crowdfunding in the eu data

8/12/2019 Crowdfunding in the Eu Data

1/29

Crowdfunding in the EU

IdentificationPlease tell us who you are

What category describes you best?

-single choice reply- (compulsory)

Number ofrequestedrecords

Requestedrecords(893)

% of totalnumberrecords(893)

Gender

-single choice reply- (compulsory)





Country (of residence or establishment) -single choice reply- (compulsory)




I might give money to crowdfunding (or already did so) 414 (46.4%) (46.4%)

I might raise money through crowdfunding (or already didso)

152 (17%) (17%)

Crowdfunding platform manager 81 (9.1%) (9.1%)

Regulatory or supervisory authority representative 10 (1.1%) (1.1%)

Bank / financial institution 21 (2.4%) (2.4%)

Venture capital fund 4 (0.4%) (0.4%)

Business angel 13 (1.5%) (1.5%)

Academic 39 (4.4%) (4.4%)

Association / interest representative 91 (10.2%) (10.2%)

Other 68 (7.6%) (7.6%)

N/A 246 (27.5%) (27.5%) -

male 517 (79.9%) (57.9%) (79.9%)

female 130 (20.1%) (14.6%) (20.1%)

EU (active/present in several EU countries) 10 (1.1%) (1.1%)

Austria 44 (4.9%) (4.9%)


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Belgium 41 (4.6%) (4.6%)

Bulgaria 14 (1.6%) (1.6%)

Croatia 5 (0.6%) (0.6%)

Cyprus 1 (0.1%) (0.1%)

Czech Republic 4 (0.4%) (0.4%)

Denmark 1 (0.1%) (0.1%)

Estonia 1 (0.1%) (0.1%)

Finland 18 (2%) (2%)

France 254 (28.4%) (28.4%)

Germany 151 (16.9%) (16.9%)

Greece 5 (0.6%) (0.6%)

Hungary 9 (1%) (1%)

Iceland 1 (0.1%) (0.1%)

Ireland 1 (0.1%) (0.1%)

Italy 67 (7.5%) (7.5%)

Latvia 1 (0.1%) (0.1%)

Lithuania 4 (0.4%) (0.4%)

Luxembourg 8 (0.9%) (0.9%)

Malta 0 (0%) (0%)

Netherlands 14 (1.6%) (1.6%)

Norway 0 (0%) (0%)

Poland 30 (3.4%) (3.4%)

Portugal 33 (3.7%) (3.7%)

Romania 5 (0.6%) (0.6%)

Slovakia 3 (0.3%) (0.3%)

Slovenia 2 (0.2%) (0.2%)

Spain 71 (8%) (8%)

Sweden 15 (1.7%) (1.7%)

Switzerland 11 (1.2%) (1.2%)

United Kingdom 53 (5.9%) (5.9%)

US 4 (0.4%) (0.4%)Other 12 (1.3%) (1.3%)


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Do you agree to publishing your replies on the European Commission's website? -single choice reply-(compulsory)




Have you already given money to a crowdfunding campaign? -single choice reply- (optional)



% of totalnumberrecords

(893)


(405)

Were you satisfied with your crowdfunding experience? -single choice reply- (optional)





Would you consider contributing to a crowdfunding project from another EU country, if the campaign is in yourlanguage?

-single choice reply- (optional)





Yes 420 (47%) (47%)

Only anonymously (without mentioning my name andorganisation)

473 (53%) (53%)

N/A 488 (54.6%) (54.6%) -

No 106 (25.6%) (11.9%) (26.2%)

Yes, in my country 226 (54.6%) (25.3%) (55.8%)

Yes, in another EU country 73 (17.6%) (8.2%) (18%)

N/A 596 (66.7%) (66.7%) -

yes 205 (68.6%) (23%) (69%)

too early to tell 90 (30.1%) (10.1%) (30.3%)

no 2 (0.7%) (0.2%) (0.7%)

Yes, it is the same to me wherever theproject comes from

157 (37.9%) (17.6%) (38%)

Yes, but only if it is a project I really 181 (43.7%) (20.3%) (43.8%)


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How would you describe your project? -single choice reply- (optional)





Have you already launched a crowdfunding campaign?






