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Karsten Wenzlaff, “Developing a Policy Framework for Emerging Crowdfunding Ecosystems”, ORF Issue Brief No. 302, July 2019, Observer Research Foundation.
Introduction
Crowdfunding is an online financing tool for innovative companies, projects and people.[i] The process of collaborative funding on crowdfunding platforms brings the supporters together with the recipients of funds.[ii]
Crowdfunding can be found both offline and online, although putting more emphasis on online activities. Companies, individuals, non-profit organisations and public institutions can be recipients of a crowdfunding campaign. The project must have an innovative feature to attract a crowd. Crowdfunding is classified as follows:[iii] 1) Donation-based Crowdfunding: for charitable projects; 2) Reward-based Crowdfunding: for pre-selling; 3) Equity-based Crowdfunding: for high-risk investments; and 4) Lending-based Crowdfunding: for low-risk investments.
Table 1 lists the typical uses of crowdfunding. The type of crowdfunding used depends on the average amount which is possible to raise. Equity campaigns for startups and for real estate projects, for example, have the highest campaign amounts on average. Meanwhile, reward- and donation-based crowdfunding campaigns have the lowest campaign amounts on average.[iv]
Table 1: Uses of Crowdfunding
| Type of CF | Who uses them |
| Donation-based CF | ● Non-profit organisations and charities for social welfare projects ● Public institutions and municipalities for Civic Crowdfunding ● Private persons for personal causes (“Friendraising”) |
| Reward-based CF | ● Solo entrepreneurs for creating new business opportunities ● Startups for financing prototypes ● Creative organisations and artists for reaching audiences |
| Equity-based CF | ● Startups for obtaining seed funds ● Medium-size companies for financing during the growth phase ● Real estate developers for financing new projects ● Energy developers for energy plants ● Public institutions to finance infrastructure projects |
| Lending-based CF | ● Solo entrepreneurs to finance new business ventures ● Private individuals financing personal expenses via loans ● Companies financing business strategies via loans |
Taxonomy of Crowdfunding
Crowdfunding platforms (CFPs) are of central importance for crowdfunding—they serve as intermediary between project and supporters. In some cases, platforms also display projects which they develop on their own. The platform facilitates payments between supporters and projects. Platforms work with fees, which they charge to supporters.
The project owner prepares and implements the campaign. Texts, images, pitch videos and other communication material are submitted to the platform. The supporter enters an agreement with the project to transfer a certain amount of money via the platform to the project owner under certain conditions set by the platform.
The campaign includes all activities of the project to reach potential supporters. These can be activities on the platform, in social media and traditional media, e-mails and events. The (funding) goal is the amount of money indicated by the project owner. The platforms often have maximum funding goals, which depend on local regulation and other conditions of crowdfunding. The (funding) period is a certain time span in which the funding objective is to be achieved. Some platforms have a fixed funding period, while others allow projects to choose their own. Rewards are tangible or intangible items given to the supporter during reward-based crowdfunding.
Most crowdfunding platforms follow an "all or nothing" (AON) approach, which means that the funding goal is binding. The platform only transfers the money to the project when the project campaign reaches its funding goal. The most prominent global platform is the US-based Kickstarter, where the funding goal is set by the project and the platform monitors the achievement. Some platforms offer a non-binding funding goal and pursue a "keep it all" (KIA) approach. The most prominent of these is the US-based platform Indiegogo, where the funding goal is also set by the project, but the platform transfers any money received directly to the projects. This can be highly useful in some cases, e.g. if a project does not need a certain amount of money, but every amount helps to make it better or more progressive. The keep-it-all approach is often used in donor-based crowdfunding.
