Crowdinvesting: Challenges of market development
https://doi.org/10.18184/2079-4665.2026.17.2.372-388
Abstract
Purpose: to formulate proposals for the stable development of the crowdinvesting segment in the conditions of the current market challenges.
Methods: the research is based on the processing and analysis of data on deals conducted using crowdinvesting in 2022 – the first half of 2025. Systematization, classification and statistics methods were used to form the database. The methods of direct and indirect analysis were used to analyse the investors’ structure. The method of content analysis and comparison is applied to foreign scientific researches. To identify the market development prospects the analysis perimeter involves the regulatory environment, strategic financial market development documents, as well as modelling analysis of crowdinvesting platform and financial infrastructure interaction.
Results: the database of investors in crowdinvesting was investigated, which served as the basis for the analysis of market participants in quantitative and qualitative aspects. The author's typologization of business models of crowdinvesting platforms and classification of transactions is proposed, which can become a part of the methodological basis for the formation of a risk management system for this financial instrument. The risks inherent in the involvement of retail investors in venture financing are indicated. A conceptual fork in the financial market development strategy is outlined in the format of minority investors’ participation in the equity of joint-stock companies.
Conclusions and Relevance: recommendations for reducing risks and overcoming the limitations of the long-term development of the crowdinvesting tool were given. A comprehensive approach is proposed, which includes improving financial and investment literacy; increasing the share of institutional investors, taking into account the specifics of the early stages of the company's development, market segmentation depending on the type of transaction and characteristics of the company; risk distribution among market participants, taking into account the risk of transactions; improving the trust of all market participants by increasing information openness.
About the Author
M. B. Polyakova
Bank of Russia
Russian Federation
Competing Interests:
Russian Federation
Maria B. Polyakova, Candidate of Economic Sciences, Head of the Department of Financial Accessibility Methodology of Bank of Russia
Moscow
Competing Interests:
The authors declare that there is no Conflict of Interest.
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Review
For citations:
Polyakova M.B. Crowdinvesting: Challenges of market development. MIR (Modernization. Innovation. Research). 2026;17(2):372-388. (In Russ.) https://doi.org/10.18184/2079-4665.2026.17.2.372-388
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