What type of campaign did you launch? -single choice reply- (optional)




(152)


(42)

N/A 480 (53.8%) (53.8%) -

believe in

Yes, but only if there is a guarantee thatI will not be cheated

58 (14%) (6.5%) (14%)

No, I want to support local projects 11 (2.7%) (1.2%) (2.7%)

No, it is too risky to give money topeople from other countries

6 (1.4%) (0.7%) (1.5%)

N/A 741 (83%) (83%) -

artistic 32 (21.1%) (3.6%) (21.1%)

innovative 27 (17.8%) (3%) (17.8%)

social / philanthropic 17 (11.2%) (1.9%) (11.2%)

ecological / green technology 9 (5.9%) (1%) (5.9%)

entrepreneurial 58 (38.2%) (6.5%) (38.2%)

other 9 (5.9%) (1%) (5.9%)

N/A 743 (83.2%) (83.2%) -

no 108 (71.1%) (12.1%) (72%)

yes 42 (27.6%) (4.7%) (28%)

donation 8 (19%) (5.3%) (19%)

rewards 16 (38.1%) (10.5%) (38.1%)


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the successful campaign, did you obtain financing from other sources for theAfter sameproject? -single choice reply- (optional)

Number of

requestedrecords

Requested

records(21)

% of total

numberrecords(893)

% of total

numberrecords(18)

What form(s) of post-campaign financing did you obtain? -multiple choices reply- (optional)


Requestedrecords(9)



BUSINESS MODELWhat types of crowdfunding campaigns does your platform host? -multiple choices reply- (compulsory)





N/A 112 (73.7%) (73.7%) -

N/A 875 (98%) (98%) -

No 9 (42.9%) (1%) (50%)

Yes 9 (42.9%) (1%) (50%)

N/A 12 (57.1%) (57.1%) -

business angel investment 4 (44.4%) (19%) (44.4%)

venture capital 0 (0%) (0%) (0%)

bank loan 0 (0%) (0%) (0%)

equity (IPO) 0 (0%) (0%) (0%)

other 5 (55.6%) (23.8%) (55.6%)

Donations 26 (32.1%) (2.9%) (15.8%)

Reward-based campaigns 36 (44.4%) (4%) (21.8%)

Product pre-sales 27 (33.3%) (3%) (16.4%)

Profit- or royalty sharing 12 (14.8%) (1.3%) (7.3%)

Equity-based (shares) 29 (35.8%) (3.2%) (17.6%)

Debt-based (bonds) 8 (9.9%) (0.9%) (4.8%)

Lending 21 (25.9%) (2.4%) (12.7%)

other 6 (7.4%) (0.7%) (3.6%)


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Is your platform authorised by a national authority? -single choice reply- (optional)

Number ofrequested

records

Requestedrecords

(81)

% of totalnumber

records(893)

% of totalnumber

records(71)

Does your platform accept projects and contributions from other EU countries (other than thecountry of establishment)? -single choice reply- (compulsory)





What are the biggest obstacles that prevent your platform from being active in several MemberStates? -multiple choices reply- (optional)





N/A 728 (81.5%) (81.5%) -

N/A 822 (92%) (92%) -

no 38 (46.9%) (4.3%) (53.5%)

yes, as a payment service provider 3 (3.7%) (0.3%) (4.2%)

yes, as a bank 1 (1.2%) (0.1%) (1.4%)

yes, as an investment firm 7 (8.6%) (0.8%) (9.9%)

yes, as another category 22 (27.2%) (2.5%) (31%)

N/A 812 (90.9%) (90.9%) -

no, we do not want to operate outsidethe country

9 (11.1%) (1%) (11.1%)

no, although we would like to 26 (32.1%) (2.9%) (32.1%)

yes 46 (56.8%) (5.2%) (56.8%)

we cannot check foreign projects'reliability

10 (38.5%) (12.3%) (19.6%)

we cannot operate in multiple languages 1 (3.8%) (1.2%) (2%)

we cannot process payments in multiplecurrencies

2 (7.7%) (2.5%) (3.9%)

we are required to get an authorisationabroad which is costly

13 (50%) (16%) (25.5%)

we do not have enough information 23 (88.5%) (28.4%) (45.1%)