Crowdfunding ecosystems
Crowdfunding Platforms are part of a regulatory and technological ecosystem and it has been part of policy analysis for quite some time now. The European Crowdfunding Network in 2013 discussed measures to improve the CF Ecosystem across Europe, leading to an extensive dialogue in the European Crowdfunding Stakeholder Forum of the European Commission on how to generate more cross-border transaction in CF.[v] The European Crowdfunding Hub analysed the European CF Ecosystem and developed an Alternative Finance Maturity Index, which consisted of criteria such as the diversity in Types of Platforms and the existence of bespoke Crowdfunding regimes. [vi]
The Start-Up Tab.io developed CAMFI (Alternative Finance Index)[vii] which uses market data and prices on secondary markets to estimate the maturity of an CF. The Stockholm School of Economics developed a classification for a Fintech Market and criteria for a working CF ecosystem, which includes criteria such as Self-Regulation and Institutionalised Dialogues with the Regulator.[viii]
Building on previous research mentioned above, this brief proposes the following classifications:
Table 2: Characteristics of maturity of CF ecosystems
| Seed stage | Growth stage | Mature stage |
| Dominant type of CF | ||
| Donation-based | Reward-based, emerging equity and lending-based | Equity- and Lending-based |
| Role of international platforms | ||
| International platforms dominate volume; local platforms nascent | Local platforms compete with international platforms, are creating niche services | Local platforms are more successful than international platforms |
| Crowdfunding regulation | ||
| No bespoke CF Regime | CF Regime incorporated in Capital Markets Regime | Specific CF Regime |
| Crowdfunding associations | ||
| Very little informal dialogue between platforms | Formal network of platforms | Associations of platforms with self-regulation |
Seed Stage Crowdfunding Ecosystems are not without regulatory frameworks pertaining indirectly to the operation of Crowdfunding platforms. At the most basic level, all platforms have to comply with Know-Your-Customer rules to avoid money laundering, financing of terrorism and other related activities, or fraudulent behaviour. To comply with these rules, platforms either have to identify both supporters and projects, or cooperate with a financial institution. In Growth Stage Crowdfunding Ecosystems, the status of Crowdfunding platforms is addressed in the Capital Markets Regime, sometimes eliminating the need to cooperate with a licensed financial service provider regime, sometimes specifying regulation regarding the protection of investors and the avoidance of conflict of interest between platform and investor. In Mature Stage Crowdfunding Ecosystems, the bespoke Crowdfunding regime, a specific legal status is introduced for platforms or Crowdfunding Service providers. The specific legal status is developed for mostly equity-based and lending-based Crowdfunding platforms and introduces rights and duties of the platforms, often coupling the specific status of these platforms with exemptions for digital management of the investor relationship. For instance, in the European Union, the licence to provide Crowdfunding services across border is coupled with a more flexible obligation with regards to investor information and withdrawing the obligation to issue a so-called prospectus about the project.
The maturity of Crowdfunding ecosystems can also be seen through the lens of the relationship between platforms and regulators. Regulators in Seed Stage CF Ecosystems are not aware of the need to regulate the market. In Growth Stage CF Ecosystems, regulators have become aware of the need, but are still in discussion about the right regime. Sometimes CF has been regulated by adapting other market rules. In Mature Stage CF Ecosystems, a specific CF Regime is in place.
Recommendations to Support CF Ecosystems
A government aiming to support the crowdfunding ecosystem could appoint a central department either at the Ministry of Finance or the Ministry of Economy (or their counterparts) to interact with stakeholders. The role of this coordinating body could be to collect and link best practices for the use of crowdfunding in all agencies and to work with CF platforms and industry networks.
It is also important to establish a database of best practices, platforms and industry data. Some efforts can already be seen, such as the collaboration of the University of Cambridge and the World Bank or the private sector initiative AlliedCrowd. The Centre for Alternative Finance at the Judge Business School of the University of Cambridge (UK) is currently developing a database of Alternative Finance regulation in a majority of the jurisdictions across the world, which would essentially make it easier to conduct a cross-border comparison of regulation.[ix] AlliedCrowd has been developing a database of platforms available in developing countries and has consulted governments in the creation of an Alternative Finance Ecosystem.[x]
Building upon existing regional initiatives can fast-track the development of political frameworks for Crowdfunding. The Association of Southeast Asian Nations (ASEAN), for instance, has provided a framework for Equity-Crowdfunding in the region and the University of Cambridge has provided a detailed analysis of East Africa, funded by UKAid through Energy4Impact and in partnership with East African countries.[xi]
These activities to grow the Crowdfunding Ecosystem could focus on developing the crowdfunding ecosystem as a whole, not just platforms. Platforms are essential in the crowdfunding ecosystem, but industrial networks, consultants, universities, Fintech startups[1] offering digital identification services are also necessary.
Activities could also focus both on the development of local actors and on supporting access for international actors. Mature CF ecosystems benefit from a variety of stakeholders. Supporting international platforms that gain access to a country strengthens the trust of donors, investors and lenders. Local platforms can collaborate with international platforms and develop new niches and local capacities.
