International Journal of Scientific Research

Running head: CROWD MARKET
CROWD MARKET
Name of the student
Name of the University
Author Note

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Introduction
Crowd funding and its significance
Crowd funding in truest sense can be considered as a new and innovative way to
finance and provide valuable fund that considers the common people or crowd as a source of
finance that makes its transactions using the internet as its medium [1]. Crowd funding using
internet as its transaction method can reach out to larger audience therefore more and more
entrepreneurial projects could be financed using this new innovative way of financing.
Therefore, crowd funding can be said as a way of financing business projects through
assimilation of smaller amounts from a wide range of people using the internet as its
transaction medium. Thus, crowd funding is a new and alternative way of financing in this
modern era. Crowd funding raised a total of US$34 billion by assimilating smaller amounts
from different individuals worldwide through the internet. Such money can also be
transferred through mail orders or any other events however, crowd funding refers to internet
based registries. It has been used as a way of alternative way of financing especially for profit
making enterprises since decades that includes projects of creative and artistic nature that
helps such entities to meet their medical expenses and other enterprises that are involved in
community oriented services and travel organizing enterprises. Crowd funding has long been
a continuous debatable topic and often been openly criticized by many branding it as a costly
source and at the same time source of funding quackery. However, it served a vibrant source
of financing since decades and especially in those times when an entity especially a startup
business are not able to raise funds through conventional loans from banks and other financial
institutions. Crowd funding is considered as one of the most significant sources of raising
finance in modern age and is of utmost significance especially to the entrepreneurs and those
are as follows:

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It is the source of capital for the entrepreneurs: Initially no entrepreneur could imagine
any source of finance other than the loans from financial institutions or raising capital
through issuing shares, debentures and other financial instruments. However, now with the
evolution of a new concept of Crowd funding, it has become possible for the entrepreneur to
look at this alternative way of finance to meet their requirement of capital. It can be
considered as the most innovative way of financing the capital requirement of the business
entities without sharing equity rights as well as accumulating debts. Crowd funding and its
platforms allows the owners of the ventures to get easy access to funds to be raised amongst
the communities with just a simple exchange for its produced tangible products or some other
relative gifts.
Risk hedging: Funding a newly formed venture or a startup business requires a broad study
of the market and yet there exists some expenses which could not be traced at the first place
estimation [2]. Raising capital through bank loan or loans from financial institutions requires
huge outflow of funds in the form of interest and that has to be incurred before the business is
able to sell its products in the market and acquire potential customers by gaining popularity
that might generate revenue to meet such expenses and hence the business may incur huge
losses in the initial years of establishment. Apart from taking loan, the firm can raise required
capital from issuing shares and other financial instruments which will also result in huge
outflow of funds and at the same time, the entrepreneur has to part with some of the equity
rights or control of management. This is where crowd funding comes to rescue and provides
the newly formed entity with the much needed capital for is survival and growth and at the
same time the entrepreneur is not required to part off with the equity rights thereby hedging
the entity from such kinds of risks.
Marketing tool: Crowd funding can be considered as one of the principal and free ways of
reaching out to a business entity’s potential customers. Through a successful channel and

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campaign on crowd funding a newly formed business entity or even an existing popular firm
can reach out to its potential customers by introducing the entity’s vision and mission to a
wide range of potential customers. This can be considered as a new and innovative way of
promotion and at the same time the firm stays at liberty to raise required funds electronically
through the internet without involving much cost of raising the funds and promoting the firm
as well. Social media is frequently used in crowd funding and this method reduces the cost of
raising the fund and at the same time the entrepreneurs can reach a wide variety of investors.
As a result the business idea gets communicated to a wider audience and can be spread from
one investor or potential customer to another.
Proof of concept: A business in order to raise capital from banks and other institutional
investors requires a formal validation or proof of their business concept. Every potential
investor wants to invest in such a business entity that is accepted to general public and is
viable and at the same time has the potential for long term existence [3]. Crowd funding can
act as a savior in such cases where the business entity can show its potential investors that the
common people have accepted their concept and the business entity has a viable and vibrant
future ahead. Crowd funding therefore enhances the trust among the angel as well as many
potential investors.
Source of identification of loopholes: Covering all the loopholes or rectifying inherent
mistakes right from the get go or establishment of a business is a very difficult and
challenging task especially for a startup business. Crowd funding here as well can act as a
checker for these new enterprises as it involves the opinion of the general public and they can
make it clear what is acceptable to them and what is not through comments and feedback and
the business can cover-up such loopholes and rectify mistakes if there is any thereby making
the business acceptable to the common masses thereby stimulating its growth.

