By Roberto Bottiglia, Flavio Pichler
Crowdfunding for SMEs: a ecu Perspective presents a invaluable perception into this new resource of capital. specifically, the authors specialize in monetary go back crowdfunding, which repays the gang both via debt or fairness. This resource of capital could play an important position sooner or later changing into another or a supplement to standard investment resources. it's accordingly of the uttermost value to appreciate what has boosted its exponential progress in recent times, in addition to the major drivers of good fortune of P2P lending and fairness crowdfunding campaigns on either the funders and the fundraisers part.
because of the monetary nature of the go back supplied to the group, monetary go back crowdfunding has been the thing of modern waves of law, even supposing the eu Union nonetheless lacks a suite of universal principles. the purpose of law will be twofold, to guard traders and, whilst, to prefer the financing for SMEs. during this booklet, the authors discover such concerns and the regulatory guidelines, whereas seeking to the way forward for monetary go back crowdfunding as an evolving resource of capital.
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Extra resources for Crowdfunding for SMEs: A European Perspective
Com. This research aims to identify whether one of the drivers of the success of a fundraising campaign is the physical appearance of fundraisers. The researchers analyse the importance of the photographs fundraisers include on the page of the project they post online. The analysis demonstrates that pitches that have no photo, or whose fundraisers seem older, unhappy or are black people are less likely to be fully funded. In contrast, photographs of women and those that highlight a military involvement increase the probability of the crowdfunding campaign being successful.
Other equity crowdfunding platforms sell different types of securities. For example, in the German equity crowdfunding market, investors hold a mezzanine-finance instrument, a subordinated profitparticipating loan named ‘partiarisches Darlehen’, which is typically senior to common shares and junior to other liabilities. Other securities sold by equity crowdfunding platforms include convertible bonds, participating notes and cooperative certificates (Hornuf and Schwienbacher 2014a). However, investments may differ in that they can occur directly or indirectly.
A critical aspect of P2P lending platforms relates to the processes that are used to reduce credit risk before and after the loan has been issued. This aspect refers to the ways in which platforms select and evaluate projects before they are posted online and the funding process begins (ex-ante screening). This aspect also relates to the information provided to investors during and after the life of the loan (ex-post monitoring). In the case of equity crowdfunding platforms, investors buy shares in the companies that propose their business idea or project online, thus becoming shareholders of the companies.
Crowdfunding for SMEs: A European Perspective by Roberto Bottiglia, Flavio Pichler