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Does your platform adhere to a code of conduct? -single choice reply- (compulsory)





What type of functions does your platform perform? -multiple choices reply- (optional)





N/A 30 (37%) (37%) -

about legal requirements abroad

other 2 (7.7%) (2.5%) (3.9%)

N/A 812 (90.9%) (90.9%) -

yes 75 (92.6%) (8.4%) (92.6%)

no 6 (7.4%) (0.7%) (7.4%)

Checking identity of project owners 70 (86.4%) (7.8%) (11.5%)

Preliminary screening of projects(legality, compliance with platform's

conditions)

73 (90.1%) (8.2%) (12%)

Guarantee the return of reclaimablefunds

28 (34.6%) (3.1%) (4.6%)

Informing project owners andcontributors of applicable fees

71 (87.7%) (8%) (11.6%)

Informing contributors of risks 64 (79%) (7.2%) (10.5%)

Facilitating the communication betweencontributors and project owners

69 (85.2%) (7.7%) (11.3%)

Assessing the profile of the contributors 29 (35.8%) (3.2%) (4.8%)

Providing investment advice 10 (12.3%) (1.1%) (1.6%)

Pooling funds from contributors andallocating funds to projects

35 (43.2%) (3.9%) (5.7%)

Creditworthiness or profitabilityassessment of proposed projects (beforecampaign)

32 (39.5%) (3.6%) (5.2%)

Monitoring the performance of projectsafter the campaign

53 (65.4%) (5.9%) (8.7%)

Acting as nominee shareholders orcontributors' representative in legalproceedings

15 (18.5%) (1.7%) (2.5%)

managing conflict of interest for the 37 (45.7%) (4.1%) (6.1%)


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Are you aware of any consumer / investor complaints relating to any form of crowdfunding?-single choice reply- (optional)





What rules apply to crowdfunding in your jurisdiction? -single choice reply- (optional)





Do crowdfunding platforms qualify for an exemption under Art 3 of the Markets in FinancialInstruments Directive (MiFID)? -single choice reply- (optional)


Requestedrecords(6)



N/A 283 (31.7%) (31.7%) -

platform

Professional insurance or compensationscheme coverage to compensatecontributors' losses

8 (9.9%) (0.9%) (1.3%)

Other(s) 16 (19.8%) (1.8%) (2.6%)

N/A 885 (99.1%) (99.1%) -

no 7 (70%) (0.8%) (87.5%)

yes 1 (10%) (0.1%) (12.5%)

N/A 885 (99.1%) (99.1%) -

we do not have any cases ofcrowdfunding so far

2 (20%) (0.2%) (25%)

we apply the existing national and EUlaw to crowdfunding

6 (60%) (0.7%) (75%)

we have a specifc legislation / regulationon crowdfunding

0 (0%) (0%) (0%)

N/A 888 (99.4%) (99.4%) -

yes 0 (0%) (0%) (0%)

no 5 (83.3%) (0.6%) (100%)


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Entrepreneurs & SMEs -single choice reply- (optional)





Social entrepreneurs -single choice reply- (optional)





Innovation -single choice reply- (optional)





N/A 45 (5%) (5%) -

small 138 (15.5%) (15.5%) (16.3%)

medium 320 (35.8%) (35.8%) (37.7%)

high 390 (43.7%) (43.7%) (46%)

N/A 48 (5.4%) (5.4%) -

small 50 (5.6%) (5.6%) (5.9%)

medium 196 (21.9%) (21.9%) (23.2%)

high 599 (67.1%) (67.1%) (70.9%)

N/A 59 (6.6%) (6.6%) -

small 59 (6.6%) (6.6%) (7.1%)

medium 262 (29.3%) (29.3%) (31.4%)

high 513 (57.4%) (57.4%) (61.5%)

N/A 49 (5.5%) (5.5%) -

small 31 (3.5%) (3.5%) (3.7%)

medium 156 (17.5%) (17.5%) (18.5%)

high 657 (73.6%) (73.6%) (77.8%)


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ADVANTAGES OF CROWDFUNDING FOR PROJECT OWNERS

Crowdfunding might offer numerous benefits to project owners. How would you rate these?

