THE ROLE OF CROWDFUNDING SYSTEMS DURING CRISES AND MILITARY ACTIONS

Oleh Redko (), Oleksandra Moskalenko () and Yana Vdodovych ()
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Oleh Redko: Kyiv National Economic University named after Vadym Hetman, Ukraine; BizzBizz Inc., Canada
Oleksandra Moskalenko: Kyiv National Economic University named after Vadym Hetman, Ukraine; Vienna University of Economics and Business, Austria
Yana Vdodovych: V. I. Vernadsky Taurida National University, Ukraine; BizzBizz Inc., Canada

Baltic Journal of Economic Studies, 2022, vol. 8, issue 4

Abstract: This article is about how crowdfunding and crowdinvesting systems can be used during crises and hostilities. This article provides examples of different types of possible crowd-system. Research subject. Crowdfunding and crowdinvesting systems as the institutional instruments (P2P) which are used during crises and hostilities, among them are as follows: Violence Crowdfunding systems, General Crowdfunding Systems, and Crowdinvesting Systems alike. Methodology. The authors used a complex of research methods and approached as interdisciplinary approach, evidence-based approach, and practical business cases. Also, general scientific research methods were used (analysis and synthesis of information), as well as an inductive and deductive research methods. The goal of the article is to consider the prospects for the use of crowdfunding platforms as an element of solving the military crisis on the territory of Ukraine. Conclusions. The Special attention was paid to the war crises in Ukraine and the situation of the crowdfunding and crowdinvesting systems in Ukrainian society. It is provided detailed examples of the use of crowdsourcing systems in Ukraine during the war nowadays and explained the need for the creation of an independent Ukrainian crowdfunding platform. Additionally, the ways of the creation of such a platform are clarified. Ukrainian society during the military crisis gained experience in crowdfunding that was not familiar or even available. However, Ukrainian society is very actively popularizing crowdfunding or rather its foundations. Crowdfunding is currently most common when looking for funding for military needs: from mass arms purchases to financing individual soldiers. In a short time, thanks to the stress of war, many people have made crowdfunding a part of their lives and instilled this habit in society. The first crowdfunding platforms are already appearing to give Ukrainians the opportunity to fund some Ukrainian startups, companies, and ideas. One of the most difficult elements in creating and launching a crowdfunding platform is not building the platform itself, but integrating it. A decade ago, the creation of a crowdfunding platform and integration of the entire crowdfunding system, was a complicated and costly procedure. The most difficult thing is to integrate the platform into society so that mass use can begin.

Keywords: crowdfunding; crowdinvesting; war in Ukraine; solution for crises; solution for hospitalities; COVID-19 (search for similar items in EconPapers)
JEL-codes: H12 O15 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bal:journl:2256-0742:2017:8:4:16

DOI: 10.30525/2256-0742/2022-8-4-117-121

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