Non-equity Crowdfunding as a National Phenomenon in a Global Industry: The Case of Russia

  • Evgeny TorkanovskiyEmail author
Part of the FGF Studies in Small Business and Entrepreneurship book series (FGFS)


Venture capitalists and entrepreneurs all over the world have tried to imitate the success of Kickstarter, Indiegogo and other crowdfunding platforms. Russia has followed suit with the emergence of local platforms for raising capital online in 2010–2013. The moving forces behind this were an eagerness to copy a successful business model, existing language and legislative barriers and the potential capability to raise capital from strangers from afar that might be very important in such a vast country as Russia. However, given the performance of Russian platforms for non-equity-based crowdfunding it is evident that the success of local platforms largely depends on the characteristics of the national market and competition from international platforms. We provide a preliminary exploration of the underlying economics of Russian crowdfunding and its relationship with the international crowdfunding community. We offer a framework for speculating on how crowdfunding may unfold at national level and what the required conditions for its local development might be.


Crowdfunding Non-equity Fundraising Russia National platform Planeta Boomstarter 


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Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  1. 1.Institute of EconomicsRussian Academy of SciencesMoscowRussia

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