Crowdfunding: Untapping its potential, reducing the risks

Workshop, 3 June 2013
Venue: Charlemagne building, Alcide de Gasperi room, Brussels
Programme (draft)
8.15 Registration and coffee
9.15 Welcome by Chairman
MrJonathan FAULL, Director General for Internal Market and Services
9.20 Keynote speeches
Mr Michel BARNIER, Commissioner for Internal Market and Services
Ms Sharon BOWLES, European Parliament, Economic and Monetary Affairs Committee
Chairperson [tbc]
Ms Anna-Maria DARMANIN, European Economic and Social Committee, Vice President
10.20 Panel I: The growth of crowdfunding – drivers and obstacles
Moderator: Ms Joanna DRAKE (Director for SMEs and Entrepreneurship, DG ENTR)
Panellists: Mr Christian SAUBLENS (CEO, EURADA) [EU]
Prof. Paul BELLEFLAMME (University of Leuven) [BE]
MrGijsbert KOREN(Co-founder Douw&Koren)[NL]
Mr Markus LAMPINEN (CEO,Grow VC)[US]
Mr Viorel PECA (Head of Unit for Innovation, DG CNECT)
There is a multitude of project types (philanthropic, artistic, public, innovative, other business ideas)
and a great variety of financing models (donations, reward-based CF, pre-sales, equity, lending, etc.)
What factors are driving the growth of crowdfunding, and what are the obstacles? Can crowdfunding
help to fill the financing gap for SMEs? What are the difficulties or limitations faced by entrepreneurs
under the different crowdfunding models? How does CF fit into the finance ecosystem and what is
the after-life of a crowd-financed project?
11.30 Panel II Opportunities and risks in donations, rewards and pre-sale-based crowdfunding
Moderator: Ms Claire BURY (Director for Services, DG MARKT)
Panellists: Gregory VINCENT (CEO, Sponsume) [UK]
IndieGoGo [tbc]2
A successfully funded (social) entrepreneur [tbc]
Ms Daniela CASTRATARO (Director, Twintangibles) [IT]
Platforms, backers and project owners on non-financial CF: Those models of crowdfunding that do
not involve financial products or lending are relatively simpler and pose lower risks to project
backers. What are the opportunities presented by these types of crowdfunding, and are social
businesses in particular well-placed to benefit? At the same time, risks exist: fraud, mishandling of
payments, underestimation of funds needed or production capacities, IPR protection, etc. What are
platforms and project owners doing to minimise these risks (safeguards in business models, controls
on how money is used, etc.)? What is the current role of social networks in CF? Are platforms
national or international in reach? Is there interest from projects or backers for facilitated crossborder reach?
12.30 Sandwich lunch
14.00 Panel III Challenges and benefits of profit-sharing, lending and securities based
crowdfunding
Moderator: Mr Emil PAULIS (Director for Financial Markets, DG MARKT)
Panellists: Mr Oliver GAJDA (President, European Crowdfunding Network)
Mr Arnaud POISSOINIER (CEO, Babyloan) [FR]
Mr Carlos SILVA (CEO, Seedrs)[UK]
Mr Bart BECKS (Founder, Sonic Angel) [BE][tbc]
Mr Guillaume PRACHE (Eurofinuse & FSUG) [FR]
Crowdfunding in the form of loans, debt, equity or investment funds raises different, more
substantial, risks than non-financial CF. What has driven the emergence of these forms of CF and
what are the benefits? What are the different business models they use? What are the risks specific
to each business model, and how are these risks addressed? How best to ensure the integrity of
‘investment-like’ crowdfunding? Do platforms have international reach and is there cross-border
demand for financial CF?
15.15 Panel IV Regulation of crowdfunding
Moderator: Ms Nadia CALVINO (Deputy Director General, DG MARKT)
Panellists: Mr Vittorio CONTI(Consob, Deputy Chairman) [IT]
Mr David GEALE (Head of Investment Policy, FCA) [UK]
Mr Laurent DEGABRIEL (Head of Investment and Reporting Division, ESMA)
Mr David BLASS (Chief Counsel, SEC) [US] [tbc]3
Mr Benoît LALLEMAND (Senior Policy Analyst, Finance Watch)
Crowdfunding is an innovative field of financing in its early stage. What are the current legislative and
non-legislative approaches in Europe and internationally? Is the existing legislative framework
adequate to address the risks and reap the benefits of crowdfunding? Could legislative or nonlegislative action further the development of crowdfunding or minimise its risks? Is there a need to
coordinate at EU level?
16.30 Conclusions
Ms Nadia CALVINO,Deputy Director General, DG Internal Market and Services