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Crowdfunding as a modern direction of business angel investing in Ukraine

The article is devoted to the problem of regulating the accumulation of business angel investments for the implementation of innovative startup projects by small and medium enterprises and the issues of their legal regulation, namely the creation of affordable and effective legal means of venture capital. It is believed that the domestic legislator should pay special attention to crowdfunding. 
The purpose of the article is to analyze the opportunities for the development of crowdfunding in Ukraine as a modern direction of business angel investment in innovative business activities. 
The recommendations and strategies of the world's business angels are useful for practical work on the study of attracting venture capital. However, problematic aspects of crowdfunding have not yet been covered in the domestic legal scientific literature. 
The article considers the application of the possibilities of civil legal regulation of crowdfunding development in Ukraine. The specifics of crowdfunding for attracting investments from voluntary individual venture investors via the Internet have been studied. Leading foreign experience is analyzed and features and obstacles of application in domestic conditions are defined. 
It is seen that properly organized crowdfunding platforms by private venture investors at both legislative and administrative levels will be a significant achievement in supporting small and medium enterprises innovation, provided: 1) consolidation of the individual venture investors’ legal status at the legislative level; 2) the availability of open online platforms with an easy way to find them on the Internet; 3) regulation of the online platform crowdfunding participants’ interaction within the existing contractual structures provided by the Central Committee of Ukraine, duly designed and posted on the platform's website.