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Ensuring loyalty: Crowd funding is not a mere source of finance for the business entities
especially for the startups, it is a source of placing ones business idea before the common
masses thereby spreading its message far and wide. This allows increasing its present sales
and also act as a stimulus for future enhancement of sales. This allows the business to prosper
and grow in the long-run. So, it can be said that crowd funding allows the business entities to
keep their existing clients safe and loyal to the business entities and at the same time attracts
potential and viable new clients.
Easier as compared to traditional applications: Arrangement of required finance through
traditional ways a tedious as well as painful job which most of the entrepreneurs try to avoid
or gets it done through a outsourced underwriter that involve outflow of funds. For instance,
application for a bank loan or loan from any financial institutions requires heavy load for
documentation and processing fee and at the same time requires a lot of time to get the funds
sanctioned [4]. Raising capital through issuance of shares, debentures or any other financial
instruments requires a lot of litigation to follow and takes a lot of time. However, crowd
funding is a cheap and easy, hassle free way of raising required capital for the business. The
entrepreneur just has to contact a crowd funding platform that best suits the theme of the
campaign, share with them the powerful business ideas and also have to provide some
rewards which will allow the masses to think consciously about investing in these new
business ideas.
Pre-selling opportunity: Crowd funding can be very beneficial for a business enterprise to
make its proposed product pre-sell or gain popularity in the market way before such product
is actually available in the market. This can be a good strategy for the entity to gauge the
acceptance or rejection for their newly developed concept among the masses along with
making way to raise required capital form the market. If their new product looks viable and
the common people accepts it then the sales could be multiplied in numbers when the product

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actually gets available in the market and will create a window for raising money even from
pre-booking orders as well.
Evolution of online crowd funding
Crowd funding are of many types however the most viable way to finance is
“Donation based Crowd Funding.” Donation based crowd funding is the most viable type of
crowd funding wherein money can be financed from individual contributors who donates
those sums voluntarily in exchange of token rewards [5]. Such token rewards increases in
size and prestige with the increase in the amount of donation. However, it should be noted
that, in some cases very small contributors may get or may not get anything at all in return of
the provided capital. These token rewards may be a pre-sales package relating to the items
sold by that entity. However, it should be kept in mind that donation based finance can also
be raised for some charitable purposes as well. Donation based crowd funding relies solely on
donations so the providers of such funds does not become any stakeholder, creditor or does
not possess any ownership rights in the projects for which they provided funds. Here, the
investors’ forms a community to come forward and help for charitable purposes like
community development, healthcare development and many more. Therefore, it can be
referred to as assimilation of individual efforts raised to fund charitable purposes or causes.
Online crowd funding has its roots evolved from the two popular concepts of crowd
sourcing and micro financing. Crowd sourcing is a way of taking valuable feedback, ideas
and solutions from the common people or crowd to develop the activities related to corporate
affairs [6]. Crowd sourcing can be considered as the principal idea for the evolution of the
new concept of crowd funding. Crowd sourcing was a method where common people are
asked to contribute their ideas and principal thoughts to the business over the internet without
charging any fee for it. Here, the working customers create or improve value for the

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organization by taking active part in the production process. The capabilities and wise
judgments can be effectively used by these organizations for free thereby helping the
organization to grow and also popularize its products among the common masses without
employing any funds for acquiring such invaluable assets for the business entities [7]. On the
other hand, micro finance is a concept which was developed by Professor Muhammad Yunus
of Bangladesh in 1970 for which he received Nobel Prize jointly with his creation, the
Grameen Bank in 2006. The theory and concept behind micro credit or micro finance is very
simple yet it is considered as one of the most powerful idea of eradicating poverty and
uplifting the standard of living of people especially living in the developing countries. Micro
credit or micro finance is nothing but providing financial services of lesser volume to be
provided to the poor or people with low income to conduct their own business and thereby
improve their present financial condition and uplift their standard of living [8]. The interest
rates charged on this small loans is lesser as compared to financial institutions so that the
poor people can uplift their standard of living. Moreover these interest and principal can be
paid off by these poor people in easy installments mainly in smaller amounts like weekly
payments, which allows these poor people not to pay bigger amounts at one time. Apart from
the monetary help, microfinance also helps these poor people with other necessary financial
services like savings account, buying products on installments, insurance services and many
more. These concepts of crowd sourcing and micro finance are considered as the pathfinder
resource for evolution and development of the concept of crowd funding where the
entrepreneurs uses such concepts for getting easy capital especially in the form of donation
based crowd funding easily over the internet electronically without employing much time,
effort and outlay of funds, mostly free, for acquiring such accumulated funds from the
common people.

