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Ronald Kleverlaan
Managing Director European Centre for Alternative Finance Utrecht University
ronald@kleverlaan.com || @kleverlaan || http://www.altfinance.eu || http://www.uu.nl/ecaf
Crowd Investing in Europe
Alternative Finance trends and main obstacles for growth
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Global market Alternative Finance - USA (12%) China (85%)
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Source: Expanding Horizons, The 3rd European Alternative Finance Industry Report (2016), Cambridge Centre for Alternative Finance
Alternative Finance in Europe €7,6 billion (2016)
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Source: Expanding Horizons, The 3rd European Alternative Finance Industry Report (2016), Cambridge Centre for Alternative Finance
Market volume per capita
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Source: Entrenching innovation (2017), Cambridge Centre for Alternative Finance
£4,58 billion UK - 73% of European Market
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Source: Entrenching innovation (2017), Cambridge Centre for Alternative Finance
£3,3 billion SME funding UK (15% of total SME financing)
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Alternative Finance
20+ different new financing solutions and 100s of providers
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Traditional Finance
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Modern Finance
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Leasing
Factoring
P2P business lending
Equity crowdfunding
Social Impact Bonds
Real-estate lending
Business angels
Debt based
securities
P2P/Marketplace business lending
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Funding Circle
£3,4 billion – 35.000+ bedrijven
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Crowdfunding
Community of investors
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Crowdfunding = Community Funding
An involved community providing more then money
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Windfarm Nijmegen-Betuwe
1.076 local investors for € 18,5 million windfarm
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
SyndicateRoom
Crowd & Business Angels co-investment
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Bigger/traditional companies using alternative finance
Fragmented financial landscape with specialized
financial suppliers
Co-funding and multiple funding rounds
New independent “trusted advisors” support companies
Most important trends in Europe
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Not just for start-ups
and small companies
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Brewdog – Equity Crowdfunding
£25 million in equity - 42,000 investors – 5 rounds
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
BD Bacata (Colombia)
$150 million by 3.000 retail investors
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Multiple funding rounds
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Pebble watch
$10,3 miljoen door 68,929 backers
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
$10,3M
$20,3M
$12,8M
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Fair level-playing field in SME financing market
Good financial regulation for Alternative Finance
Lack of knowledge about Alternative Finance at
entrepreneurs and companies
Lack of knowledge about Alternative Finance at SME
advisors
Biggest obstacles for growth
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Market Government
Source: Current State of Crowdfunding in Europe 2016 – Alternative Finance Maturity Index
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
It takes
two to
tango
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Introduction
Growth
Competition
Consolidation
Maturity
Alternative Finance Maturity Model (5 phases)
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Government/regulator
Investor protection vs Access to Finance
Professionality of new industry players
European vs National Regulation
UK & German market up to €8m campaigns
Experiment with sandboxes
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Introduction
Growth
Competition
Consolidation
Maturity
Alternative Finance Maturity Model (Government)
Open dialogue with
industry
Create clear regulations
+ public support
Investor protection +
transparency on
defaults
Integrated completely in
financial regulations
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Industry
Promotion and Education
Educational programs for Entrepreneurs,
Investors and Advisors.
Independent Research on industry data
Transparancy on defaults, risks
Certification program for
platforms and advisors
Co-financing by government and banks
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Introduction
Growth
Competition
Consolidation
Maturity
Alternative Finance Maturity Model (Industry)
Industry roundtables
and work with
independent advisors
Collective promotion of
success stories. Regular
publications of growth
in industry. Training
advisors. Launch
industry association
Support independent
(academic) research,
certification of advisors,
transparency on defaults,
several industry associations,
combine AltFin with
traditional finance
Integration in traditional
(institutional) finance
industry, specialized
(academic) research centre.
