Crowdfunding conference zagreb.jpg
Photograph: HINA / Tatjana MIŠČANČUK / mm

Crowdfunding, as a sort of group financing is constantly growing in Europe and the world, and even though it is only in its early stages in Croatia, around 400 such campaigns might be launched this year, which is twice as many as last year, the second Zagreb Crowdfunding Convention, heard on Thursday.

Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people. Crowdfunding is a form of crowdsourcing and of alternative finance.

The second crowdfunding convention in Zagreb which attracted about 200 participants from Croatia and Europe was organised by the non-profit company Brodoto and UNDP Croatia with the support of the US Embassy, the Kingdom of Norway, the Kingdom of the Netherlands, the Finance Ministry of Slovakia and the European Commission through its Interreg programme.

Considering global growth of crowdfunding, this form of financing could be as high as USD 100 billion, which is about USD 50 billion more than in 2015 and about one-third of that amount is achieved in the USA, the conference heard.

Growth is all the more evident in Europe where the value of crowdfunding last year was 5.4 billion euro, about 2 billion euro more than expected, and most of it was generated in the United Kingdom, followed by the Netherlands, Germany, France and the Scandinavian countries, Ronald Kleverlaan told Hina. Crowdfunding in Croatia is in its early stages, he added.

CrowdfundingHub is the European Expertise Centre on Alternative Finance and Community Finance. CrowdfundingHub was initiated in 2015 by Ronald Kleverlaan, an advisor to the European Commission and co-founder of the European Crowdfunding Network.

The organiser of the Zagreb convention, Marko Gregovic of Bodota said that crowdfunding endeavours to collect money for projects from various interested private and legal entities via internet platforms on the basis of 'how much someone can contribute.'

"The convention emerged from the Crowdfunding Academy, which we launched in Zagreb last year in cooperation with the UNDP, and attracted around 100 interesting projects. There are only a few crowdfunding platforms in Croatia," Gregovic added.

He said that as far as the region was concerned, Croatia conducted 200 campaigns last year, the most in the region, whereas this year that number could be around 400.

Assistant Minister of Entrepreneurship and Crafts Mario Antonic said that crowdfunding in Croatia and in most EU countries is still not regulated by law nor are there any EU directives in this regard and most activities are conducted based on decision by creative industry including software.

"All that is still in its infancy and there are a lot of Croatian projects that seek financing on foreign markets and platforms where this is more developed, for example, the UK. In Croatia such projects can apply for public tenders advertised by ministries for funding from EU funds," Antonic said.

Related stories

Latest news

EU anti-fraud office eyeing claims against Merkel challenger Schulz

Martin Schulz, the main contender against German Chancellor Angela Merkel in upcoming elections, could face a probe for advocating questionable bonuses and promotions while European Parliament president, the EU's anti-fraud office said Thursday.

EFA calls on Croatian state leadership to protect Croatian cinema

The European Film Academy, along with the 600 Croatian professionals who signed the manifesto of "We’ve Had Enough", expressed its belief in the importance of the independence of Croatian film, and in preserving the autonomy of the existing Croatian audio visual model and the continuity of current practices.

PSA chief: We want to keep Opel German

The head of French carmaker PSA Group, which last week revealed that it was in talks to buy Opel from General Motors, said that Opel should remain German if the deal goes through.

Bayern round the clock - German champions launch own TV channel

Bayern Munich fans will be able to follow goings on at the Bundesliga record champions in a new way from next week when the club launches its own television channel.

'Weather bomb' hits transport, cuts power to 56,000 homes in Ireland

Storm Doris brought winds of up to 120 kilometres per hour to large areas of Ireland and Britain on Thursday, disrupting transport links and causing power cuts to tens of thousands of homes.

Croatia's registered unemployment rate rises to 15.4% in January

The registered unemployment rate in Croatia rose from 14.8% in December 2016 to 15.4% in January 2017, increasing for the fourth month in a row, the National Bureau of Statistics (DZS) said Thursday.

Norway's telecom group Telenor to leave Indian market

Norwegian telecommunications group Telenor said Thursday it was leaving the Indian telecom market and transferring its businesses there to Bharti Airtel.

Iraq claims advance in retaking Mosul airport from Islamic State

Iraqi forces wrested back half of Mosul's airport from Islamic State Thursday, shortly after entering the facility during their ongoing campaign to drive the extremist militia from its last key stronghold in the country.

Rights group: Video shows Cambodian police beating election candidate

A video posted on YouTube shows eight Cambodian paramilitary police beating a man identified as an opposition candidate at a Phnom Penh shopping mall, a rights group said Thursday. 

Malaysia asks Interpol to issue alert for suspects in N Korean death

Malaysia on Thursday requested that Interpol issue an alert for four North Koreans suspected of involvement in last week's killing of Kim Jong Nam, the estranged half-brother of North Korean leader Kim Jong Un.

British suspect arrested in Deutsche Telekom hacking

A 29-year-old British citizen suspected of involvement in a cyberattack that left nearly 1 million Deutsche Telekom customers without services last year has been arrested, German federal police said on Thursday.

Eight killed as bomb targets restaurant in Pakistan’s Lahore

A bomb ripped through a high-end restaurant in the Pakistani city of Lahore on Thursday, killing eight people, officials said, marking another attack amid a surge in violence by Islamist militants that has ended months of fragile calm.