92871793 crowd-funding-industry-report-2011


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92871793 crowd-funding-industry-report-2011

  1. 1. CROWDFUNDING INDUSTRY REPORTMarket Trends, Composition and Crowdfunding PlatformsTHE INDUSTRY WEBSITE TMMay 2012Research ReportAbridged Version
  2. 2. PAGE 2© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014ABOUT THIS RESEARCHThis abridged report is compiled from data included in our complete Crowdfunding Industry Report which provides an in-depthanalysis of crowdfunding market trends and composition, and an overview of Crowdfunding Platforms (CFPs) that explains theirfunctionality and the different models at play.The Crowdfunding Industry Report is based on two sourcesof data. The Crowdfunding Industry Survey, conducted inconducted by Crowdsourcing LLC’s research and advisoryreports aimed at providing reliable and factual information onthe global crowdfunding industry.We received over 170 responses to our industry survey wherewe selected participants from Crowdsourcing.org’s Directory ofCrowdfunding Sites which contained 452 active crowdfundingplatforms at the time the survey was conducted. As the basisfor the analyses, we selected 135 submissions from CFPs thatwe determined were comprehensive and of high-integrity.The 135 submissions provided extensive data relating to CFPscrowdfunding volumes, operations and key constituents (e.g.,Funders and Fundraisers) for the calendar years 2009, 2010and 2011. Our analyses of this rich data set has resulted in thisresearch report on the crowdfunding industry.1. An overview of massolution’s methodology for data gathering and analysis.2. An analysis of market growth, composition and key statistics.3. An overview and categorization of crowdfunding models.4. An analysis of the value proposition, functionality and approach.THE REPORT CONTAINS FOUR SECTIONS:THE INDUSTRY WEBSITE TM
  3. 3. PAGE 3© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014FOUNDING RESEARCH SPONSORWe represent nearly 50 public companies and numerous private companies in various industries. We are proud to be the FoundingSponsor of Crowdsourcing.org and are institutionally committed to the Crowdfunding industry and being part of its success.EG&S offers its clients legal services in a broad range of businessrelated matters. Currently celebrating its 20th year, the Firmspecializes in many areas of commercial law, including corporateand securities – ‘33 Act and ‘34 Act representation, reverse mergers,Over the history of the Firm, we have developed an expertise inestablishing novel securities programs (like SPACs, Registered Directs,PIPEs and Reverse Mergers) and we expect to make a similar impacton Crowdfunding.Our industry expertise includes: information technology, softwarealternative energy, consumer products, and business servicesthroughout the world. We represent portals and entrepreneurs,investment managers, broker dealers, hedge funds, investmentwork on numerous corporate and partnership tax issues. The Firmalso has a strong commercial litigation department that supplementsour other practice areas. The Firm has clients throughout the worldincluding Greece, England, the Netherlands, China and India andIsrael.combination representations) and #4 for IPOs (issuer counsel).150 East 42nd Street New YorkNew York 10017Tel:212 370 1300Fax:212 370 7889Contact: Douglas S. EllenoffEllenoff@egsllp.comwww.EGSllp.comTHE INDUSTRY WEBSITE TM
  4. 4. PAGE 4© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014RESEARCH SPONSORGATE Technologies, LLC is an innovative technology company that creates new market infrastructure to deliver fully integratedGATE Technologies, LLC is an innovative technology company thatBy developing fully integrated electronic marketplaces, GATE hascreated a complete end to end solution by combining a regulatorycompliant transactional platform, settlement and clearing serviceswith global connectivity, enabling investors and institutions to tradeto improve capital formation for lower middle market issuers andsocial enterprises while bringing a broad range of market participantsaccess to impact