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(Figure 1: Crowd funding platforms launched or closed from 2005-2014)
(Source: [9])
The above table shows the evolution of crowd funding in the form crowd funding
platforms over the years. The concept of crowd funding has its existence since ages however
in modern context, the development and evolution of crowdfunding in Europe began in 2005.
As of 2008 there were negligible players in the European markets consisting of 13 platforms
altogether, however none of such platforms existred for long. Post 2008, the European
markets entered into a sustained growth stage relating to these crowd funding espeially
donation based crowd funding [10]. New crowd funding platforms began to grow on a rapid
scale. 2013 was the year that saw rapid development in this crowd funding industry where the
total number of existing platforms were close to eight times that what was there way back in
2008. The total number of new as well as existig platforms as of 2013 was 164 as compared
to 18 in 2008. 2014 saw a downturn in the rapid increase in the crowd funding platforms in

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the form of close down of 60 platforms while 6 of the existing platforms were merged into
one another thereby reducing the number of active platforms to 113 as of 2014.
Growth of crowd funding was really a robust one in the EU. It was about EUR 735
million as of 2012, that was raised by the means of crowdfunding which rapidly increased to
EUR 4.2 billion as of 2015, most of which was raised through the means of donation based
crowd funding [11]. Among the major EU counries, majority of the crowdfunding platforms
were formed or launched in the United Kingdom which was followed by France, Germany,
Italy, Netherlands and many other member nations of the EU. According to the European
Commission, the above mentioned member countries the largest market for Crowd funding
mainly of Donation type. Some of the member countries have already developed governing
rules and regulations on Crowd funding so that there doesnot rise any dispute between
thenparties involved and the system can be monitored and controlled effectively and
efficiently. European Commission has been closely monitoring the developments in this
crowd funding markets all across Europe and have branded it as a viable connection between
the savings and growth and also added that this has generated a considerable amount of
employment in the recent years. In 2014, EU created “European Crowdfunding Stakeholders
Forum” and also adopted an “Action plan” in 2015 to assist the commission in development
of policy on crowd funding.
Fulfilment of potential
Donation based crowd funding and the overall crowd funding itself has proved to
fulfil its full potential. The entrepreneurs are massively benefitted from using this source of
finance to meet their requirement of capital [12]. Here, the entrepreneurs or owners of
business entities can raise considerable volume of funds to be invested in their business
without paying any cost for acquiring the assimilated capital from the crowd. They just have

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to provide some token rewards in exchange or in many cases nothing at all as most of money
raised through this source is donation based. Apart from the above mentioned advantage of
raising capital through crowd funding, donation based funding allows the entity to raise
capital without sharing a portion of the equity rights to the investors, nor does giving pre-
selling goods to the providers of capital nor it become a debt burden on the business entity.
Apart from the above written benefits, crowd funding is a way to spread the powerful
business ideas to the masses thereby opening the possibility of market research before
launching any product, drawing in money by initiation of pre-booking of the item proposed to
be launched and also enhance the sales of its existing products. Europe has experienced major
developments in the crowd funding especially in the donation based market since 2012 which
stimulated the business activities all around Europe where main developments could be seen
in United Kingdom, Portugal, France, Germany, Italy, Netherlands and many more. The
amount of money raised as of 2012 was EUR735 million and it overshoot in the following
years carrying this race of expansion in crown funding money raising technique to EUR4.2
billion in 2015 [13]. The business entities especially the new startups were immensely
benefitted through this concept as there is no need for enlarged paperwork, litigation, need for
massive fund raising infrastructure and of course without involvement of investment of huge
funds for raising such necessary capital. Above all these funds are absolutely free as majority
of such funds are raised as donation based with exchange for minor tokens and in some cases
nothing at all. In today’s time, the major crowd funding platforms that are operating within
the EU pioneering such rapid growth in the industrial sector within this massive and
diversified market includes Rate Setter and Zopa which operates in the UK, Auxmoney and
FundingCircle operating in Germany, MassiveMov and PPL in the Portugal and many others.
As per the present report by CIR 2012, Europe accounts for 26% of worldwide capital raised
through crowd funding most of which was raised using the donation based crowd funding

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way against 72% share held the United States of America. However, it should be noted that
the trend of last decade in Europe relating to crowd funding shows massive prospect for the
years to come and crowd funding could evolve as the most potential source of raising
industrial capital over the other tedious, costly conventional ways of raising require capital.
Europe is characterized by the presence of 99% Small and Medium-sized Enterprises which
is the provider of majority of employment, that requires huge investments however as the
concepts are new and owing to high cost, litigation and documentation of raising
conventional ways of capital for investment, could not flourish until 2012 and post which
with the massive development of donation based crowd funding made it easier for them to
raise the required capital which is almost free of cost. One such success story of donation
based crowd funding in recent years occurred in Portugal, southern Europe. “Lapa” is a firm
involved in IT based business wanted to develop a device that could find the exact location of
objects using GPS transmitters along with the help of an application developed in Android
platform [14]. However, it could not start with its production activity owing to large
requirements of funds needed to finance the project. This is where crowd funding came to the
rescue and with the help of a crowd funding platform named “Indiegogo”, the company was
able to raise a much needed fund of EUR 100,000 and initiated the mass scale production
process of the proposed item and since then, the company has never looked backwards and is
in the race of becoming one of the market leaders in Portugal and whole of Europe.
Key Ideas, principles and frameworks
Crowd funding relies solely on the principles of crowd sourcing and micro finance.
Crowd sourcing is a way of getting valuable information in the form of advice, comments and
feedback on the products already introduced or proposed to be introduced in the market
absolutely free over the internet. On the other hand, micro finance is a way of financing
poorer sections of the society with much needed capital for conducting a business without

