Crowdfunding in sustainable innovation: Insights from and for Bulgaria

Blagovesta Chonkova, Kaisa Johanna Matschoss, Petteri Repo, Anita Tregner-Mlinaric

Research output: Book/ReportCommissioned report

Abstract

The take up of innovative services and products has contributed to creative thinking also in terms of new sources of financing. Innovation processes are characterised by constant development, and it is beneficial if models of financing can be aligned to that. Crowdfunding, i.e. collecting finance from publics, has emerged as a new alternative also in the field of sustainable innovation. Crowdfunding is particularly interesting for Small and Medium size companies (SME’s) looking for financing when their product or service is not considered quite ready for investments. This policy brief looks how crowdfunding relates to sustainable innovation. It introduces crowdfunding as an activity, discusses it in relation to sustainable innovation and looks at the development of crowdfunding in Bulgaria. This policy brief looks at crowdfunding from several levels: a strategic, programmatic and case level. Concerning Bulgaria attention should be paid to promoting financial literacy, awareness and knowledge on investment opportunities and alternative financing (including crowdfunding) among citizens and local businesses and providing appropriate regulatory framework, which guarantees the rights of crowdfunding platforms’ users and the other involved stakeholders.
Original languageEnglish
Publisher¨Public Participation in Developing a Common Framework for Assessment and Management of Sustainable Innovation, CASI
Publication statusPublished - 22 Dec 2015
MoE publication typeD4 Published development or research report or study

Fields of Science

  • 512 Business and Management
  • 1172 Environmental sciences
  • 511 Economics

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