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Eco-Crowdfunding in RECOMMEND partner regions Presentations by Lead Partner, Slovenia, Czech Republic & Italy 24th October 2013 24th October 2013 Eco-Crowdfunding and the public sector in Austria Benjamin Kuscher RECOMMEND External consultant ConPlusUltra Ltd. [email protected] 24th October 2013 24th October 2013 What is crowd funding? How does it work? Definition: The collective effort of individuals to pool money in order to support efforts from other people or organisations. 24th October 2013 It works when: • Someone has an idea but insufficient capital • They put this idea on a crowd funding website, with a video and description. • The creators state the amount they seek • ‘Fans’ pledge money towards the cause 3 What public sector can do for Crowdfunding? • Question : What does crowdfunding has to do with the public sector? • Crowdfunding is currently mainly a private initiative • • • • Change the law! Promote the idea of crowdfunding Promote already legal forms of crowdfunding Co invest with crowdfunding platforms 24th October 2013 4 Eco-Crowdfunding in Austria Two examples LEGAL: Sale-and-Lease-Back-Contract - The client buys a solar panel from the energy provider. - The energy provider leases the panel back and pays a yearly rent to the client. - The client is therefore the official owner of the panel. - www.buergersolarkraftwerk.at 24th October 2013 ILLEGAL: Company-Saving-Club - A company offers interest if a private person directly gives a credit. - Those credits can be very small. (€ 200). GEA collected more than € 3,000,000.- The financial market supervision sees that as hidden bank business without banking licence - http://www.gea.at/home.html 5 Eco-Crowdfunding in Austria - Conclusion Two examples LEGAL: Sale-and-Lease-Back-Contract ILLEGAL: Company-Saving-Club - This model is very useful for already established energy providers to finance additional green plants - High risk for the client. - High revenue for the client. - Very good to finance new innovative ideas. - The banking sector is extremely risk avers and therefore this is an alternative model. - The national and European policy need to define new regulations - Only already existing technologies will be financed via this model - Good for the environment but no innovation 24th October 2013 6 (eco) crowdfunding in the Czech Republic Jan Jareš Ekoport, Czech Republic 24th October 2013 24th October 2013 Crowdfunding in CZ • booming and fast developing topic right now • though only few sectors affected (by importance) charity (e.g. Charity Water, Internet pomáhá) culture / art (e.g. Kickstarter, IndieGoGo, HitHit) business / investments (e.g. Profounder, Sprowd, Open Startups) • within charity sector it is sometimes being replaced by “micro-financing” or “social business” tools • no specific tools for “eco” business 24th October 2013 8 Pre-conditions for CF in general • limitations within Czech legal systems • minimal investment in the shareholds of the company (ltd.) is 20.000 CZK (= 800 eur) • not only byrocracy is unbearable with e.g. 1000 shareholders / investors • inspiration by US law “Access to Capital Act” needed in EU / CZ! 24th October 2013 9 Eco-Crowdfunding and the public sector in Slovenia Uroš Majerič [email protected] 24th October 2013 24th October 2013 What is crowd funding? • The use of small amounts of capital from a large number of individuals to finance a new business venture. 02.08.2017 11 What public sector can do for Crowdfunding? - develop or co invest in Crowdfunding platforms - include public tendering in Crowdfunding platforms (Startup Slovenia) 24th October 2013 12 Crowdfundig in Slovenia • Initiative Slovenia Crowdfunding – helps businesses to start a Crowdfunding campains • Development agency of Maribor – helps to develop a functioning company from an idea 24th October 2013 13 Initiative Slovenia Crowdfunding Helped to develop 7 campaigns • Red Pitaya measuring instrument • Xvida Boomerang • Lumu • ONDU Camera • Musguard • LLStol – LL Chair • Beer Brewery Pelicon 24th October 2013 14 (eco) crowdfunding in the Czech Republic Jan Jareš Ekoport, Czech Republic 24th October 2013 24th October 2013 Crowdfunding in CZ • booming and fast developing topic right now • though only few sectors affected (by importance) charity (e.g. Charity Water, Internet pomáhá) culture / art (e.g. Kickstarter, IndieGoGo, HitHit) business / investments (e.g. Profounder, Sprowd, Open Startups) • within charity sector it is sometimes being replaced by “micro-financing” or “social business” tools • no specific tools for “eco” business 24th October 2013 16 Pre-conditions for CF in general • limitations within Czech legal systems • minimal investment in the shareholds of the company (ltd.) is 20.000 CZK (= 800 eur) • not only byrocracy is unbearable with e.g. 1000 shareholders / investors • inspiration by US law “Access to Capital Act” needed in EU / CZ! 24th October 2013 17 Equity-Crowdfunding in Italy Claudio Carlone RECOMMEND PROJECT PARTNER External consultant Eurocentro s.r.l. [email protected] 24th October 2013 24th October 2013 What is the EquityCrowdfunding • People who are going to invest money in a startup will receive its company stocks. Other types of crowdfunding: • Reward based crowdfunding (money for a reward) • Donation based crowdfunding (money for nothing) • Social lending (it is a real term loan granted from different people) 24th October 2013 19 The new Italian legislation on Equitycrowdfunding • The “Growth Decree 2.0” approved on October 2012 stated that all people can invest money in a start-up trough crowdfunding online portals. • Before of the Decree only professional investors could invest money in start-ups by receiving stocks! 24th October 2013 20 PLEASE NOTE • The Decree is applied only to the constitution of start-ups in the form of L.t.d. companies. • The equity-crowfunding can be promoted only by specific online portals inserted in the “Consob Register” (the Italian Commission for the Regulation of Stock Exchanges). 24th October 2013 21 Equity-Crowdfunding Pro&Con PRO: CON: - Very specific National Law; - Fostering of the innovative economic development; - Focus on SMEs; - If the innovative idea is good you can receive more money than you expected; - Investors have many reasons to invest in the idea (not only economic interests). - Benefits limited to very specific companies (e.g. innovative startups and L.t.d. company); 24th October 2013 - Vey good communication and marketing skills are required to promote the idea among people and to receive funds. 22 Some examples of EquityCrowdfunding in EcoInnovation • Actually there isn’t a specific online portal dedicated only to the eco-innovative equity-crowdfunding. BUT • Please, consult some crowdfunding online-portals active in Italy: – Produzionidalbasso (www.produzionidalbasso.com) the first Italian crowdfunding online portal! – Kapipal (www.kapipal.com) general crowdfunding online portal, particularly dedicated to personal projects funding. – Siamosoci (www.siamosoci.com) specific equity-crowdfunding online portal, a sort of start-up browser for investors. – Ulele (http://it.ulule.com) crowdfunding online portal dedicated to creative and innovative projects funding. 24th October 2013 23 Italian Crow-funding Network • It is an independent Italian association with the aim to: – Map the crowdfunding offer in the Italian market; – Support the crowdfunding regulation process by the national law; – Represent crowdfunding on-line platforms interests; – Improve cooperation between organisations and institutions. http://www.italiancrowdfunding.org/home 24th October 2013 24 THANK YOU FOR YOU ATTENTION 24th October 2013 25