Crowdfunding as an innovative financing mechanism
https://doi.org/10.34020/1993-4386-2025-3-82-87
Abstract
The article examines crowdfunding as a modern financial instrument that is shaping new approaches to capital raising. The author analyzes the evolution of collective financing from historical precedents to digital platforms, and explores various crowdfunding models and their application in the modern economy. Special attention is given to the role of technological progress in the development of this mechanism and its impact on the transformation of the financial landscape.
About the Author
A. KramarenkoKyrgyzstan
Anna I. Kramarenko – Candidate of Economic Sciences, Associate Professor, Director of the Department of Development
Scopus ID: 58284110200
Bishkek
References
1. Kuvaldina T. B., Sledneva K. E., Balashova Ju. G. Crowdfunding as an Element of Digital Financial Infrastructure, Sibirskaja finansovaja shkola, 2025, No. 2 (158), рp. 113–123. (In Russ.). DOI: 10.34020/1993-4386-2025-2-113-123
2. Bouncken R. B., Komorek M., Kraus S. Crowdfunding: The Current State of Research, International Business & Economics Research Journal, 2015, Vol. 14, No 3, рр. 407–416. DOI: 10.19030/iber.v14i3.9206
3. Schueffel P. Taming the Beast: A Scientific Definition of Fintech, SSRN Electronic Journal, 201, Vol. 4, Iss. 4, рр. 32–54. DOI:10.2139/ssrn.3097312
4. Kallio A., Vuola L. History of Crowdfunding in the Context of Ever-Changing Modern Financial Markets. In book: Advances in Crowdfunding, 2020, рр. 221–222. DOI:10.1007/978-3-030-46309-0_10
5. Wilson R. Pledge Pioneers: How Marillion invented crowdfunding, Louder Sound, 2019. Available at: https://www.loudersound.com/features/pledge-pioneers-how-marillion-invented-crowdfund-ing (date of access:11.09.2025).
6. Massolution (Crowd Power Business). Crowdfunding Industry Report (short version). 2013CF. – 15 p. Available at: https://escolaecofeliz.wordpress.com/wp-content/uploads/2016/01/massolution-2013cf-excerpt.pdf.
7. Papaskua G. T. Crowdfunding: Concept, Types, and Risks, Aktual'nye problemy rossijskogo prava. 2021, Vol. 16, No. 7 (128), рp. 77–85. (In Russ.). DOI: 10.17803/1994-1471.2021.128.7. 077-085
8. Wojciechowski A. Models of Charity Donations and Project Funding in Social Networks. Part of the Lecture Notes in Computer Science, Poznan Poland: Institute of Computing Science Poznan University of Technology, 2009. PР. 454–463. Available at: https://www.sci-hub.ru/10.1007/978-3-642-05290-3_58. DOI: 10.1007/978-3-642-05290-3_58
9. Wangchuk P. Common types of Crowdfunding Models, Related Concepts and Its Impact on Business: A Brief Literature Review // Asian Journal of Economics, Business and Accounting. 2021, Vol. 21, Iss. 14, рр. 56–63. DOI: 10.9734/ajeba/2021/v21i1430471
10. Yasar B. The new investment landscape: Equity crowdfunding, Central Bank Review, 2021, Vol. 21, Iss. 1, рр. 1-16. DOI: 10.1016/j.cbrev.2021.01.001
11. Shneor R., Flåten B.-T. Opportunities for Entrepreneurial Development and Growth through Online Communities, Collaboration, and Value Creating and Co-Creating Activities. In book: Entrepreneurial Challenges in the 21st Century. Basingstoke: Palgrave Macmillan, 2016, рр. 178–199. DOI: 10.1057/9781137479761_11
12. Mollick E. R. The Dynamics of Crowdfunding: An Exploratory Study, Journal of Business Venturing, 2014, Vol. 29, Iss. 1, рр. 1-16. DOI: 10.1016/j.jbusvent.2013.06.005
13. Кuvaeva Ju. V., Chudinovskih M. V. Global Practice of Transforming Approaches to Crowdfunding Regulation, Vestnik NGUJeU, 2020, No. 3, рp. 114-128.. DOI: 10.34020/2073-6495-2020-3-114-128
Review
For citations:
Kramarenko A. Crowdfunding as an innovative financing mechanism. Siberian Financial School. 2025;(3):82-87. (In Russ.) https://doi.org/10.34020/1993-4386-2025-3-82-87












