Statement of Purpose
The 2008 financial crisis crippled the global economy. For Europe, the recovery has been tenuous, witnessing the lack of confidence in the sustainability of individual nations, and dwindling trust in the financial services and banking industry.
While the strategy for economic recovery has focused on fiscal policy and the banking system, the brunt of the financial burden is placed on small businesses and entrepreneurs. These groups are left without funding for their businesses, without the security of a bank loan, and without access to credit lines from the financial services industry. To contextualise the gravity of this problem, we would like to point out that the 23 million small and medium sized enterprises (SMEs) in Europe represent 99% of businesses. Thus, access to capital for SMEs is critical for sparking job creation in Europe.
Today one of the most promising tools to help enable economic growth, job creation, and innovation is crowdfunding. We believe crowdfunding is one of the most viable means of funding new ideas, small business and job creation across Europe. It is a highly democratic tool that is posed to have a disruptive impact on community, start-up and consumer finance by allowing value creation on many levels, not just financial.
It must be the civil and ethical duty of European politicians and citizens to find a solution to the economic crisis. We believe the crisis provides an opportunity for much-needed change. Change, albeit disruptive, if managed well, is a guarantor for innovation. Crowdfunding can play a part in this and we would like to ask policy makers as well as market players to collaborate in order to enable the provision of funds and non-financial support to innovative and creative projects, start-ups and SMEs accross Europe.
For more detailed overview, please read the full document in .zip format here.