This paper is based on another paper I have written, what can we say about the users of crowdfunding platforms? This paper focuses on advantages and disadvantages with crowdfunding and the users of crowdfunding platforms. Previously researchers mean that there are both positive and negative things about crowdfunding and these will be analyzed and raised in this paper. There is not much information about the users of crowdfunding platforms. In a previous paper I did a survey to try to identify who the users of crowdfunding are. In this paper the result from that survey will be analyzed and hopefully succeed in identifying the characteristics of users of crowdfunding platforms.

Denna uppsats behandlar finansieringssättet "crowdfunding" ur ett mervärdesskatterättsligt perspektiv.

Crowdfunding describes the emerging phenomenon of raising financing from a large audience via the Internet. The purpose of this thesis is to describe what factors influence individuals to invest in crowdfunding projects and to test their explanatory strength of how much someone invests. A conceptual framework is developed and a study of 735 individuals was conducted on three international crowdfunding platforms. The findings show that trust is important and that the individuals are mainly driven by willingness to help, to support a good cause and to be part of a project realization. The study also shows that some of the factors have a significant relationship to the investment size; however, these factors can only explain a small part of the investments. The thesis provides some tentative insights and implications on how to successfully raise financing through crowdfunding and takes a further step towards explaining this new phenomenon.

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Raising funds through crowdfunding has experienced an accelerated growth for start-up companies. Moreover, recent literature suggests that crowdfunding has developed from being just a fundraising tool to a versatile marketing tool (Brown et al., 2016). Even though the marketing aspect of crowdfunding has been researched, there are no clear distinctions of explicitly what marketing values a crowdfunding campaign may entail. This study investigates the two dominating crowdfunding approaches for commercialized ventures, namely, reward- and equity-based crowdfunding. A gap in literature has been identified regarding differentiating reward- and equity-based crowdfunding, in terms of what marketing values they encompass from an entrepreneur’s point of view. The authors’ theoretical position comprehends a connection between crowdfunding and marketing values, which the authors aim to investigate through an exploratory approach. The empirical findings are based upon eleven face-to-face, semi-structured interviews with entrepreneurs who has launched a successful crowdfunding campaign and can thereby be considered experts in the field. Through the empirical findings, the authors were able to identify how each approach creates value for the company. The empirical findings suggest that there are convergences and divergences, differentiating reward- from equity-based crowdfunding. This study aims to support and guide entrepreneurs who want to start a crowdfunding campaign by giving the entrepreneurs directions depending on what marketing values they may seek.

Online equity-based crowdfunding, also known as regulation crowdfunding, or Reg CF, is a financing process by which a large number of individuals pool resources towards the support of a project in return for a pro-rated stake or return. Still in its infancy, crowdfunding has been largely unexplored and minimally tested within the architecture realm, likely due to the high capital requirements and complex building regulations. Yet, as it expands into a viable market, equity crowdfunding may offer architects an alternative: a more democratic, open-source and participatory building process, and the ability to re-position their role as facilitators of catalytic projects. While donation and reward-based crowdfunding platforms (such as Kickstarter and Indiegogo) are used to fund smaller-scale projects, equity-based crowdfunding platforms (such as WeFunder, Small Change and SeedInvest) have been increasingly used in larger-scale real estate transactions. Currently less than 1% of all crowdfunded projects are civic design-focused. A recent study found only 3% of architecture campaigns use equity crowdfunding compared to 71% of reward-based crowdfunding and 14% of donation-based crowdfunding. Equity crowdfunding has raised the highest amount of funds per architecture campaign per crowdfunding type, upwards of $50,000 on average, and the broader US market projects exponential growth, upwards of $8 billion by 2020. Because investors are given equity incentives, they are more likely to contribute higher amounts, provided that there is a strong team and clear business plan. Architects can now test and receive feedback on public sentiment around once-unconventional ideas, and move forward on projects that might not have appealed to conventional investors. Additionally, architects can circulate their proposals with an international group of like-minded possibly-interested investors and support networks; build awareness around challenges they seek to address; showcase their expertise around project types; and improve the likelihood - through increased political and financial capital - that their ideas evolve into reality. This thesis overviews the landscape of crowdfunding in architecture, specifically equity crowdfunding; details how it might be integrated and initiated as an early-stage participatory tool by architects to generate support for their proposals; and explores the implications crowdfunding may have on the architecture process. The thesis tests such a process through a theoretical equity crowdfunding campaign - “Gowanus Crossing” in Brooklyn, NY, which proposes a 290-footlong water remediation bridge across the toxic waterways of the Gowanus Canal. The aggregated system of the bridge incrementally develops as financing becomes available and the project raises immediate public awareness around efforts to clean the water. Overall, this thesis suggests architects are ideally suited for facilitating crowdfunding campaigns. Equity crowdfunding becomes a financing process that will alter the traditional building process but may also become a tool architects could utilize to pro-actively respond amidst the challenges of climate change, political partisanship, and urban disinvestment. / 0 / SPK / specialcollections@tulane.edu

