Why don't Albanian businesses use crowdfunding? - Bajraktari: Law and entrepreneurship culture are lacking
Crowdfunding, or collective financing, is one of the most modern ways of financing businesses and testing new ideas, and is increasingly being used around the world. International start-ups see it as an opportunity not only to raise funds, but also to understand market interest and build a community around a product that has not yet been released.
Aneida Bajraktari Business Consultant:
"I think crowdfunding is a very good way to finance businesses, but also to test new products. In many countries around the world, start-ups use it to test products or services that they have not yet launched and to build a community around their product. This makes it very good because in addition to financing, it benefits marketing and validation of the idea in the market."
But the situation in Albania is different. Crowdfunding is mainly used by non-profit organizations, while for businesses this form of financing remains almost impossible. Experts say that the main reason is the lack of a legal framework that clearly regulates this mechanism.
Aneida Bajraktari Business Consultant:
"In Albania, Crowdfunding is mainly used for non-profit organizations, even a second-tier bank has launched a Crowdfunding platform that is specifically for social causes and NGOs. As for businesses, it seems to me currently impossible, both from the cultural side and from the legal framework. There is no legal framework that specifically regulates Crowdfunding in Albania for businesses, if we talk about what is called equity Crowdfunding, which means that businesses are financed by giving part of the business, this is technically impossible since this is formalized through the Central Bank, so a quota sale-purchase contract is needed, approval is obtained from the Central Bank, then an application must be made to the register of beneficial owners, so this is not possible through Crowdfunding platforms. Other ways are selling, pre-paying for products, or services that have not been launched before, this has to do with the issue of culture, that Albanians want to see and touch the product they are buying and not to mention the part "We are a cash society. So it is difficult to make online payments. Many international platforms do not have Albania as part of the platform, the way we make online payments, so currently there is no culture and legal framework that makes Crowdfunding possible in Albania for Albanian businesses."
In addition to the lack of law, market culture and online payments remain a problem. Albanians continue to prefer physical products over shopping, while the country remains a cash-based economy. Many international platforms also do not accept Albania due to its payment systems.
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