investments and information.GATE Technologies gives market participants the transparency,regulatory oversight while standardizing processes in whichtransactions and settlement occur. www.gatetechnologies.comGATE Impact LLC is the impact investing-focused subsidiary of GATETechnologies, LLC. GATE Impact offers utility and infrastructureto the rapidly emerging crowdfunding industry, providing marketinfrastructure and related services for the emerging impactinvestment industry – public and private investments with aon the technology foundation of the GATE Platform, a regulatory-compliant market infrastructure for the transacting of restricted,or exceed all regulatory standards and is easily adapted to handleboth primary and secondary transactions in new asset classes.www.gateimpact.comThe GATE Platform is a sophisticated yet user friendly technologyGATE Technologies5 Penn Plaza, Suite 2301New York, NY 10001THE INDUSTRY WEBSITE TM
  5. 5. PAGE 5© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014RESEARCH SPONSORJ.H. Cohn has been actively monitoring the marketplace’s reaction to the 2012 Jumpstart Our Business Startups Act (“JOBS Act”),including Crowdfunding. Through the progression of the JOBS Act, the Firm has participated in dialogue with market innovators andinterested investors. For companies following this migration with interest, we offer updates, insight on how companies can prepareto take advantage of all aspects of the JOBS Act, and access to organizations and market leaders spearheading the movement todevelop this alternative capital source.States, J.H. Cohn LLP specializes in audit, accounting, tax, andbusiness consulting services for public and private companies andremained constant: to provide a highly personalized approachto each client, with intelligent guidance and solutions drivenby technical and industry expertise that positively affect clientstrategic insight, proactive leadership, unwavering integrity, and agenuine concern for clients and their businesses.To help clients think and act across national boundaries, J.H. Cohn isan independent member of Nexia International, a global network ofindependent accountancy, tax, and business advisors and the tenthlargest provider of audit and advisory services worldwide. The FirmCalifornia.For more information, visit our website at www.jhcohn.com.New York Contact info:J.H. Cohn LLP1212 Avenue of the Americas7thFloor212-297-0400www.jhcohn.comContact: Richard Salute, CPArsalute@jhcohn.comTHE INDUSTRY WEBSITE TM
  6. 6. © 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014PARTICIPATING CFPsWe would like to thank the participating companies for an unprecedented response and for providing extensive data.THE INDUSTRY WEBSITE TM
  7. 7. PAGE 7© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014PARTICIPATING CFPsWe would like to thank the participating companies for an unprecedented response and for providing extensive data.THE INDUSTRY WEBSITE TM
  8. 8. PAGE 8© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014PARTICIPATING CFPsWe would like to thank the participating companies for an unprecedented response and for providing extensive data.THE INDUSTRY WEBSITE TM
  9. 9. PAGE 9© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014PARTICIPATING CFPsWe would like to thank the participating companies for an unprecedented response and for providing extensive data.THE INDUSTRY WEBSITE TM
  10. 10. PAGE 10© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014PARTICIPATING CFPsWe would like to thank the participating companies for an unprecedented response and for providing extensive data.THE INDUSTRY WEBSITE TM
