众筹借助互联网平台，汇聚大众智慧，成功解决了小企业的融资难题，并让创业者和大众进入了曾被富人长久把持的投资领域，这或许预示着一个金融新时代的到来。

All the chips with the Internet platform,Convergent mass wisdom,Successfully solved the financing difficult problem of small businesses,And let the entrepreneurs and the public into the rich man has been long on the area of investment,This may herald a new era in finance.

　　小企业融资难是一个世界性难题，尽管各国政府通过补贴和减税等各种方式扶持小企业，但金融危机过后，损失惨重的银行为了满足监管当局更加严厉的资本要求，纷纷提高信贷标准和资金成本，市场上处于不利地位的小企业的资金需求不断被拒，几乎陷入生存危机。

Small business financing difficult is a worldwide difficult problem,Although governments through subsidies and tax cuts and other means to support small businesses,But after the financial crisis,Disastrous bank in order to satisfy regulatory authorities tougher capital requirements,Have to improve credit standards and capital cost,The market at a disadvantage of small business capital needs are constantly being rejected,Almost in survival crisis.

　源于艺术家的创意 From the artist's creativity

　　美国工程设计师埃里克有了Pebble智能表的创意，该产品最大特点是可以同安卓或苹果手机相连，当人们不方便拿手机时，可以直接从智能表上获取来电信息，另外还具有音乐控制、为体育锻炼提供相关的GPS数据、打高尔夫时可以显示球到旗杆的距离等特色功能。尽管埃里克在产品开发初期得到4家天使基金公司资助，但这些公司在中途放弃后，产品开发也被迫终止。埃里克尝试了包括银行在内所有传统融资渠道，但均遭拒绝。万般无奈之中，他怀着尝试的心态登录Kickstarter网站寻求帮助。该项目的信息在网站一经发布，出现了意想不到的结果，迅速得到众多网民的全力支持，在不长的时间里，从6万多人手中筹集了1030万美元，也创造了该网站筹资金额的纪录。Kickstarter网站成立至今已为3万多个项目筹集3.12亿美元资金。

American engineering designer Eric a Pebble intelligent table creative,This product is the biggest characteristic is to deep zhuo or apple mobile phone can be connected,When people don't convenient specialty unit,Can directly from the intelligent list to obtain information,In addition also has music control/For physical exercise provide relevant GPS data/Play golf can display the ball to the distance of the pole and characteristic function.Although Eric in the product development early get four angel fund company funding,But these companies in after give up halfway,Product development is also forced to terminate.Eric try including Banks all the traditional financing channels,But were refused.Of have no alternative,His attempt to login with the mentality of Kickstarter website for help.The project information in web site once released,Appeared unexpected results,Quickly get the full support of many Internet users,In not long time,More than 60000 people from hand raised $10.3 million,Also created this website financing amount of record.Kickstarter website has been established for more than 30000 projects to raise $312 million.

　　Kickstarter是2009年诞生的一家大众筹资平台，也是众筹网站的先锋。大众筹资简称众筹，是英文crowdfunding的直译，该词于2010年被《牛津英文词典》列入年度新词汇。根据英国《金融时报》的定义，众筹指的是以大众借款方式为新点子或项目筹集资金，众筹的做法最早来自一些创意工作者如音乐家或艺术家为了开演唱会、出版专辑或拍电影从粉丝那里筹集资金，粉丝们愿意向自己钟爱的歌手提供无偿资金援助。摇滚歌手Amanda Palmer就为自己的新专辑、新书和新旅行募集了100多万美元的资金，约有两千多名粉丝提供了资助。

Kickstarter is born in 2009 a public financing platform,The website also raise the pioneer.The public financing referred to as the raise,Crowdfunding is English ",The term in 2010[The Oxford English dictionary]Included in the annual new vocabulary.According to the British[Financial times]definition,The raise is refers to the public way to borrow money for new ideas or projects to raise money,The raise of the practice from some creative workers such as an artist or musician to concerts/Publishing album or movie fans to raise money from there,The fans are willing to his favorite singer provides the free financial aid.Rock and roll singer Amanda Palmer for his new album/New books and new travel raised more than $100 capital,About more than two thousand fans provides funding.

　　短短几年的时间里，众筹已经开始从创意产业和慈善领域逐步扩大到更加广泛的商业平台，将社交网络与天使基金、风险投资的投资方式巧妙地融合在一起，为资金需求方和供应方提供了一个新的桥梁，为小企业融资带来福音。其实，大众投资者贡献的不仅仅是金钱，更是一种参与、一种与创业者共命运的激情，其中有些是出于社会责任、有些是出于兴趣爱好。对于创业企业家而言，众筹就是及时雨，就是雪中送炭。

A few years,The raise has started from the creative industry and charity field gradually expanded to a wide range of business platform,Social network and angel fund/Venture capital investment way skillfully fuses in together,For capital home-textile and supplier provides a new bridge,For small business financing to bring the Gospel.In fact,Public investors contribution is not only the money,Is a kind of participation/A and entrepreneurs in passion,Some of them are out of social responsibility/Some are of interest.For business entrepreneur,The raise is timely rain,Is urgently needed.