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much paperwork or collateral which these poor people cannot provide and raise the required
capital through conventional way of raising finance through loans from banks and financial
institutions. Crowd funding is an alternative that in today’s time that comes to rescue to a lot
of firms and especially the new firms or startups that wants to raise their required capital and
at the same time wants to save time and money. So, the crowd funding platforms have to
learn a lot from these key ideas and principles which will facilitate their future growth.
The legal framework relating to crowd funding is very tough within the EU. However,
the commission is really concerned about the growth of its SME’s and is looking forward to
crowd funding as an alternative way to finance these SME sector [15]. It has come up with
numerous laws and regulations relating to control of crowd funding and its platforms to boost
this crowd funding sector which will generate the much needed capital for the enterprises.
Framework and regulations in the EU relating to crowd funding is based on national
legislation. However, the Peer-to-Peer platforms have to comply with individual laws
concerning the country of operation within the EU [16]. However, it should kept in mind that
Reward based or Donation based crowd funding is not covered or does not fall under the
regulation as such transactions cannot be branded as financial services. It should be noted as
well that all transactions above EUR 1,000,000 over a period of 12 months is outside the
proposal scope as such are already covered by “Prospectus Regulation” and “The Markets in
Financial Instruments Directive (MiFID II) rules.” All these above written rules will ensure
proper controlling of crowd funding markets especially Donation based crowd funding so that
future growth of this sector could be achieved and at the same time the market could be
efficiently regulated without the chance of origination of scams.

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Primary inhibitors of growth
Crowd funding is a concept that gained major success all over the world especially in
Europe in the recent years [17]. Post 2012, Europe saw a rapid development in the finance
market with more and more crowd funding platforms being launched and with this more and
more business ventures especially the newly established ones are getting the much needed
capital for their growth without facing much difficulty in raising finance. However, there are
some inhibitors that are acting as a traffic block in the rapid growth of crowd funding
industry. Regulatory divergence approaches can be referred to as the primary inhibitor in the
rapid growth and success of the crowd funding industry. Secondly, there has been numerous
changes in regulation relating to crowd funding among the member countries within the EU
and it has posed a major threat for the continued success of crowd funding industry [18].
Thirdly but most importantly, there still exists considerable volume of cross-border
transactions which in turn stimulated the disparity among the national regulations of the
member nations within the EU. Such differences in regulations among the member countries
within the EU have enhanced the transaction cost which restricts the continued growth of the
crowd funding industry.
Regulatory initiatives to alleviate inhibitors of growth
The inhibitors as discussed above are stopping the success steps of the crowd funding
industry all across Europe [19]. There is no unified regulations at the all-European level;
however, individual countries within the EU are working with their full capacity to enact new
law or revise existing laws to promote the crowd funding and establish it as a better way of
raising finance for its business ventures [20]. Owing to a high demand among the member
countries within the EU, the EU through a publication of a proposal relating to “European
Crowd funding Service Providers” and proposing to amend the MiFID II and to exclude

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ECPS from the obligations are aiming to achieve harmonization in the crowd funding market
throughout the EU [21]. ECPS Regulation includes the key initiatives:
 Crowd funding platforms can now apply ECPS that will act as a common passport
which will allow them a common access to all the European nations.
 All crowd funding transactions must be taken place through authorized entities only
as per the “Payments Services Directive.”
 To ensure safety for the investors, proper disclosure of information and knowledge
test at the entry level should be observed by the respective platforms.
 ESMA has been given full powers to supervise crowd funding transactions and if
needed can enforce sanctions and fines as well.
Conclusion
It can be concluded from the above study that crowd funding can be considered as a
principal alternative way of financing the business entities which involve minimum litigation,
documentation and in most cases free way of raising finance from the crowd or common
people hence this concept has gained major popularity in the recent years in whole EU. There
are some inhibitors which restricts the success of crowd funding however, European
Commission have taken ample measures to combat such inhibitors and thereby enhancing the
success of crowd funding.

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