Crowdfunding as a form of financing innovative projects

Ewa Pancer-Cybulska , Magdalena Dąbrowska


This paper briefly discusses the meaning of innovation in modern economy and analyses the phenomenon of social financing of business enterprises in the form of crowdfunding. The main aim of the article is to answer the question what de facto crowdfunding is and what its main features are. It is assumed that this form is suitable for financing innovative projects, particularly for high-risk startups. At the same time, the very form is regarded as innovative comparing to traditional business models and forms of raising the development capital. The article elaborates on how the idea of crowdfunding has been developing and discusses some of the attempts to regulate it in different countries, including Poland. The current legal conditions that underlie the development of social financing in Poland are discussed as well. The review of the most popular crowdfunding models is concluded with a description of their key features, similarities and differences. There are three types of models that are analyzed with reference to the protection of a donor’s and a recipient’s interests, i.e. a donation-based, a loan-based and an investment-based model.
Author Ewa Pancer-Cybulska (ES / DEPaERS)
Ewa Pancer-Cybulska,,
- Department of Economic Policy and European Regional Studies
, Magdalena Dąbrowska
Magdalena Dąbrowska,,
Publication size in sheets0.5
Book Grünwald Norbert, Zakrzewska Małgorzata (eds.): Proceedings of the 5th International Scientific Conference on "Modern Economics", 2018, University of Wismar, ISBN 9783942100564, 312 p.
Proceedings_of_the_5th_International.pdf / 19,49 MB / No licence information
Keywords in Englishcrowdfunding, social financing, models of financing, law regulations, Poland
Languageen angielski
Score (nominal)15
Score sourceconferenceIndex
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