Research and development (R&D) -single choice reply- (optional)





Small retail investors






N/A 61 (6.8%) (6.8%) -

small 96 (10.8%) (10.8%) (11.5%)

medium 277 (31%) (31%) (33.3%)

high 459 (51.4%) (51.4%) (55.2%)

N/A 84 (9.4%) (9.4%) -

small 132 (14.8%) (14.8%) (16.3%)

medium 301 (33.7%) (33.7%) (37.2%)

high 376 (42.1%) (42.1%) (46.5%)

Market testing and market validation -single choice reply- (optional)




Crowdfunding helps reach more people -single choice reply- (optional)




small 10 (6.6%) (1.1%)

medium 48 (31.6%) (5.4%)

high 87 (57.2%) (9.7%)


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ADVANTAGES OF CROWDFUNDING FOR CONTRIBUTORSWhat features of crowdfunding are attractive to contributors?

Feedback, advice and other non-financial resources from contributors -single choice reply- (optional)

Number of

requestedrecords

Requested

records(152)

% of total

numberrecords(893)

medium 73 (48%) (8.2%)

high 60 (39.5%) (6.7%)

small 19 (12.5%) (2.1%)

medium 54 (35.5%) (6%)

high 67 (44.1%) (7.5%)

An investment opportunity





Direct involvement in the project


Number of

requestedrecords

Requested

records(414)

% of total

numberrecords(893)

Doing some good


Number ofrequested

Requestedrecords

% of totalnumber

irrelevant 68 (16.4%) (7.6%)

somewhat attractive 148 (35.7%) (16.6%)

very attractive 178 (43%) (19.9%)

irrelevant 22 (5.3%) (2.5%)


very attractive 280 (67.6%) (31.4%)


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records (414) records(893)

Helping the local community -single choice reply- (optional)




Helping a friend -single choice reply- (optional)




Directly selecting projects worth financing


Number ofrequested

records

Requestedrecords

(414)

% of totalnumber

records(893)

It is a new trend that looks cool





irrelevant 46 (11.1%) (5.2%)



irrelevant 52 (12.6%) (5.8%)



irrelevant 103 (24.9%) (11.5%)



irrelevant 4 (1%) (0.4%)




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Risks of crowdfunding

(893)

irrelevant 262 (63.3%) (29.3%)



Risks to project ownersPlease rate the following risks for project owners.

IPR PROTECTION Business ideas described on the internet are not adequately protected -singlechoice reply- (optional)




REPUTATIONAL RISKS that project (owner) is considered as second class because (s)he couldnot obtain traditional sources of finance. -single choice reply- (optional)




FAILURE IN PUBLIC - If the campaign is not succesful, it is a failure in public -single choice reply-(optional)

Number of

requestedrecords

Requested

records(152)

% of total

numberrecords(893)

Negligible 17 (11.2%) (1.9%)

Acceptable 81 (53.3%) (9.1%)

Too high 33 (21.7%) (3.7%)

I'm not sure 11 (7.2%) (1.2%)

Negligible 80 (52.6%) (9%)

Acceptable 52 (34.2%) (5.8%)

Too high 9 (5.9%) (1%)

I'm not sure 1 (0.7%) (0.1%)

Negligible 34 (22.4%) (3.8%)


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Risks of crowdfunding (all crowdfunding models)How would you rate the following risks? Do you think any of these risks are too high and should be reduced inorder for people to trust crowdfunding?

OVERFUNDING RISKS - if too much money is collected entrepreneur may need to substantially

revise the business plan -single choice reply- (optional)




Acceptable 86 (56.6%) (9.6%)

Too high 15 (9.9%) (1.7%)

I'm not sure 6 (3.9%) (0.7%)

Negligible 65 (42.8%) (7.3%)

Acceptable 64 (42.1%) (7.2%)

Too high 6 (3.9%) (0.7%)

I'm not sure 7 (4.6%) (0.8%)

FRAUD - project owner or platform does not use the money for the stated purpose -single choice reply-

(optional)





PROJECT FAILURE - project owner tries his best, but the project fails and does not deliver whatwas promised to crowdfunders -single choice reply- (optional)

Number ofrequested

records

Requestedrecords

(893)

