Rola crowdfundingu udziałowego w finansowaniu przedsiębiorstw w Polsce
The role of equity crowdfunding in enterprise financing in Poland

Summary/Abstract: Access to capital is one of the problems faced by owners of small and medium-sized enterprises (SME) in Poland. Lack of capital may translate into a deterioration of the company’s competitive position. Equity crowdfunding is a relatively new source of financing for enterprises. The article aims to present crowdfunding in the share model in Poland in the period 2012–2022 and the possibilities of its use by enterprises as a source of financing. The study covers crowdfunding platforms in the equity model. The donation crowdfunding market is also outlined. The article uses a comparative analysis based on the analysis of the literature on the subject, inductive-deductive reasoning and desk research analysis. Based on the conducted research, it can be concluded that in the period 2012–2016, equity crowdfunding was not a source of raising capital for enterprises. The situation began to change in the following years. The rapid growth of equity crowdfunding (more platforms, more companies, more issues) was observed in 2019–2021. The development prospects for equity crowdfunding have also changed: legal regulations have entered into force that have given crowdfunding a formal and institutional framework, which is expected to significantly translate into its development.

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