To better understand the ecosystem, a local CF agency should map local CF Platforms, their contact details, their CF model, fees, and large projects. In general, increasing financial literacy helps the emergence of a CF ecosystem, and increases market stability and consumer awareness. Programs should therefore focus on online financial literacy.[xii]
Crowdfunding consultants play an important role in the development of a crowdfunding ecosystem. They can help project owners find the right platform, prepare the campaign and provide legal advice. Crowdfunding academies help consultants receive certificates for their knowledge and thus signal this knowledge to the market. The AltFin Lab of the United Nations Development Programme (UNDP), for instance, has organised several crowdfunding academies[xiii] where UNDP staff and local campaigns have been informed about the basics of crowdfunding, the differences between crowdfunding platforms and the elements of a campaign. The European Union's CrowdfundPort project, for its part, organises training sessions in Central European countries.[xiv] The project first developed a series of training modules, which were then localised and used by the project partners.
The promotion of industry meetings and research networks plays an important role in strengthening confidence in a CF ecosystem. These industry networks develop and improve standards, such as industry standards concerning fair marketing practices, disclosure of selection mechanisms (to increase transparency regarding the filtering and selection of projects on the platforms) and transparency with respect to fees charged by the platform. Independent research institutions, both private and public, provide data on market developments, industry maturity, success rates of projects, and campaign strategies. The government could facilitate these efforts by organising regular meetings between government representatives, industry representatives and researchers. In Malaysia, for example, the Securities Regulator Agency regularly invited all relevant stakeholders to discuss the emerging crowdfunding framework.[xv]
It is also important to support national and regional crowdfunding associations in developing codes of conduct and self-regulation. The African Crowdfunding Association aims to partner with UKAid to develop quality standards for the emerging industry and to develop a quality label, but needs further institutional support.[xvi] The European Crowdfunding Network was supported in its initial phase by the European Commission through tenders for research and data collection.
Co-Financing of Crowdfunding Projects can help the growth of an CF ecosystem. Matching funds schemes can create a transparent method for selecting projects; leverage public grants with private contributions, thus making the public grants more effective; and use the social media communication of the projects to increase the outreach of public grants. For each Euro/USD gathered by the Crowdfunding Campaign, the grant “tops up” the campaign with a similar amount. An example was the British Energy4Impact program. Through Energy4Impact and the program CrowdPower,[xvii] it was possible to receive a co-financing grant for renewable energy-crowdfunding projects in Africa. Established in 2015, Crowd Power has supported some 253 campaigns predominantly on platforms based in the UK, with projects in developing countries focusing on improving the access to renewable energy sources and raised more than three million British pounds.
Increasing the capacity of regulators is important when there is no bespoke regulation on Crowdfunding. Regulators could be informed about CF, different types of Crowdfunding and Alternative Finance. The Milken Institute together with FSD Africa is supporting regulators in Eastern Africa in developing regulator capacity for Crowdfunding.[xviii] Setting up a Public Register of Companies active in the space of Alternative Finance could help the regulator to understand the market better. For instance, the Malaysian Securities Commission set up a Public List of Registered Companies.[xix]
The development of a regulatory framework is an important milestone in the creation of a mature CF ecosystem. Platforms and projects in international contexts face a wide range of legal grey areas: money laundering, anti-fraud, customs and taxation, investor protection, financial supervision, rules on issuing and trading securities, and rules on brokering loans.[xx] The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in Morocco supported the Ministry of Finance in developing a legal framework for crowdfunding.
A regulatory framework should provide a dynamic and flexible approach to crowdfunding legislation, while being stable enough to strengthen investor confidence and sustainable business models of the platforms.
The crowdfunding regulation should be created in a separate crowdfunding regime specifically designed to strengthen the CF ecosystem. If the crowdfunding regulation is part of the global securities regulation, the platforms will often have to deal with regulation that is not aimed at them but at other parts of the financial sector.
The crowdfunding regulatory frameworks should consist of two parts:[xxi] General rules and detailed rules of regulators. The basic provisions should be covered by legislation, such as the definition of a CF platform, as well as the rights and obligations of a platform. A more detailed provision should be laid down in the rules of the regulatory authorities to allow the regulatory authority to be flexible and adapt to market changes. These rules may include, for example, thresholds, reporting obligations or exemptions. The crowdfunding regulation should be harmonised transnationally, preferably regionally. Points for harmonisation could be definitions, concepts, thresholds, and types of investment vehicles that can be used on CF platforms. Harmonisation efforts could also be used for the mutual recognition of licenses, in particular for cross-border activities.