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Titel: Crowdfunding i fastighetsbranschen – Ett alternativ i finansiering?Ämne kurs: Fastighetsvetenskap, Kandidatuppsats 15 hp Författare: Magnus Grankvist Handledare: Lars Steiner Nyckelord: Crowdfunding, Fastigheter, Finansiering Syfte: Syftet med denna uppsats är att undersöka crowdfunding i relation till nystartade- och mindre fastighetsbolag och analysera dess roll i samband med projekt för ombyggnad och nyproduktion av fastigheter. Metod: Studien har en kvalitativ metod med angreppsätt i litteraturstudie och intervjuer. Intervjuerna har genomförts i två personliga intervjuer och tre mejlintervjuer med företag i fastighetsbranschen som har en koppling till frågeställningen. Teori: Den teoretiska ansatsen i studien är baserad på litteratur inom ämnet, men också där författaren har valt egna teoriteman för vad som passar för uppsatsen. Slutsats: Crowdfunding i fastighetsbranschen förklaras som en väldigt ny metodväg för de flesta fastighetsföretag. Företagen förstår kapitalanskaffningsmetoden, men externa ägare och traditionella utlånginsvägar är motiveringen till varför det inte är aktuellt för projekt med låg risk. Däremot kan det finnas behov vid utvecklingsprojekt eftersom studien också visar på ett framtida ökat krav på egeninsats vid utlåning. Studien identifierar även många fördelar i kostnadsstrukturer som kan underlätta för fastighetsägaren. Crowdfunding kan vara ett alternativt sätt för fastighetsägare att finansiera utvecklingsprojekt / Title: Crowdfunding in real estate industry – A alternative in financing?Course: Real Estate Science, Bachelor Thesis 15 hp Author: Magnus Grankvist Advisor: Lars Steiner Key Words: Crowdfunding, Real estates, Financing Purpose: The purpose of this study is to investigate crowdfunding in relation for startups- and minor real estate companies, further on to analyze it´s significance in rebuilding projects and new buildings. Methodology: The study has qualitative methodology, it is based on literature within the subject and interviews with company in the industry. It has a connection to the framing of questions. Theory: The theory in the study are based on literature within the subject, but also theory themes which the author has creates according to the framing of questions. Conclusion: Crowdfunding in the real estate industry, can be described as a relative new method in financing for the real estate companies. The companies understand the principles of crowdfunding, but external real estate owners and traditional loan means are the explanation why it´s not an option for projects whit less margin for yield. In opposite crowdfunding could well be an option for projects with large yields, since the study shows a speculation in higher demands of the real estate owners financial means in the future. The study identifies several benefits with crowdfunding when it comes to structures in costs of building. Crowdfunding can be an alternative for the real estate owners in financing development projects.

Submitted by Daniela Beretta Marçal (dbmarcal@hotmail.com) on 2018-09-28T19:49:38Z No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-28T20:06:03Z (GMT) No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-10-01T13:35:44Z (GMT) No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) / Made available in DSpace on 2018-10-01T13:35:44Z (GMT). No. of bitstreams: 1 Dissertação - Daniela Beretta Marçal - 28Set2018 - 16h10.pdf: 2200904 bytes, checksum: 7a11284bda3be53e808005ec7e9abfc8 (MD5) Previous issue date: 2018-09-04 / O presente trabalho tem por objetivo identificar as possíveis implicações tributárias para o investidor no mercado doméstico de crowdfunding de investimento. Mais especificamente, trata da tributação dos ganhos e rendimentos provenientes do investimento de capital empreendedor em sociedades empresárias de pequeno porte, por parte de pessoa física residente no Brasil, no ambiente de plataforma eletrônica de investimento participativo. O método de investigação adotado é o interpretativo, mas buscou-se em evidências empíricas, elementos indicativos para melhor conexão do conteúdo desenvolvido com a realidade observada. As duas questões centrais para as quais o trabalho busca apresentar resposta são: a) Qual é a tributação incidente sobre o investimento nos valores mobiliários no mercado doméstico de crowdfunding de investimento? b) A tributação do investimento via crowdfunding de investimento é coerente com as medidas de incentivo ao investimento em capital produtivo? As normas jurídicas aplicáveis à prática jurídica-negocial investigada são analisadas, considerando os vetores orientadores da regulação e da tributação nos mercados financeiro e de capitais, bem como a necessidade de mecanismos que contribuam para o desenvolvimento nacional. / The purpose of this dissertation is to identify the possible tax implications for the investor in the domestic market of investment-based crowdfunding. In particular, the taxation of earnings and income from the investment of venture capital in small business enterprises, by a natural person resident in Brazil, in a crowdfund investing platform. The interpretative method is the one adopted in this study, but empirical evidences were also looked in order to give indicative elements for a better connection of the developed content with the observed reality. The two main questions to which the paper aims answer are: a) What is the incident taxation on investment in securities in the domestic market of investment-based crowdfunding? b) Is the taxation on the investment via investment-based crowdfunding consistent with the incentive measures in productive capital? The applicable juridical norms to the researched legalnegotiating practice are analyzed considering the drivers of regulation and taxation in the financial and capital markets, as well as the need for mechanisms that contribute to national development.