  11. 11. PAGE 11© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014KEY MESSAGES1. INTRODUCTION AND METHODOLOGYmarket on a funds-raised basis. Secondary research providedestimate.2. MARKET GROWTH AND COMPOSITIONAs of April 2012, based on Crowdsourcing.org’s Directory ofSites, the most complete database of crowdfunding sites,there were 452 crowdfunding platforms active worldwide. Themajority of them are in North America and Western Europe.Together, these platforms raised almost $1.5 billion andsuccessfully funded more than one million campaigns in 2011.3. CROWDFUNDING MODELSthe largest sum of money per campaign.Donation-based and reward-based crowdfunding for cause-based campaigns that appeal to funders’ personal beliefs andpassions perform best (e.g., environment).4. CFPs VALUE PROPOSITION, FUNCTIONALITY & APPROACHThe primary revenue model for crowdfunding platformsis percentage based commission on funds paid out toentrepreneurs. A few also generate income by offeringwhite label solutions and cash management by maintainingresponsibility for netting and settlements.Our research shows that campaign metrics such as launch tofund (L2F) differ greatly between crowdfunding models.THE INDUSTRY WEBSITE TM
  12. 12. PAGE 12© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014CATEGORIZATION OF CROWDFUNDING PLATFORMSOur survey respondents were asked more than 30 detailedfunctionality of their platforms and their fundraising activitiesfor the calendar years 2009, 2010 and 2011. Further datawas gathered via direct communications with 135 CFPs andreport is aggregated or averaged.crowdfunding platforms globally in 2011. The participating CFPscollectively accounting for more than US$575 million of fundsfrom additional sources. Finally, to complete our estimateof the overall size of the market, we developed a forecastingraised via crowdfunding platforms.The sample of participating CFPs survey respondents is verydiverse and therefore we are able to compare and contrastthe characteristics of the different types of crowdfundingmodels and compare each individually by region. The dataset represents all four categories of crowdfunding acrossall regions of the world. Although our sample is robust andpresent a holistic view of the crowdfunding market.We ensured the accuracy of our analyses by excludingapplicable, this is indicated alongside the charts by showing thesample size of respondents used for each element of analysis.1. INTRODUCTION ANDMETHODOLOGY2. MARKET GROWTHAND COMPOSITION3. CROWDFUNDINGMODELS4. CFPs VALUE PROPOSITION,FUNCTIONALITY & APPROACH1. INTRODUCTION AND METHODOLOGY THE INDUSTRY WEBSITE TM
  13. 13. PAGE 13© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014THERE WILL BE OVER 530 CFPs BY DECEMBER 2012NUMBER OF CFPs WORLDWIDE1Based on Crowdsourcing.org Directory of Sites as of April 2012.2Estimates are based on historical market projections and donot take into account extraordinary events, (e.g., passing of USCrowdfunding legislation) which are, based on available data,unpredictable.Source: Based on Crowdsourcing.org Directory of Sites as of April 2012536Estimated number of CFPs as of Dec 2012452The total number of CFPs as of Apr 20121. INTRODUCTION AND METHODOLOGY2007100%2008 2009 2010 2011 2012 (Est.)138%200%294%452%557%470%1238% 45% 47% 54% 60%GROWTHTHE INDUSTRY WEBSITE TM
  14. 14. PAGE 14© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014MARKET GROWTH AND COMPOSITIONAlmost $1.5 billion was raised by CFPs world-wide in2011.North America was the largest market forfundraising.3 years, primarily driven by donation-based andlending-based platforms. Reward-based platformsare growing at the fastest rate but from a smallerbase.While the CFPs formed some years ago are stillgrowing in terms of funds raised, new marketentrants are securing a larger relative percentageof new funds raised, consistent with a high growth,early stage industry.Funds pledged to funds paid-out in aggregate haspay-out a much higher percentage of funds pledged.3. CROWDFUNDINGMODELS4. CFPs VALUE PROPOSITION,FUNCTIONALITY & APPROACH1. INTRODUCTION ANDMETHODOLOGYAs of April 2012, 452 CFPs wereoperating globally.Market composition in each categoryplatforms are higher in numbers inEurope than in North America).Reward-based is the largest category interms of overall number of CFPs, whilecategory by net year-on-year growth.North America leads other regionsin terms of the total number ofcrowdfunding platforms, howeverEurope is gaining percentage sharewithin the market in aggregate.More than 1 millionsuccessful campaignswere run by CFPs in2011.The majority of thesecampaigns were inthe donation-basedbased campaignswere, on average,much larger in size interms of funds raised.2. MARKET GROWTH AND COMPOSITION2. MARKET GROWTHAND COMPOSITIONTHE INDUSTRY WEBSITE TM
