The Role of Crowdfunding in Stimulating Innovation and Economic Growth in Moldova

Abstract

Modern economic transformations increasingly necessitate the adaptation of funding mechanisms through digital integration. In the Republic of Moldova, the emergence of the crowd economy introduces alternative opportunities for mobilizing capital, particularly in support of innovation-driven initiatives. This article examines crowdfunding as a non-traditional tool for financing, outlining its key actors, operating models, and sectoral applications. Drawing on best practices from the European Union and recent data provided by ESMA, the study identifies pressing regulatory and infrastructural challenges. Based on the analysis, the article proposes recommendations for strengthening Moldova’s legal and institutional framework to better support the growth of digital investment platforms. The aim of the study is to explore the possibilities of using innovative financing methods, such as crowdfunding, to create and promote innovative activities of enterprises. To this end, the following objectives have been formulated: to study the characteristics of crowdfunding, to conduct a cross-country analysis of the implementation of crowdfunding, and to develop recommendations for the use of crowdfunding in innovative activities. The study used methods of analysis of theoretical aspects, global statistics, synthesis of information, and generalization of the data obtained. UDC: [004.738.5:330.322.12]:[658.14+330.341.1](478); JEL: O31, G23, M13.