CROWDFUNDING AS A MECHANISM FOR TRANSFORMING HOUSEHOLD SAVINGS  INTO INVESTMENT CAPITAL: POTENTIAL AND PREREQUISITES FOR APPLICATION IN THE ARCTIC  (A CASE STUDY OF THE MURMANSK REGION)

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Roman V. Badylevich

Luzin Institute for Economic Studies of the Kola Science Centre of the Russian Academy of Sciences, Apatity, Russia,  ramapatit@rambler.ru, ORCID 0000-0002-3164-8745

 

Abstract. In the contemporary landscape, identifying underutilized resources capable of financing the real economy through collective investment is of significant interest. This study aims to evaluate the potential and prospects for mobilizing the savings of the Murmansk Region’s population into investment processes via the development of a regional crowdfunding platform. The paper reviews the regulatory framework and current developments of crowdfunding platforms in Russia as mechanisms for attracting private investment. It is established that recent regulatory and organizational advancements have created favorable conditions for the growth and expansion of the crowdfunding market not only in non-profit projects but also within the real economy. The study finds that the Murmansk Region possesses the necessary preconditions for establishing and operating a regional crowdfunding platform, given the substantial investment potential of its population and the clear industrial demand for alternative sources of financing. A model for implementing a regional crowdfunding platform based on a public-private partnership—coordinated by the Government of the Murmansk Region and the Regional Institute for Entrepreneurship Development (FORMAP)—is proposed. This approach includes a project scoring and categorization system to effectively direct government support measures. The research employs a range of scientific methods, including analysis of regulatory documents and scientific literature, methods of generalization, induction, synthesis, analogy, formalization, statistical data analysis, and sociological surveys. The scientific novelty of this study lies in developing and validating a rationale for applying innovative investment attraction tools to support the real economy in the Murmansk Region. Future research will focus on developing mechanisms to promote the regional crowdfunding platform among private and institutional investors, as well as potential borrowers from small and medium-sized enterprises (SMEs) in the region.

Keywords: household savings, crowdfunding, crowdlending platforms, regional investments, small and medium-sized enterprises, Murmansk Region

Acknowledgments: This research was conducted under Grant No. 24 from the Russian Science Foundation, titled “Development of Tools for Attracting Additional Financial Resources to Ensure Sustainable Development of the Arctic Region in Modern Geopolitical Conditions,” with financial support from the Government of the Murmansk Region.

For citation: Badylevich R. V. Crowdfunding as a mechanism for transforming household savings into investment capital: Potential and prerequisites for application in the Arctic (A case study of the Murmansk Region). Sever i rynok: formirovanie ekonomicheskogo poryadka [The North and the Market: Forming the Economic Order], 2026, no. 1, pp. 121-138. doi:10.37614/2220-802X.1.2026.91.009.

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