New UKIE report to outline how crowd funding can work in the UK

9 February 2012 - London, United Kingdom – Games and interactive entertainment trade body, UKIE, has today announced that it will be publishing a new Crowd Funding Report. The new report will call for changes in legislation, that will allow games and interactive entertainment businesses and SMEs from all other sectors to take advantage of crowd funding to finance their businesses.
The basic idea behind crowd funding is that many individuals contribute (generally fairly small amounts) to fund a company or a project in return for the possibility of some financial return.
The interactive entertainment industry is at the forefront of the adoption of crowd funding. However, crowd funding is not limited to the interactive entertainment sector and has a very wide potential application.
The growth and application of crowd funding in the UK is however restricted by the current legal and regulatory framework. UKIE is therefore preparing a detailed report of how the law could be changed to facilitate crowd funding, allowing UK businesses to use it to raise money. The UKIE Crowd Funding Report will be published on 17 February.
UKIE Chief Executive Jo Twist said: “Double Fine’s Kickstarter project has today shown the huge potential of crowd funding to benefit games and interactive entertainment businesses. We need the UK to be able to take full advantage of crowd funding and UKIE’s Crowd Funding Report, due next week, will outline exactly what needs to be done for this to be possible.”

For all press enquiries, please contact the UKIE press office on T: +44 (0)20 7534 0580 or E:
About UKIE
The Association for United Kingdom Interactive Entertainment or UKIE is a trade body that represents the whole of the UK’s video games and wider interactive entertainment industry. Founded in 1989 (and formerly known as ELSPA), UKIE’s membership includes games publishers, developers and the academic institutions that support the industry.
UKIE works with government to champion a range of issues including age ratings, education and skills, tax incentives and protecting intellectual property rights. It also works with the media to ensure true and accurate representation of the sector by raising awareness of the industry’s positive economic contribution and the societal benefits of gaming to policy makers, regulators and consumers.
One of UKIE’s key roles is to support its members by providing them with key market information, promoting careers and offering the business support services, training and best-practice knowledge to enable them to operate most effectively.
In addition, UKIE works with GfK Chart-Track to compile weekly, monthly and annual retail charts and sales reports for the UK market.