The regulation should contain a set of transparency rules to be respected by the platforms and the ownership and legal status of the platform should be clear. Possible conflicts of interest should be taken into account, in particular when the owners or team members finance projects on their own platform. There should be a transparent fee structure and a clear process when a platform no longer exists. The platform should inform openly about possible risks.
Platforms should be required as licences, e.g. with local authorities. Licensing could include monitoring good standards and the requirement to acquire the knowledge to operate a platform. Lending-based CF may require capital requirements depending on the volume of credit. The licence should be subject to reporting requirements, e.g. on anti-money laundering activities.
It is possible to limit the use of the crowdfunding framework to certain services and products. These service and product restrictions may relate to business processes of the platform, project limitations, investor limitations and investment vehicle limitations. However, a balance also needs to be found between limiting the scope of the crowdfunding regulatory framework and enabling the industry to grow dynamically.
It is also necessary to ensure adequate project monitoring. Platforms should be required to carry out due diligence of the project, to carry out background checks on project owners, to review the creation of companies using the platform, or to identify the recipient of a loan if it is a private individual. Project monitoring should also include that the projects comply with all disclosure requirements and that the promotion of the crowdfunding campaign is not misleading. However, project monitoring should not lead to platform liability if the project fails economically.
Adequate investor/creditor supervision is also important. The platform must supervise the investment/lending process and ensure the implementation of caps. It must manage the entire financing process, including the completion of financing and over-financing. It must provide a process for managing customer enquiries and a dispute resolution process. It is necessary to distinguish between the limited liability of the platform and the full liability of the issuer. If a platform operates within the crowdfunding framework, it should be necessary to limit the platform's liability. At the end of the day, the crowd should decide on the feasibility of projects and thus also bear the risk of project failure.
To strengthen the ecosystem of alternative financing, it might be possible to create a regulatory framework that would be reviewed regularly, for example every three years, to analyse whether the ecosystem of mass human financing is still competitive. Some countries have also experimented with sandboxes, allowing Fintech platforms to facilitate certain rules for financial market players in the early stages of Fintech.
A currency volatility fund could help attract international investors by hedging against currency fluctuations. A first loss fund could also help to attract international investors by guaranteeing the investor protection against a certain level of losses. The Swedish development agency SIDA supports the Swedish Crowdinvesting Platform Trine with an investment protection system. The system protects an investor's first investments made through the crowdfunding platform with 60 percent protection. In the event of a project failure, the investor receives back at least 60 percent of the outstanding amount. Investments are protected only in Tanzania, Rwanda, Kenya, Uganda and Zambia. The loan period is a minimum of six months and a maximum of four years.[xxii]
To strengthen the confidence of supporters in transnational crowdfunding campaigns, development organisations could use their knowledge of the local situation to investigate projects. Certification of projects would lead to a quality label. Especially in equity-based crowdfunding, platforms can benefit from support in project due diligence. Local partner organisations could be trained to review local entrepreneurs, which in turn would strengthen investor confidence. The German Crowdfunding Association, the European Crowdfunding Network, the Estonian Fintech associations and many other Crowdfunding associations have developed their own quality label.[xxiii] The African Crowdfunding Association aims to become a self-regulatory organisation that monitors the platforms. It cooperates with African regulatory authorities so that the operating licence is dependent on the implementation of the quality standards developed by the association.
The Quality Label could also focus on the Social or Environmental Impact of Investment Projects. The German Forum for Sustainable Investments, the German Association of Startups and the German Association of Business Angels developed guidelines for green investments in the project “Green Up” which also resulted in a label for financial intermediaries and platforms.[xxiv]
From a tax point of view, unclear provisions on small amounts invested in a local crowdfunding project and reimbursing interest payments to investors are an obstacle to cross-border transactions. Tax incentives for diaspora payments could help channel more diaspora money from consumption into long-term local investment. The UK, for instance, has developed a tax incentive system used by equity-based and lending-based platforms, such a system could also be implemented for cross-border transactions.[xxv]
Conclusion
The subject of crowdfunding has captured the attention of entrepreneurs and policymakers across the world. The global crowdfunding volume was recorded at US$ 350 billion in 2017,[xxvi]surpassing the global net official development assistance of US$ 146 billion in the same year,[xxvii] and close to reaching the global volume of remittances towards developing countries of US$ 464 billion, also in 2017. [xxviii]
Crowdfunding is not only an instrument to generate donations for charitable projects and to alleviate poverty, but could also help provide funding for innovative initiatives such as start-ups, alternative energy projects or infrastructure projects. The participative nature of crowdfunding is well established: “Citizens could themselves suggest, design and monitor projects that would be of greatest benefit, submit these to an online platform for potential support and even pledge their own resources (financial or human) to back their ideas.”[xxix]
Crowdfunding can help small and medium enterprises obtain access to financing, especially in Africa. Small and systematic steps are more important than large-scale policy initiatives. Local platforms and international platforms can together develop a crowdfunding market.[xxx] What is necessary is a joint strategy to boost the CF ecosystem, as outlined in the previous section.