  15. 15. PAGE 15© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014DRIVEN BY ABOVE-AVERAGE GROWTHIN REWARD-BASED AND EQUITY-BASEDCROWDFUNDING, WE EXPECT THE TOTALFUNDING VOLUME TO DOUBLE IN 2012$1,470 millionEstimated total fundingvolume for 2011.primary and secondaryresearch.estimated on the basisof our crowdfunding sitedatabase.$2,806 millionEstimated total fundingvolume for 2012. Ourbased and reward-based crowdfundingbaseddonation-basedcrowdfunding.Source: MassolutionGROWTH IN WORLDWIDE FUNDING VOLUME(millions of dollars) Research based estimate2. MARKET GROWTH AND COMPOSITION2009 2010 2011 2012 (Est.)5308541,4702,80661% 72% 91%GROWTHTHE INDUSTRY WEBSITE TM
  17. 17. PAGE 17© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014REWARD-BASED IS THE LARGESTCROWDFUNDING CATEGORY, WHILE EQUITY-BASED IS THE FASTEST GROWINGThe lending-based category is the smallest in terms of thenumber of platforms.Donation-based and lending-based crowdfunding arethe reward-based category.European platforms.Note: This research was conducted during the active debate inthe US Congress over the JOBS Act, which contained a provisionfor a crowdfunding exemption. The passing of this exemptionwill likely have a profound effect on growth of CFPs in theSource: MassolutionGROWTH IN NUMBER OF CFPs BY CATEGORYBased on a sample of 143 CFPs2. MARKET GROWTH AND COMPOSITION41% CAGRDONATION-BASED79% CAGRREWARD-BASED50% CAGRLENDING-BASED2007 2008 2009 2011201021365388143114% CAGREQUITY-BASED406220213025181523101010177931064 1THE INDUSTRY WEBSITE TM
  19. 19. PAGE 19© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014CROWDFUNDING MODELS4. CFPs VALUE PROPOSITION,FUNCTIONALITY & APPROACH1. INTRODUCTION ANDMETHODOLOGY3. CROWDFUNDING MODELS3. CROWDFUNDINGMODELS2. MARKET GROWTHAND COMPOSITIONbased and lending-based crowdfunding) is most effectivefor digital goods such as applications or computer games,category raise above $25,000.Donation-based and reward-based crowdfunding for cause-based campaigns that appeal to funders’ personal beliefsand passions perform best (e.g., environment, community,faith). Donation-based and reward-based crowdfunding forart and performing arts projects drive less funding volumethan the mainstream media suggests. The campaigns inthese categories are much smaller, with two-thirds of themgenerating less than $5,000.THE INDUSTRY WEBSITE TM
  20. 20. PAGE 20© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014EQUITY-BASED CROWDFUNDING RAISES THELARGEST AMOUNT OF FUNDS PER PROJECTplatforms were raised for projects that drew less thanthat drew $250,000 or more in funding.platforms, crowdfunding shows to be a viable alternativefor raising capital to fund small businesses and start-ups.Source: MassolutionFUNDS PAID OUT PER EQUITY-BASED PROJECTPercentage, based on sample of 10 CFPs, 20113. CROWDFUNDING MODELS>$250,00121%<$10,0006%$10,001-$25,00010%$25,001-$50,00016%26%$50,001-$100,000$100,001-$250,00021%THE INDUSTRY WEBSITE TM
  21. 21. PAGE 21© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014DONATION-BASED AND REWARD-BASEDCROWDFUNDING DRAW LOWER LEVELS OFFUNDING PER PROJECT THAN LENDING-BASED AND EQUITY-BASED PROJECTSOf the funds raised on donation-based and reward-basedto projects that draw more than $10,000 in funding. Thereward-based crowdfunding platforms are paid out toprojects that raise between $5,000 and $10,000.Source: MassolutionFUNDS PAID OUT PER PROJECT FOR DONATION-BASED AND REWARD-BASED PROJECTSPercentage, based on a sample of 25 CFPs, 20113. CROWDFUNDING MODELS$7,501-$10,0009%>$10,00110%<$2,50035%28%$2,501-$5,000$5,001-$7,50018%THE INDUSTRY WEBSITE TM
