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Non-equity Crowdfunding as a National Phenomenon in a Global Industry: The Case of Russia

In: Crowdfunding in Europe

Author

Listed:
  • Evgeny Torkanovskiy

    (Russian Academy of Sciences)

Abstract

Venture capitalists and entrepreneurs all over the world have tried to imitate the success of Kickstarter, Indiegogo and other crowdfunding platforms. Russia has followed suit with the emergence of local platforms for raising capital online in 2010–2013. The moving forces behind this were an eagerness to copy a successful business model, existing language and legislative barriers and the potential capability to raise capital from strangers from afar that might be very important in such a vast country as Russia. However, given the performance of Russian platforms for non-equity-based crowdfunding it is evident that the success of local platforms largely depends on the characteristics of the national market and competition from international platforms. We provide a preliminary exploration of the underlying economics of Russian crowdfunding and its relationship with the international crowdfunding community. We offer a framework for speculating on how crowdfunding may unfold at national level and what the required conditions for its local development might be.

Suggested Citation

  • Evgeny Torkanovskiy, 2016. "Non-equity Crowdfunding as a National Phenomenon in a Global Industry: The Case of Russia," FGF Studies in Small Business and Entrepreneurship, in: Dennis Brüntje & Oliver Gajda (ed.), Crowdfunding in Europe, edition 1, pages 115-123, Springer.
    • Handle: RePEc:spr:fgfchp:978-3-319-18017-5_8
    DOI: 10.1007/978-3-319-18017-5_8
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    Citations

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    Cited by:

    1. Rosangela Feola & Massimiliano Vesci & Ezio Marinato & Roberto Parente, 2021. "Segmenting “digital investors”: evidence from the Italian equity crowdfunding market," Small Business Economics, Springer, vol. 56(3), pages 1235-1250, February.
    2. Dmitrii Ilenkov & Valeriya Kapustina, 2018. "Crowdfunding in Russia: An Empirical Study," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 401-410.
    3. Stasik Agata & Wilczyńska Ewa, 2018. "How do we study crowdfunding? An overview of methods and introduction to new research agenda," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 26(1), pages 49-78, March.

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