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Crowdfunding’sPotentialfortheDevelopingWorldCONFERENCEVERSIONCopyright©2013InformationforDevelopmentProgram(infoDev)/TheWorldBank1818HStreetNWWashingtonDC20433Internet:@infoDev.orgAllrightsreservedDisclaimersinfoDev/TheWorldBank:Thefindings,interpretationsandconclusionsexpressedhereinareentirelythoseoftheauthor(s)anddonotnecessarilyreflecttheviewofinfoDev,theDonorsofinfoDev,theInternationalBankforRecon-structionandDevelopment/TheWorldBankanditsaffiliatedorganizations,theBoardofExecutiveDirectorsoftheWorldBankorthegovernmentstheyrepresent.TheWorldBankcannotguaranteetheaccuracyofthedataincludedinthiswork.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisworkdonotimplyonthepartoftheWorldBankanyjudgmentofthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.RightsandPermissionsThematerialinthispublicationiscopyrighted.Copyingand/ortransmittingportionsorallofthisworkwithoutpermis-sionmaybeaviolationofapplicablelaw.TheInternationalBankforReconstructionandDevelopment/TheWorldBankencouragesdisseminationofitsworkandwillnormallygrantpermissiontoreproduceportionsoftheworkpromptly.Tocitethispublication:Crowdfunding’sPotentialfortheDevelopingWorld.2013.infoDev,FinanceandPrivateSectorDevelopmentDepart-ment.Washington,DC:WorldBank.3TABLEOFContentsForeword Acknowledgements Abbreviations and Acronyms Executive Summary 1.TheStateofCrowdfundingToday Introduction Crowdfunding models Crowdfund investing platforms The benefits of crowdfunding Enabling factors and constraints 2.CrowdfundingandtheOpportunityintheDevelopingWorld Status Opportunities for crowdfunding in the developing world Crowdfunding risks – fraud, failure and fulfillment 3.PolicyandRecommendationstoEnableCrowdfunding An opportunity to leapfrog the developed world Decision framework to evaluate the opportunity for crowdfund investing Recommendations for governments, NGOs and the private sector The role of development organizations 4.CrowdfundingReadiness–ASelf-AssessmentTool Self-assessment Readiness ranking Individual category recommendations 5.CaseStudy:CrowdfundingOpportunitiesinClimateandCleanEnergyInnovation Introduction Harnessing embedded community knowledge Examples of successfully crowdfunded climate innovation initiatives Attractiveness and viability of crowdfunding for Climate Innovation Centers Critical success factors and execution considerations Criteria for projects and companies seeking to participate in crowdfunding Strategic recommendations for the Kenya Climate Innovation Center Recommendations for business models Conclusion AppendixA:ResearchDiscussionAppendixB:CrowdfundinginChina:RisksandLegalConstraintsReferencesForeword 4Acknowledgements 6Abbreviations and Acronyms 7Executive Summary 81.TheStateofCrowdfundingToday14 Introduction 14 Crowdfunding models 20 Crowdfund investing platforms 22 The benefits of crowdfunding 26 Enabling factors and constraints 272.CrowdfundingandtheOpportunityintheDevelopingWorld31 Status 31 Opportunities for crowdfunding in the developing world 34 Crowdfunding risks – fraud, failure and fulfillment 443.PolicyandRecommendationstoEnableCrowdfunding50 An opportunity to leapfrog the developed world 50 Decision framework to evaluate the opportunity for crowdfund investing 56 Recommendations for governments, NGOs and the private sector 60 The role of development organizations 654.CrowdfundingReadiness–ASelf-AssessmentTool66 Self-assessment 66 Readiness ranking 68 Individual category recommendations 695.CaseStudy:CrowdfundingOpportunitiesinClimateandCleanEnergyInnovation73 Introduction 73 Harnessing embedded community knowledge 75 Examples of successfully crowdfunded climate innovation initiatives 76 Attractiveness and viability of crowdfunding for Climate Innovation Centers 77 Critical success factors and execution considerations 79 Criteria for projects and companies seeking to participate in crowdfunding 83 Strategic recommendations for the Kenya Climate Innovation Center 84 Recommendations for business models 86 Conclusion 91AppendixA:ResearchDiscussion93AppendixB:CrowdfundinginChina:RisksandLegalConstraints100References1024ForewordCrowdfunding is an innovation in entrepreneurial finance that can fuel “the Rise of the Rest” globallyWhatwouldtheworldlooklikeiftherewereSiliconValleyseverywhere?WhileIamhappyforinnovativeentrepreneursinSiliconValley,Iampassionatelyfocusedonhelpingtocreate“theRiseoftheRest”sothatentrepreneursgloballycanbuildsuccessfulbusinesses.Thisinitiativeistocreatefocusandactionincitiesandtownsofallsizes,toformentrepreneurialecosystemsthatcanigniteinnovation,createjobsandgroweconomies.Inthepast,becauseoft