Crowdfunding in sustainable innovation: Insights from and for Slovakia

Michal Markuljak, Radovan Geist, Kaisa Johanna Matschoss, Juha Petteri Repo, Anita Tregner-Mlinaric

Research output: Book/ReportCommissioned reportProfessional

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 Slovakia. This policy brief looks at crowdfunding from several levels: a strategic, programmatic and case level. Crowdfunding initiatives in Slovakia started relatively recently, especially platforms that offer crowdfunding for commercial projects as opposed to philanthropic or non-commercial activities. Their structure and services are shaped by the market size, cultural factors, typical customer (projects applying for support) and investors approached by the platforms. Most of the examples from Slovakia would not correspond to a typical crowdfunding platform, as known from more developed markets. The novelty to a Slovak finance market is also mirrored in an underdeveloped legislative framework. Also, no specific public initiative is targeted at development of crowdfunding.
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

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

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