  22. 22. PAGE 22© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.0144. CFPs VALUE PROPOSITION, FUNCTIONALITY AND APPROACH1. INTRODUCTION ANDMETHODOLOGY4. CFPs VALUE PROPOSITION, FUNCTIONALITY AND APPROACH3. CROWDFUNDINGMODELS2. MARKET GROWTHAND COMPOSITIONCommissions are generally lower in North America comparedof competition.a number of platforms generate additional income by offeringand maintenance fee.of the funding goal and 3.18 weeks on average to raise thedonation-based campaigns.method.Platform reliability (i.e., up-time) is a differentiating factor offunds from countries, other than the home base of the CFPsis an important differentiating factor for donation-based andreward-based CFPs.4. CFPs VALUE PROPOSITION,FUNCTIONALITY & APPROACHTHE INDUSTRY WEBSITE TM
  23. 23. PAGE 23© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014FEE BASED ON A PERCENTAGE COMMISSIONOF FUNDS PAID OUTCommissions are generally lower in North America andcompetition in North America and Europe compared withother countries. We did not observe notable differencesbetween different types of platforms, or between recentlyfounded and older platforms.the region of $15 (median), per campaign.Source: MassolutionCOMMISSIONS EARNED BY CFPs4. CFPs VALUE PROPOSITION, FUNCTIONALITY AND APPROACHALL 42%NORTH AMERICA 60%EUROPE 36%OTHER REGIONS 33%ALL 63%NORTH AMERICA 47%EUROPE 67%OTHER REGIONS 78%58%40%64%67%37%53%33%22%Based on funds raisedBased on a fully-funded goalYES NOfor each geographic area, as CFPs were able to present theirapproach to both partially-funded and fully-funded campaigns.For instance, a number of platforms charge higher commissionsfor partially-funded campaigns, but still pay-out funds raised tofundraisers even if a funding goal is not reached.THE INDUSTRY WEBSITE TM
  24. 24. PAGE 24© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014AVERAGE CROWDFUNDING CAMPAIGNTIMEFRAMESWeeks, based on sample of 83 CFPsLAUNCH TO COMPLETION TIME OF LENDING-BASED CAMPAIGNS IS ON AVERAGE HALFTHAT OF EQUITY-BASED AND DONATION-BASED CAMPAIGNStypes of platforms. These statistics lead us to believe thatcampaigns on average do not accelerate after certainfunding accelerates toward the end of a project.Source: Massolution4. CFPs VALUE PROPOSITION, FUNCTIONALITY AND APPROACHEQUITY-BASEDLENDING-BASEDREWARD-BASEDDONATION-BASEDALLLAUNCH TO COMPLETION9.1FIRST 25% MILESTONELAST 25% MILESTONE8.24.810. INDUSTRY WEBSITE TM
  25. 25. PAGE 25© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014TERM DEFINITIONCAGR Compound Annual GrowthCrowdfunding platform (CFP) An operator of a funding platform that facilitates monetary exchange between funders and fundraisers.Crowdfunding campaign An initiative to raise funds via a CFP.Donation-based crowdfundingCrowdfunding model where funders donate to causes that they want to support, with no expectedcompensation (i.e., philanthropic or sponsorship based incentive).Funded campaign A crowdfunding campaign that has achieved its funding goal and completed distribution of funds.Lending-based crowdfundingprincipal investment.Pledged fundsAmount of money that has been committed by funders to crowdfunding campaigns. Pledged funds mayturn into raised funds if a campaign is successful.Posted campaign A crowdfunding campaign that has a stated funding goal, posted on a CFP and open for fundraising.Raised funds Amount of money that has been distributed through a CFP within a stated period of time.Reward-based crowdfundingTHE INDUSTRY WEBSITE TM
  26. 26. © 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014CROWDFUNDING INDUSTRY REPORT - FULL CONTENTS LISTThis complete Crowdfunding Industry Report provides in an in-depth analysis of crowdfunding market trends and composition, andan overview of Crowdfunding Platforms (CFPs) that explains their functionality and the different models at play.Research methodologyBreakdown of number of participating CFPs by category and regionBreakdown of participating CFPs in terms of funds raised by category and region1. INTRODUCTION AND METHODOLOGYGrowth in worldwide funding volume and composition by funds raised, category, year, and regionForecast of funds raised for 2012 by categoryMarket growth and composition by number of CFPs, category, year, and regionMarket growth and composition by number of campaigns, year, and regionAverage campaign size by categoryTotal funds raised by CFP maturityConcentration of funds raised by Top 5 and Top 10 CFPsAnalysis of funds pledged compared to funds paid outLocation of CFPs globallyPercentage breakdown of CFPs by region and category2. MARKET GROWTH AND COMPOSITIONTHE INDUSTRY WEBSITE TM
