The Emergence of Crowdfunding in Poland: Theoretical Framework for the Analysis

Abstract

The financial crisis of 2007-2009 had many serious consequences for the global economy and in particular for many markets. Consumer confidence in financial organisations has declined and the balance of power in these industries has generally changed. It was then that the most popular crowdfunding platforms were created. In this situation one can observe two phenomena. On the one hand, there emerged alternative ways of investing money without the participation of the financial markets through investing in crowdfunding projects. On the other hand, companies, inventors and creators gained the opportunity to obtain financing from alternative sources and not rely heavily on banking and investment industries. Also in Poland, the possibility of using such services appeared immediately after the crisis, which might have a positive influence on the development of the economy. The aim of the paper is to present the phenomenon of crowdfunding in Poland (connected with global processes) and to place it in the theoretical framework of economic sciences. The paper serves as an introduction to more indepth studies on crowdfunding and a summary of current research agendas.