% of totalnumber

records(893)

% of totalnumber

records(868)

N/A 27 (3%) (3%) -

Negligible 166 (18.6%) (18.6%) (19.2%)

Acceptable 449 (50.3%) (50.3%) (51.8%)

Too high 209 (23.4%) (23.4%) (24.1%)

I'm not sure 42 (4.7%) (4.7%) (4.8%)

Negligible 87 (9.7%) (9.7%) (10%)


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The company issues new equity and dilutes the investment value of first round investors -singlechoice reply- (optional)





Lack of exit options (investors are not able to sell-on the equity) -single choice reply- (optional)





Investment not being profitable (even if the project does not fail, i t may not be able to paydividends) -single choice reply- (optional)





Complexity -single choice reply- (optional)

N/A 110 (12.3%) (12.3%) -

N/A 118 (13.2%) (13.2%) -

Negligible 106 (11.9%) (11.9%) (13.7%)

Acceptable 335 (37.5%) (37.5%) (43.2%)

Too high 203 (22.7%) (22.7%) (26.2%)

I'm not sure 131 (14.7%) (14.7%) (16.9%)

N/A 114 (12.8%) (12.8%) -

Negligible 85 (9.5%) (9.5%) (10.9%)

Acceptable 332 (37.2%) (37.2%) (42.6%)

Too high 243 (27.2%) (27.2%) (31.2%)

I'm not sure 119 (13.3%) (13.3%) (15.3%)

N/A 110 (12.3%) (12.3%) -

Negligible 109 (12.2%) (12.2%) (13.9%)

Acceptable 490 (54.9%) (54.9%) (62.6%)

Too high 103 (11.5%) (11.5%) (13.2%)

I'm not sure 81 (9.1%) (9.1%) (10.3%)


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Lending - risks and complexity

How would you rate the following risks and the overall complexity of crowdfunding where contributors lendmoney?





N/A 121 (13.5%) (13.5%) -

Negligible 164 (18.4%) (18.4%) (21.2%)

Acceptable 339 (38%) (38%) (43.9%)

Too high 142 (15.9%) (15.9%) (18.4%)

I'm not sure 127 (14.2%) (14.2%) (16.5%)

Lenders do not know the credit-risk of the borrower -single choice reply- (optional)





Project fails and lenders do not get back the money they lent -single choice reply- (optional)





Lenders do not receive the promised interests -single choice reply- (optional)

N/A 116 (13%) (13%) -

Negligible 93 (10.4%) (10.4%) (12%)

Acceptable 343 (38.4%) (38.4%) (44.1%)

Too high 256 (28.7%) (28.7%) (32.9%)

I'm not sure 85 (9.5%) (9.5%) (10.9%)

N/A 115 (12.9%) (12.9%) -

Negligible 75 (8.4%) (8.4%) (9.6%)

Acceptable 442 (49.5%) (49.5%) (56.8%)

Too high 188 (21.1%) (21.1%) (24.2%)

I'm not sure 73 (8.2%) (8.2%) (9.4%)


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Identifying the role of the EU





Complexity -single choice reply- (optional)

Number ofrequested

records

Requestedrecords

(893)

% of totalnumber

records(893)

% of totalnumber

records(759)

N/A 120 (13.4%) (13.4%) -

Negligible 93 (10.4%) (10.4%) (12%)

Acceptable 429 (48%) (48%) (55.5%)

Too high 174 (19.5%) (19.5%) (22.5%)

I'm not sure 77 (8.6%) (8.6%) (10%)

N/A 134 (15%) (15%) -

Negligible 151 (16.9%) (16.9%) (19.9%)

Acceptable 342 (38.3%) (38.3%) (45.1%)

Too high 135 (15.1%) (15.1%) (17.8%)

I'm not sure 131 (14.7%) (14.7%) (17.3%)

Where would EU action be useful?What EU level action(s) would help reap the benefits of crowdfunding? For which forms of crowdfunding wouldthese actions be useful?

