary from language and geographical market perspective in Europe; e g.
Crowdcube is based an UK crowdfunding service, while Fundedbyme originated from Sweden and is now active also in Finland, Denmark, Germany and Spain.
Invesdor, Venture Bonsai and Vauraus Suomi are active mostly on Finnish equity-based crowdfunding markets.
In terms of the size of the market, for example the three biggest crowdfunding companies in Finland have raised together over EUR 20 million equity funding.
or to invite crowds to co-fund the production, prepurchase crowdfunding, as one form of crowdfunding, has gained a lot of popularity in recent years.
Pre-purchase crowdfunding is in the sweet spot of combining earned media marketing (word of mouth i e. the crowd contributes significantly to marketing efforts)
and crowds contributing with money. As crowds vary, there are currently many such matchmaking platforms all around the world,
which provides services for prequalifying the manufacturability of products from a crowdfunding campaign and in supporting the factory selection process and onsite factory project management for the funded product.
Crowdfunding Equity Investment into Business, 2012.12) Surowiecki J.,The wisdom of crowds: Why the many are smarter than the few and how collective wisdom shapes business, Economies, Societies and Nations 2004.13) Barnett C.,The Crowdfunder's Guide to General Solicitation and Title II of the JOBS
Universities are gradually exploring crowdsourcing and crowdfunding opportunities. While there is a need to pay some scrutiny to funding sources there are new crowdfunding platforms
which are dedicated to education and research, e g. the Hubbub platform 39. We estimate that community engagement
In times of 3d printing, open source solutions and new forms of crowdfunding, even enthusiastic hobbyists face relatively low barriers to innovate.
Crowdfunding, another good example of co-creation and sharing, payment options and money transfers back to your home country,
The article shows also by several examples how crowdfunding and crowd sourcing has worked, and which are the pain points.
collaborative and participative crowdfunding platform, and you will be amazed by the amount of novel emerging technologies.
However, to benefit from these, policymakers should ensure mechanisms such as crowdsourcing and crowdfunding capabilities in instruments,
while the entrepreneurship ecosystem they will become part of will support them with access to finance (introduction to VCS, business angels, crowdfunding platforms, potential corporate sponsors/partners), markets, policy & decision-makers, business leaders & mentors and local
In 2013, the world witnessed the continued rise of highly-efficient, disruptive shared economy models whereby crowdsourced innovation, drawing on mobile and remote expertise, financed $5 billion of democratised crowdfunding.
the real power of crowdfunding comes from harnessing the wisdom of the crowd and creating a community of individuals emotionally
crowdfunding underscores a paradigm shift towards progressive funding that will transform global funding models. While crowdfunding is a powerful mechanism for entrepreneurs to raise capital to finance their idea or project
crowdfunding espouses many nonmonetary benefits. When entrepreneurs tap into larger social networks to pitch an idea,
they begin to create mindshare and market share within a virtual community. The virtual community then becomes a critical resource for the entrepreneurs,
A subset of crowdsourcing contains the concept of crowdfunding, a practice we have referred already to as a manifestation of the disruptive possibilities of the crowd asset economy.
In its various forms, crowdfunding allows entrepreneurs and SME's to solicit capital from investors,
using social networks and crowdfunding platforms to finance their businesses and projects. By doing so individual entrepreneurs and early growth companies can solicit donations from individual stakeholders (including friends, family, colleagues, other business owners, etc.
Not only does crowdfunding solve the challenges of early-stage financing for the business owner or entrepreneur,
Crowdfunding enables enterprises to validate products by gathering a critical mass of funding (and customers) before the venture even goes to market (and in some cases,
This might include crowdfunding, campaigning, brand value development and viral marketing, or micro commerce transactions.
Cofounder and Director Twintangibles tim@twintangibles. co. uk Dan Marom, Thought leader in the Crowdfunding field me@danmarom. com 137 Lawyers
and Bristol pound (see, for example, Lietaer and Dunne 2013) or crowdfunding (Ordanini et al. 2011). This latter is a way of pooling money from smaller investors to support community initiatives
Crowdfunding: Transforming Customers into Investors Through Innovative Service Platforms. Journal of Service Management 22 (4): 443 470. doi:
a crowdfunding network and Tech Allstars group run by DG Connect. The conference was chosen to Continued on Page 5 Euractiv ESKILLS FOR GROWTH SPECIAL REPORT 5-9 may 2014 5 launch Watify
and overco ming barriers 25 Prizes for social innovation Grants for early stage development FINANCIAL SUPPORT Debt instruments Patient capita l Risk capital Crowdfunding Loans Social impact
and crowdfunding to identify and finance local community projects. 30 SOCIAL INNOVATION THEORY AND RESEARCH Areas for further research 1. How digital technology is being used in social innovation,
This tendency can be attributed to the growing number of innovation management related events in Romania, the establishment of crowdfunding platforms such as www. crestemidei. ro,
peer-peer lending platforms (such as Zopa) and crowd sourcing models for raising finance (also known as crowdfunding).
£100k-£5 million, alongside debt. 148) Crowdfunding. Instead of raising funds through banks and other intermediary institutions, the web opens up the possibility of making new types of connections and raising finance from potential consumers.
Experiments in‘crowdfunding'potentially enrich the gift relationship, and democratise the sector's source of finance. 416) Intermediaries for contributions in kind provide labour
A number of these, like public share issues, funding through cooperative subscription and crowdfunding are discussed in section 4 on Sustaining.
32 Creative Commons 200 Credit unions 188 Crisis 15 Crowdfunding 79; 172 Cruz, Teddy 36 Curitiba 14;
140 events were held in 34 countries in November 2013.44 Using crowdfunding. In a large number of emerging platforms, both funding needs
In 2012, global crowdfunding reached $ 2. 7 billion raised (of which some 44%was lending and 4%equity).
Global crowdfunding grew 81%in 2012, accelerating from 64%growth in 2011, while European crowdfunding volumes grew slower 65%to $945 million. 45 At the current market development stage,
due diligences for lending and equity crowdfunding can be an issue due to the low market power of individual investors. 46 Offering alternative instruments to classic loans Intermediated disintermediation Setting
up mini-bonds, e g. of €10 million volume, which are accessible to medium-sized companies
such as dedicated SME markets, securitization, transparency of information between banks and SMES, and crowdfunding. Based on the public consultation, the Commission proposed specific actions in March 2014 to stimulate new and different ways of unlocking long-term financing.
Massolution. com (2013), The Crowdfunding Industry Report. 46. Interview with Karen E. Wilson, Senior Fellow, Bruegel,
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