APPLICATION OF CROWDFUNDING AS AN ALTERNATIVE SOURCE OF PROJECT FINANCING IN EU COUNTRIES - ASSUMPTIONS OF ITS DEVELOPMENT IN BOSNIA AND HERZEGOVINA AND CROATIA

University of East Sarajevo, Faculty of Business Economics Bijeljina, RS, BiH
Bosnia and Herzegovina

University of Novi Sad, Faculty of Economics in Subotica, Serbia
Serbia


Abstract

A new economic trend in the financing of projects, start-ups, innovative projects and many other projects from various fields (music, film, games) is widespread today and its called crowdfunding or group financing. With the development of new technologies, and thus social networks around the world, it creates the possibility and potential advantage of associating around the world in raising funds in an alternative way. Crowdfunding can be organized in several forms or models. The basic division is the one that is carried out by the European Commission: Reward-based crowdfunding, Donation-based crowdfunding, Share-based crowdfunding and Investment-based crowdfunding. The crowdfunding market is constantly growing. As conditions for traditional funding become more stringent, crowdfunding could be a potential key to success. Prospects for the development of crowdfunding in Bosnia and Herzegovina and Croatia are reflected in the legal regulation of this method of financing, which would facilitate administrative work, reduce handling costs and create legal certainty. Following the established regulations, intensive attention should be dedicated to the promotion of crowdfunding and "raising awareness" of citizens, pointing out the possible benefits and advantages that it offers. This will take some time, so that in the foreseeable future, alternative financing of crowdfunding will gain in importance in Bosnia and Herzegovina and Croatia.

Keywords



Full Text


References


Bishnu K; Kenji K; Takaaki H (2018): „Crowdfuning - Lessons from Japan’s Approach“

Crowdfunding from an investor perspective“ - www.oxera.com; World Bank: „Crowdfunding's Potential for the Developing World“ InfoDev 2013.

„Wired Magazine“ - Američki magazin za visoku tehnologiju - https://www.wired.com/magazine/

Bradford, C. S. (2012). Crowdfunding and the federal securities laws. Columbia Business Law Review, 2012(1), 1–150.

Bradford, C. S. (2012): „Crowdfunding and the Federal Securities Law“; Columbia Business Law Review Cambridge Centre for Alternative Finance, „The 2nd European Alternative Finance Industry

Douglas C.; Lars H. (2018): „The Economics of Crowdfunding - Startups, Portals and Investor Behavior“; Springer International Publishing AG; Switzerland

ESMA (European Securites and Markets Authority) (2014): „Opinion on Investment-Based Crowdfunding“; p. 6

EUROPEAN COMISSION (2016): „Crowdfunding in the EU Capital Markets Union“; COMMISSION STAFF WORKING DOCUMENT; Brussels

European Commision (2018): „COMMISSION STAFF WORKING DOCUMENT - IMPACT ASSETMENT“; Accompanying the document „Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL“ on European Crowdfunding Service Providers (ECSP) for Business and „Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL“; amending Directive 2014/65EU on markets in financial instruments; Brussels;

European Parliament (2017): Briefing; „Crowdfunding in Europe - Introduction and state of play“;

Hrvoje H (2017): „Vodič za Crowdfunding“; Projekat EU; Udruga za razvoj civilnog društva SMART; Rijeka

Hulme M, Wright C (2006) Internet-based social lending: past, present and future. Soc Futures Obs. Retrieved May 04, 2017 from http://www.socialfuturesobservatory.co.uk/pdf_download/internetbasedsociallending.pdf

Katarina Đurđenić (2016): „Crowdfunding – Croatian legal perspective and comparison to other sources of financing“; Faculty of Law, Zagreb

Linas S. Tomas Sadzuis (2017): „Existing Legal Issues for Crowdfunding Regulation in European Union Member States“; International Journal of Business, Humanities and Technology; Center for Promoting Ideas, USA www.ijbhtnet.com

Macmillan Studies in Banking and Finacial Institutions, London

Mollick, E., 2014. The dynamics of crowdfunding: an exploratory study. J. Bus. Ventur.e 29 (1), 1–16.

Morgan Stanley Research. (2015): „Can P2P Lending Reinvent Banking?“ June 17. report“; 2016.

Roberto B, Flavio P (2016): Crowdfunding for SMEs - A European Perspective, Palgrave Steinberg, S., The Crowdfunding Bible: How to Raise Money for Any Startup, Video Game or Project. 2012.

Steven Dresner (2014): „Crowdfunding - A Guide to Raising Capital on the Internet“; John Wiley & Sons, Inc. Hoboken, New Jersey

University of Cambridge, Sustaining momentum (2016)

WORLD BANK GROUP (2017): „Western Balkans Labor Market Trends 2017“; 1818 H Street NW, Washington, DC 20433, USA, fax 202-522-2422, e-mail [email protected]

https://www.morganstanley.com/

https://www.fundable.com/

https://www.kickstarter.com/

https://www.indiegogo.com/

https://www.statista.com/

https://www.jbs.cam.ac.uk/

https://nordic.businessinsider.com/

http://eurocrowd.org

http://www.eu-startups.com

https://www.hocu.ba/




.