Raising awareness

-multiple choices reply- (optional)




donations 410 (45.9%) (45.9%)

rewards 353 (39.5%) (39.5%)

pre-sales 357 (40%) (40%)

profit sharing 415 (46.5%) (46.5%)

lending 437 (48.9%) (48.9%)

equity/debt (shares/bonds) 435 (48.7%) (48.7%)


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Combining public funding and crowdfunding -multiple choices reply- (optional)




Coordinating self-regulation





Sharing national experiences & regulatory best-practices -multiple choices reply- (optional)




donations 292 (32.7%) (32.7%)

rewards 218 (24.4%) (24.4%)

pre-sales 228 (25.5%) (25.5%)

profit sharing 264 (29.6%) (29.6%)

lending 316 (35.4%) (35.4%)


donations 280 (31.4%) (31.4%)

rewards 270 (30.2%) (30.2%)

pre-sales 290 (32.5%) (32.5%)

profit sharing 374 (41.9%) (41.9%)

lending 377 (42.2%) (42.2%)


donations 351 (39.3%) (39.3%)

rewards 340 (38.1%) (38.1%)

pre-sales 361 (40.4%) (40.4%)

profit sharing 438 (49%) (49%)

lending 457 (51.2%) (51.2%)


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What do you think of EU law on financial services as applied to crowdfunding today?





(893)


(831)

A European legal framework for financial forms of crowdfunding should be -single choice reply-(optional)




(893)


(732)

Crowdfunding platforms' responsibilities - financial modelsShould responsibilities of platforms hosting campaigns with lending or equity/debt (shares / bonds) beharmonised at a European level?

N/A 62 (6.9%) (6.9%) -

I am not familiar with EU law on financialservices

411 (46%) (46%) (49.5%)

It is adequate and does not need to bechanged

52 (5.8%) (5.8%) (6.3%)

It should be calibrated to better fitcrowdfunding

148 (16.6%) (16.6%) (17.8%)

It is not well suited to crowdfunding; anew, tailor-made legal framework is

needed

220 (24.6%) (24.6%) (26.5%)

N/A 161 (18%) (18%) -

optional - campaigns / platforms withcross-border reach can choose tocomply with EU rules, rather thanseveral different national rules

182 (23.4%) (20.4%) (24.9%)

some common minimum standardsapplying to every campaign / platform

373 (47.9%) (41.8%) (51%)

exactly the same rules applying to everycampaign / platform

148 (19%) (16.6%) (20.2%)

other 29 (3.7%) (3.2%) (4%)

to inform contributors of investment risk or credit risk -multiple choices reply- (optional)




No harmonisation 82 (10.5%) (9.2%)


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to assess the profile of the investor -multiple choices reply- (optional)




to perform due diligence / credit risk assessment of projects -multiple choices reply- (optional)




to monitor the performance of the projects after a successful campaign -multiple choices reply- (optional)




to act as nominee shareholder or contributors' representative in legal proceedings related to aproject -multiple choices reply- (optional)




Yes, for lending 486 (62.4%) (54.4%)

Yes, for equity / debt 521 (66.9%) (58.3%)

No harmonisation 214 (27.5%) (24%)

Yes, for lending 315 (40.4%) (35.3%)



Yes, for lending 344 (44.2%) (38.5%)



Yes, for lending 294 (37.7%) (32.9%)



Yes, for lending 245 (31.5%) (27.4%)


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Should contributors be advised to diversify their investments into crowdfunding? -single choicereply- (optional)





Should there be a minimum or a maximum amount set for individual contributions? -single choicereply- (optional)

Number ofrequested

records

Requestedrecords

(779)

% of totalnumber

records(893)

% of totalnumber

records(709)

to manage conflicts of interest within the platform -multiple choices reply- (optional)




to cover eventual losses to contributors through compensation scheme or insurance





Yes, for equity / debt 277 (35.6%) (31%)


Yes, for lending 309 (39.7%) (34.6%)



Yes, for lending 197 (25.3%) (22.1%)


N/A 287 (32.1%) (32.1%) -

yes 418 (53.7%) (46.8%) (69%)

no 188 (24.1%) (21.1%) (31%)

No 552 (70.9%) (61.8%) (77.9%)

Minimum 30 (3.9%) (3.4%) (4.2%)


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N/A 184 (20.6%) (20.6%) -

Maximum 127 (16.3%) (14.2%) (17.9%)

crowdfunding in the eu data

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