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Fair level-playing field in SME financing market
Good financial regulation for Alternative Finance
Lack of knowledge about Alternative Finance at
entrepreneurs and companies
Lack of knowledge about Alternative Finance at SME
advisors
Biggest obstacles for growth
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
- Lack of experience at traditional SME advisors
- Difficult to create business-case for advising
- Difficult to find reputable alternative finance providers
- Difficult for companies to find a “trusted advisor”
- Training and education for financial advisors needed
Conclusions research “trusted advisors”
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Alternative Finance in Europe is growing rapidly
Fragmented financial landscape
New group of independent “trusted advisors”
Fair level-playing field for SME financing needed
Conclusions
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
http://www.altfinance.eu
Weekly Alternative Finance newsletter
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
Utrecht University
October 2, 2018
www.uu.nl/ecaf
Alternative Finance Research conference
Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu

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Crowd Investing in Europe

  • 1. Ronald Kleverlaan Managing Director European Centre for Alternative Finance Utrecht University ronald@kleverlaan.com || @kleverlaan || http://www.altfinance.eu || http://www.uu.nl/ecaf Crowd Investing in Europe Alternative Finance trends and main obstacles for growth Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 2. Global market Alternative Finance - USA (12%) China (85%) Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 3. Source: Expanding Horizons, The 3rd European Alternative Finance Industry Report (2016), Cambridge Centre for Alternative Finance Alternative Finance in Europe €7,6 billion (2016) Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 4. Source: Expanding Horizons, The 3rd European Alternative Finance Industry Report (2016), Cambridge Centre for Alternative Finance Market volume per capita Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 5. Source: Entrenching innovation (2017), Cambridge Centre for Alternative Finance £4,58 billion UK - 73% of European Market Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 6. Source: Entrenching innovation (2017), Cambridge Centre for Alternative Finance £3,3 billion SME funding UK (15% of total SME financing) Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 7. Alternative Finance 20+ different new financing solutions and 100s of providers Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 8. Traditional Finance Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 9. Modern Finance Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu Leasing Factoring P2P business lending Equity crowdfunding Social Impact Bonds Real-estate lending Business angels Debt based securities
  • 10. P2P/Marketplace business lending Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 11. Funding Circle £3,4 billion – 35.000+ bedrijven Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 12. Crowdfunding Community of investors Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 13. Crowdfunding = Community Funding An involved community providing more then money Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 14. Windfarm Nijmegen-Betuwe 1.076 local investors for € 18,5 million windfarm Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 15. SyndicateRoom Crowd & Business Angels co-investment Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 16. Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 17. Bigger/traditional companies using alternative finance Fragmented financial landscape with specialized financial suppliers Co-funding and multiple funding rounds New independent “trusted advisors” support companies Most important trends in Europe Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 18. Not just for start-ups and small companies Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 19. Brewdog – Equity Crowdfunding £25 million in equity - 42,000 investors – 5 rounds Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 20. BD Bacata (Colombia) $150 million by 3.000 retail investors Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 21. Multiple funding rounds Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 22. Pebble watch $10,3 miljoen door 68,929 backers Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 23. $10,3M $20,3M $12,8M Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 24. Fair level-playing field in SME financing market Good financial regulation for Alternative Finance Lack of knowledge about Alternative Finance at entrepreneurs and companies Lack of knowledge about Alternative Finance at SME advisors Biggest obstacles for growth Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 25. Market Government Source: Current State of Crowdfunding in Europe 2016 – Alternative Finance Maturity Index Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 26. It takes two to tango Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 27. Introduction Growth Competition Consolidation Maturity Alternative Finance Maturity Model (5 phases) Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 28. Government/regulator Investor protection vs Access to Finance Professionality of new industry players European vs National Regulation UK & German market up to €8m campaigns Experiment with sandboxes Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 29. Introduction Growth Competition Consolidation Maturity Alternative Finance Maturity Model (Government) Open dialogue with industry Create clear regulations + public support Investor protection + transparency on defaults Integrated completely in financial regulations Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 30. Industry Promotion and Education Educational programs for Entrepreneurs, Investors and Advisors. Independent Research on industry data Transparancy on defaults, risks Certification program for platforms and advisors Co-financing by government and banks Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 31. Introduction Growth Competition Consolidation Maturity Alternative Finance Maturity Model (Industry) Industry roundtables and work with independent advisors Collective promotion of success stories. Regular publications of growth in industry. Training advisors. Launch industry association Support independent (academic) research, certification of advisors, transparency on defaults, several industry associations, combine AltFin with traditional finance Integration in traditional (institutional) finance industry, specialized (academic) research centre. Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 32. Fair level-playing field in SME financing market Good financial regulation for Alternative Finance Lack of knowledge about Alternative Finance at entrepreneurs and companies Lack of knowledge about Alternative Finance at SME advisors Biggest obstacles for growth Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 33. - Lack of experience at traditional SME advisors - Difficult to create business-case for advising - Difficult to find reputable alternative finance providers - Difficult for companies to find a “trusted advisor” - Training and education for financial advisors needed Conclusions research “trusted advisors” Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 34. Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 35. Alternative Finance in Europe is growing rapidly Fragmented financial landscape New group of independent “trusted advisors” Fair level-playing field for SME financing needed Conclusions Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 36. http://www.altfinance.eu Weekly Alternative Finance newsletter Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu
  • 37. Utrecht University October 2, 2018 www.uu.nl/ecaf Alternative Finance Research conference Crowd Investing in Europe – Politecnico di Milano - 17-7-2018 @kleverlaan || www.altfinance.eu