Financial crowdfunding exists now for a couple of years and is –
within Europe - most developed in the UK, Germany, France and the
Netherlands. Although the concept is rapidly growing in Belgium,
absolute numbers are still very low. Relative numbers (e.g. volume/
inhabitant) also show that Belgium is significantly lagging behind the
Netherlands, Germany and the UK.

We are convinced that crowdfunding can further grow in Belgium, given
the current ‘startups explosion’, the government’s positive attitude
towards the startup community and crowdfunding in particular, as
well as the availability of plenty of cash. There are – as usual – a few
‘buts’ holding us back: (1) there is undoubtedly a Belgian attitude of
being a bit more cautious, and (2) the ‘right’ legislation is not yet in
place, particularly tax incentives (which form the driving force behind
crowdfunding’s success in the UK).

In the UK and the US, but also in Australia, for instance, financial
crowdfunding is entering into a new, more professional phase
(Crowdfunding 2.0), whereas Belgium is still in Crowdfunding Phase 1.0.
We predict that the financial crowdfunding industry in general (beyond
Belgium) will undergo a number of ‘experiences’, and – in order to
mature – will (have to) move into a more ‘stock-market-like’ phase in
due time, provided certain important conditions are fulfilled.

In terms of ‘experiences’: so far we have mainly witnessed the ‘hooray’
ones, which is great and stimulating. Year after year, the crowdfunding
volume has been steadily increasing and financial crowdfunding, chiefly
lending, is establishing itself as an alternative financing vehicle.