Global transformation of crowdfunding model types: Experience for Russia and practical recommendations

Abstract

Subject. This article examines the issues of development of crowdfunding and the transformation of its model types in world practice and in Russia. Objectives. Based on the analysis of foreign practices, the article aims to trace the evolution of the global transformation of model types of crowdfunding from 2007 to 2023, as well as determine the prospects for the development of crowdfunding in Russia. Methods. For the study, I used the logical and systems approaches, analysis and synthesis, comparative analysis, and classification. Results. The article finds that the number of model types of crowdfunding in the global economy is constantly increasing, which reflects the demand for alternative sources of financing. In the Russian Federation, there are two developed types of crowdfinancing only, namely, the provision of loans and the purchase of equity securities placed using the investment platform. Conclusions and Relevance. In the context of sanctions pressure, the problem of developing own independent crowdfunding platforms is becoming more and more urgent. This will contribute to increasing the level of financial stability and ensure a certain financial sovereignty in attracting and allocating resources. The results can be used by participants in the Russian financial market, public authorities, as well as research and educational organizations when considering options for the development of alternative sources of financing.