Access to finance is a key barrier to growing the interactive entertainment industry in the UK. UKIE believes that crowd funding models can provide a valuable source of finance for games and interactive entertainment businesses, particularly the large number of innovative and creative start-ups and SMEs that are emerging in the UK.
The interactive entertainment industry is at the forefront of the adoption of crowd funding and crowd sourcing in the digital sector; a recent American crowd funding project (Double Fine Adventure) recently broke records by raising over $1.5 million in 24 hours on the crowd funding platform Kickstarter. However, we also believe that crowd funding has the potential for much wider use by SMEs in other sectors and wider community based projects throughout the UK.
UKIE’s Crowd Funding Report outlines how the UK’s current regulatory environment can be improved to allow investors, content producers and crowd funding platforms to take maximum advantage of crowd funding.
We believe that these improvements can be made with minimal changes to legislation and that crowd funding can then operate as a viable route to finance for UK businesses with no extra cost to Her Majesty’s Treasury.