Public crowdfunding strategies are still emerging, even in developed countries. In Germany, the Coalition Contract featured Crowdfunding prominently, but a general crowdfunding strategy is not yet in sight.[xxxi] The Dutch, Swedish and the British governments, for instance, have collaborated closely with platforms to develop policy tools to facilitate cross-border crowdfunding, especially with a focus on emerging economies. The Dutch development minister led the efforts to use crowdfunding for an initiative to support women in developing countries.[xxxii] While public support from the minister does not replace a crowdfunding strategy, it certainly helps develop a systematic and long-term strategy to support the CF ecosystem. Political support can help to select an appropriate set of recommendations as outlined in this article.
Acknowledgements
The paper was written for the CyFy Conference in Morocco in June 2019, organised by the Observer Research Foundation. The author is grateful to the organisers, especially to Samir Saran, for the opportunity to speak at the conference, and to Trisha Ray; and to Vinia Datinguinoo Mukherjee for producing this brief. The author is also grateful to his colleagues at the University of Hamburg, Dr. Sabrina Korreck, Dr. Krystallia Moysidou, Prof. Dr. Piet Hausberg, Dr. Stefanie Pakura, Sven Niederhöfer, Alexandra Christiansen and Monia Kouki-Block for valuable discussions on the topic of Crowdfunding ecosystems. In particular, the author wants to express gratitude to his mentor and research supervisor, Prof. Dr. Sebastian Späth for his continued guidance and support. The academic collaboration with Tania Ziegler, Kieran Garvey, Rotem Shneor, Ana Odorovic, Bryan Zhang, Raghavendra Rau and Robert Wardrop from the University of Cambridge Centre for Alternative Finance has made it easier for the author to assess global Crowdfunding trends. Working in the German Crowdfunding Association and in the EU-funded project Crowd-Fund-Port helped the author shape his views on practical implementation on Crowdfunding regulation and understand more about different CF maturity. Worth mentioning is the input from Dr. Tobias Riethmüller, Konrad von Ritter, Patrick Mijnals, Jamal El Mallouki, Dirk Völker, Markus Schwaniger, Bruce Davies, Ronald Kleverlaan, Tim Wright, Dan Marom, Wolfgang Gumpelmaier-Mach, Michal Gromek and the team of the CrowdFundPort project by Interreg Central Europe on this issue. The paper benefitted from discussions held within the GIZ, the German Ministry for Development and other development agencies active in the field of Crowdfunding. However, all views are the author’s alone and any mistakes are his sole responsibility.
Endnotes
[1] Fin-Tech denotes start-up companies providing digital financial services
[i] Karsten Wenzlaff, Wolfgang Gumpelmaier, and Interreg Central Europe CrowdfundPort, “Crowdfunding Training Material for Small and Medium Sized Enterprises”, (July 2017).
[ii] Karsten Wenzlaff, Wolfgang Gumpelmaier, and Jörg Eisfeld-Reschke, “Crowdfunding What‘s in It for Development Aid?” (Frankfurt am Main: GIZ Germany, 2014).
[iii] Massolution, “2015CF Crowdfunding Industry Report”, Crowdfunding Industry Report, 2015.
[iv] Tania Ziegler et al., “Shifting Paradigms”, April 15, 2019.
[v] Dan Marom and Oliver Gajda, “Towards an Ecosystem for Early- Stage Finance and Innovation through Crowdfunding” (European Crowdfunding Network, 2013).
[vi] Ronald Kleverlaan and Tim Wright, “Current State of Crowdfunding in Europe” (Amsterdam: CrowdfundHub, 2017).
[vii] TAB Team, “Introducing CAMFI: An Index For Alternative Finance”, Tab.Io (blog), July 24, 2017.
