Сrowdfunding platforms as an example of innovation startup’s financial support

Financial support is very important in the innovative sphere, because it creates the basis of the whole economic development. There are several ways how this support can be organized: from the family money to government subsidy. This paper focused on a relatively new way how a startup as a small innovative business can gain finance - crowdfunding platforms. As a preparation for the analysis theoretical concepts of innovative startup investment were considered and the unique characteristics of crowdfunding market were examined. The purpose of the study is to underline main characteristic of startups as a way of financial innovation performance, analyze the determinants of crowdfunding platform’s effectiveness, define an optimal strategic behavior for a platform to accumulate greater amount of investment and increase the number of startups which achieve their financial goals. Analysis is based on the data from 105 crowdfunding platforms during last 3 year (from 2018 till 2020). As a result, based on the multiple linear regression an analysis was conducted which showed that age, platform type and scope are main characteristics of crowdfunding platform efficiency while commission type is not correlated with startup crowdfunding success rate.