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UKIE report aiming to make crowd funding legal in UK

Friday, 10th February 2012 09:44 GMT By Johnny Cullen

UKIE has said it’s to publish a report next week that will outline the specifics on how crowd funding in the UK should be legal.

The organisation’s Crowd Funding Report is aiming to change legislation, where people can fund a project or company.

The news comes after Double Fine’s staggering $1.2 million and climbing Kickstarter project yesterday.

“Double Fine’s Kickstarter project has today shown the huge potential of crowd funding to benefit games and interactive entertainment businesses,” said UKIE CEO Jo Twist.

“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.”

More details here.

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4 Comments

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  1. funkstar

    from the UKIE page:

    “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.”

    thats definitely not how kickstarter works, at least. And I haven’t heard of any other crowd-funding sites that follow this model either. Do UKIE have a fundamental misunderstanding about what is going on here?

    #1 2 years ago
  2. TheBlackHole

    Yet another trade body that purports to understand/support the games industry without knowing a single damn thing about it.

    @1 Yes, UKIE have a total lack of understanding for how this works.

    #2 2 years ago
  3. Old MacDonald

    There are certainly crowd funding projects where you’re promised a share of the profits if you pay enough. They attempted that with Nexus 2, for instance – though that project unfortunately failed to attract enough money to get off the ground (I believe they also needed 400k, but they “only” got somewhere between 100k and 200k).

    #3 2 years ago
  4. funkstar

    ah looking into it further, profit share from crowdfunding is not allowed in the US, whereas it is in europe, so i guess UKIE arent too far off the mark.

    #4 2 years ago