[viii] Michael Gromek, “Keynote - Best Practices Building a National Crowdfunding Ecosystem”, (October 11, 2017).
[ix] World Bank and University of Cambridge Alternative Finance Center, “Volume Ranking – Cambridge-The World Bank”, 2018.
[x] Allied Crowd, “AlliedCrowds Capital Finder”, AlliedCrowds, 2018.
[xi] ASEAN, “FACILITATING EQUITY CROWDFUNDING IN THE ASEAN REGION” (Jakarta: ASEAN Secretariat, August 2017); Simon Collings and Davinia Cogan, “Crowd Power - Can the Crowd Close the Financing Gap” (Energy4Impact, UKAid, July 2017).
[xii] Margaret Miller et al., “The Case for Financial Literacy in Developing Countries Promoting Access to Finance by Empowering Consumers” (World Bank, 2009).
[xiii] UNDP Alt Fin Lab, “Global Crowdfunding Academy”, UNDP Alt Fin Lab (blog), May 19, 2017.
[xiv] Wenzlaff, Gumpelmaier, and CrowdfundPort, “Crowdfunding Training Material for Small and Medium Sized Enterprises.”
[xv] Asian Institute of Finance, “Crowdfunding Malaysia’s Sharing Economy,” AIF Research Report (Kuala Lumpur: Asian Institute of Finance, 2017).
[xvi] African Crowdfunding Association, “Regulatory Workshops”, 2018.
[xvii] Collings and Cogan, “Crowd Power - Can the Crowd Close the Financing Gap.”
[xviii] Jacqueline Irving, John Schellhase, and Jim Woodsome, “Framing the Issues: Developing Capital Markets in Rwanda” (Milken Institute Center for Financial Markets (CFM), February 2016).
[xix] Securities Commission Malaysia, “List of Registered Market Operators,” 2018, /digital/list_rmo/.
[xx] European Parliament, “European Crowdfunding Service Providers (ECSP) for Business,” 2018/0048(COD) § (2019).
[xxi] ASEAN, “FACILITATING EQUITY CROWDFUNDING IN THE ASEAN REGION.”
[xxii] SIDA, “What Is Investment Protection?,” 2017.
[xxiii] Bundesverband Crowdfunding, “Verhaltenskodex für Crowdfunding-Plattformen”, 2016; European Crowdfunding Network, “Code of Conduct,” July 1, 2015; Finance Estonia and Deloitte Legal Estonia, “Finance Estonia - Best Practice for Crowdfunding Platforms,” February 2016.
[xxiv] FNG Forum Nachhaltige Geldanlagen, “GreenUpInvest,” 2018.
[xxv] United Kingdom Government, “Venture Capital Schemes Manual”, 2018.
[xxvi] Tania Ziegler et al., “Expanding Horizon”, The European Alternative Finance Benchmarking Report (Cambridge, UK: University of Cambridge Alternative Finance Center, 2018).
[xxvii] OECD, “Development Finance Data - OECD”, 2018.
[xxviii] World Bank and GIZ, “Remittances”, 2018.
[xxix] Blair Glencorse, “Crowdfunding Development Aid Would Direct Funds Where They Are Needed Most | Blair Glencorse”, The Guardian, September 13, 2016, sec. Global development.
[xxx] Rolf Drescher, “Die Entwicklung nationaler afrikanischer Crowdfunding-Plattformen muss schrittweise erfolgen”, E+Z Entwicklung und Zusammenarbeit, September 7, 2017.
[xxxi] Bundesregierung, “Koalitionsvertrag Der Bundesregierung”, 2013; Bundesregierung, “Koalitionsvertrag Der Bundesregierung”, 2018; jsessionid=BCDA4E17BBDED58545F8C85087321E3D.s7t2?__blob=publicationFile&v=5; Karsten Wenzlaff, “Crowdfunding im Koalitionsvertrag: was heißt das für die Crowdfunding-Branche in Deutschland?”, ikosom - Institut für Kommunikation in sozialen Medien (blog), November 26, 2013.
[xxxii] van der Wolf, “Dutch Government Starts Crowdfunding Effort to Protect Women’s Rights”, VOA, January 30, 2017.
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Karsten Wenzlaff is a Crowdfunding and Alternative Finance Researcher at the University of Hamburg and Editor of the Alternative Finance Benchmarking Report of the University ...
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