Crowdfunding in Russia: Russian Companies’ Experiences with Crowdfunding

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Resumo

The development of crowdfunding has a positive impact on the country’s economy by increasing the resilience of small businesses and reducing their risks. This article presents the results of a study examining Russian companies’ experiences using investment platforms to raise capital. The study was conducted using a quantitative online survey of companies. It was found that Russian companies generally do not use crowdfunding tools or raise capital through investment platforms (crowdlending, crowdinvesting).

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Sobre autores

Pirmagomed Shikhgafizov

Financial University under the Government of the Russian Federation

Autor responsável pela correspondência
Email: psshikhgafizov@fa.ru
ORCID ID: 0000-0002-9154-8877
Código SPIN: 2500-1364

Cand. Sci. (Sociol.), Associate Professor, associate professor, Department of Sociology, Faculty of Social Sciences and Mass Communications, leading researcher, Center for Banking Consulting and Applied Research

Rússia, Moscow

Milena Danilova

Financial University under the Government of the Russian Federation

Email: MRDanilova@fa.ru
Código SPIN: 9045-9078

postgraduate student, assistant, Department of Sociology, Faculty of Social Sciences and Mass Communications, chief specialist, Educational and Scientific Sociology Laboratory, Department of Sociology, Faculty of Social Sciences and Mass Communications

Rússia, Moscow

Artem Malshakov

Financial University under the Government of the Russian Federation

Email: AAMalshakov@fa.ru
Código SPIN: 7745-1418

research assistant, Center for Banking Consulting and Applied Research; specialist, Educational and Scientific Sociological Laboratory, Department of Sociology, Faculty of Social Sciences and Mass Communications

Rússia, Moscow

Bibliografia

  1. Evseenko V.A. Advantages and risks of crowdfunding as a project financing model. Collection of scientific papers in the series “Finance, Accounting, Audit”. 2023. No. 1 (29). Pp. 103–118. doi: 10.5281/zenodo.7885221. EDN: WMGTOC.
  2. Kuvaldina T.B., Sledneva K.E., Balashova Yu.G. Crowdfunding as an element of digital financial infrastructure. Siberian Financial School. 2025. No. 2 (158). Pp. 113–123. (In Rus.). doi: 10.34020/1993-4386-2025-2-113-123. EDN: ASGKVI.
  3. Medvedeva L.D. Modern forms of financing based on crowd technologies. In: Economy of the 21st century. Collection of materials of the IV International scientific and practical conference within the framework of the Decade of Science and Technology in the Russian Federation (Novosibirsk, December 12–13, 2024). Novosibirsk: Siberian University of Consumer Cooperatives, 2024. Pp. 254–258. EDN: ECAKSM.
  4. Orlova L.V., Sharifov P.Z. The role of blockchain technologies in the development of technological entrepreneurship. Trends in the Development of Science and Education. 2025. No. 119-4. Pp. 157–160. (In Rus.). doi: 10.18411/trnio-03-2025-169. EDN: QPZPIW.
  5. Yakimova V.A. Risks of agents of digital investment ecosystems. In: Actual problems of economic security of the state and business: Conditions of the new reality. Proceedings of the II International Scientific and Practical Conference, Novosibirsk (April 27–28, 2023). Novosibirsk: Novosibirsk State University of Economics and Management, 2023. Pp. 385–390. EDN: GGWLIE.

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Ação
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2. Fig. 1. Distribution of responses to the question: “Has your company raised funding through venture capital or private equity?”

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3. Fig. 2. Distribution of responses to the question “How did the company learn about investment platforms?”

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4. Fig. 3. Distribution of responses to the question “How long has the company been raising funds through investment platforms?”

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5. Fig. 4. Distribution of responses to the question “How often does a company attract financing through investment platforms?”

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6. Fig. 5. Distribution of responses to the question “For what period is your company interested in raising funds through investment platforms?”

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7. Fig. 6. Top 5 answers to the question “What factors are most important for you when choosing an investment platform?”

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8. Fig. 7. Distribution of responses to the question “How many investment platforms do you use to attract funding?”

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