  27. 27. PAGE 27© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014CROWDFUNDING INDUSTRY REPORT - FULL CONTENTS LISTThis complete Crowdfunding Industry Report provides in an in-depth analysis of crowdfunding market trends and composition, andan overview of Crowdfunding Platforms (CFPs) that explains their functionality and the different models at play.Funds paid out for Reward-based and Donation-based categories by industry sector3. CROWDFUNDING MODELSCommissions earned by CFPsWhite Label offerings by CFP categoryCFP’s level of involvement in contractsAverage crowdfunding campaign timeframesAnalysis of the number of times Funders and fundraisers participate in campaigns and on the same platformUse of escrow accounts and forms of payment methodsTop differentiating factors offered by CFP by category4. CFPs VALUE PROPOSITION, FUNCTIONALITY AND APPROACHTHE INDUSTRY WEBSITE TM
  28. 28. PAGE 28© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014$575$827$1,470In millions of US dollarsCFPs that provided theirtotal raised funds in thesurvey, or reported itpublicly. This numberreported without anySURVEY RESPONDENTS LARGE CFPsEach CFP was modelledindividually based onkey metrics, marketgrowth dynamics andother characteristics fora number of large CFPsthat did not provide datain order to estimate thetotal funds.SMALL CFPsThe average amount offunds raised by smallplatforms by categoryand by geography wascalculated and multipliedby the number ofsmall CFPs that did notparticipate in the survey.TOTAL MARKETTHE INDUSTRY WEBSITE TM
  29. 29. PAGE 29© 2012 Crowdsourcing, LLC | research@crowdsourcing.orgm.4.2.014ACKNOWLEDGEMENTSWe would like to thank the participatingCFPs for an unprecedented response andfor providing extensive data. We wouldlike to express a special thanks to thefollowing CFPs for their participation in thesurvey.who is currently enrolled asa dual degree student at McCombs Schoolof Business (MBA, The University of Texasat Austin) and WHU – Otto Beisheim Schoolof Management in Vallendar, Germany(MSc). Gerrit joined the massolutionresearch team in December 2011 andassisted in the data collection and analysis.(gerrit@crowdsourcing.org)A special thanks to our Founding ResearchSponsor, EG&S, and our ResearchSponsors, GATE and J.H. Cohn, who, withtheir support, have enabled the broaddistribution of this report.(CfPA) for the dedication to the facilitationof a vibrant, credible and growingcrowdfunding community and the missionto advocate on behalf of the industry.Uniting a broad-based coalition of industryparticipants, the association is committedto supporting research essential to thecredible development of the industry and toestablishing the highest ethical standards.The association’s collaborations and insightsbureaucracy that can endanger innovation,idea generation and job creation.FUTURE RESEARCHIf you would like to apply to participate in future research initiatives as an analyst or sponsor, please contact us.www.crowdfundingprofessional.orgTHE INDUSTRY WEBSITE TM
  30. 30. Crowdsourcing.org is an initiative by massolution. This research has been produced bymassolution, a unique research and advisory firm specializing in the crowdsourcing andcrowdfunding industries. As an industry analyst, massolution tracks both the supply anddemand side of each segment.CROWDSOURCING, LLCEmail: research@crowdsourcing.org www.massolution.comTwitter: @Crowdsourcing_ www.crowdsourcing.orgFor crowdsourcing, massolution provides research andanalysis covering Crowdsourcing Service Providers(CSPs), use cases and the adoption of crowdsourcing byenterprises.For crowdfunding, massolution provides research andanalysis covering Crowdfunding Platforms (CFPs),fundraisers or entrepreneurs, and funders or investors.ABOUT MASSOLUTIONmassolution’s unique data assets, fact-based research and proprietary intellectual property, drive forward-looking andactionable insights that inform the strategies and operations of business leaders and market stakeholders.