　　众筹模式获美政府认同 The raise pattern recognition by the administration

　　在这个平台上，任何个人都可以提出需要融资的点子，任何感兴趣的一方都可以提供资金支持。一些专门支持本地项目的筹资平台、投资者，都可以通过网上地图查找所居住的社区附近需要融资的企业，如果发现感兴趣的项目，就可以成为投资者。投资回报的方式也各具特色。根据投资金额的多少，回报的方式可能是礼品、打折卡等，一些大公司也利用这个平台开展网络营销，吸引更多客户。

In this platform,Any individual can put forward the idea of financing needs,Any interested party can provide financial support.Some special support local project financing platform/investors,Can through online map search live near the community need financing enterprise,If it is found that interested in the project,You can become an investor.Investment returns and distinctive way.According to how much the amount of investment,Return way may be present/Discount card, etc,Some of the use of this platform in the network marketing,Attract more customers.

　　众筹网站的运作模式是,需要集资的个人或团队把项目提交到众筹平台，然后这些平台会对项目进行审核。一旦通过审核，项目背后的个人或者团队就可以创建一个项目页面，描述项目、说明筹资原因。每个项目都有一个集资目标——大部分情况下是几千美元，还会有一个截止期——一般是30天。相比传统渠道，众筹网站比较引人注目的地方在于，公众可以观察到项目的流行指数，例如，众筹网上显示某一项目的融资现状，包括融资总额、投资者人数、融资期限以及其他投资者的感受等内容。筹资目标实现后网站收取5%的手续费。

The raise of the mode of operation of website is,Need funding personal or team the project submitted to raise the platform,Then the platform to the project audit.Once through the audit,Behind the project the individual or team can create a project page,Describe the project/Reason that financing.Each project has a funding goals - in most cases is thousands of dollars,There will be a deadline - general is 30 days., compared with the traditional channel,The raise website is conspicuous place lies in,The public can observe project popular index,Such as,The raise online display a project financing present situation,Including financing amount/Number of investors in the/The financing period and other investors feel, etc.Financing target web site after charge 5% commission.

　　令美国众筹网欣喜的是总统奥巴马于2012年4月签署了《2012年促进创业企业融资法案》，这意味着众筹模式的根本性改变，即网上股权投资的合法化。为了保护众多个人投资者的利益，美国证券交易委员会将推出该法案所包含的相关规则。根据该法案规定，允许初创公司每年向投资者筹集100万美元的资金，免去向证交所注册登记等繁琐程序。规定也相应降低了投资者门槛，如年收入低于10万美元的个人，每年可以向每家公司最多投资2000美元；而较为富裕的个人每年可以向每家公司最多投资其个人收入的10％，最多不得超过10万美元。

The United States and to raise the joy is President Obama in April 2012 signed[In 2012 to promote the business enterprise financing bill],This means that raise the model of fundamental change,That is the legalization of online equity investment.In order to protect the interests of many individual investors,The United States securities and exchange commission will launch the bill contains relevant rules.According to the law,Allow startups every year to investors to raise $1 million to fund,Free to exchange registration and red tape.Provisions also reduced the threshold of investors,Such as the personal income of less than $100000,May each year to every company the most investment of us $2000;And more rich individuals to each company every year at most 10% of the investment income,Shall not exceed $100000.

金融民主化时代渐行渐近 Financial democratization age tapering nearly

　　欧美国家的金融机构在经历了金融风暴和欧债危机的重创后，元气还在恢复之中，无力对中小企业发慈悲，在这样一个大背景下，众筹的需求与日俱增，已逐渐从支流融入主流，根据Crowdsourcing.org网站2012年5月发布的报告，2011年全球范围内大约有452个众筹平台，主要位于欧洲和北美地区，这些众筹平台总共筹集了近15亿美元的资金，预计2012年众筹资金总额将达到28亿美元。

Europe and the United States financial institutions after the financial storm and European debt crisis after a,SAP is still in recovery from,Unable to small and medium-sized enterprises have a heart,In such a background,Raise the demand grows day by day,Has gradually from the branch into the mainstream,According to Crowdsourcing.org website May 2012 report,In 2011, the global scope about 452 to raise the platform,Mainly located in Europe and North America,These all the chips platform raised a total of nearly 1.5 billion dollars in money,In 2012 is expected to raise the total fund will reach $2.8 billion.

　　利用互联网这个潜力无穷的平台展开的金融创新正冲击着监管当局和投资者的传统思维模式，群众的力量是无穷的，众筹正是汇聚大众智慧，解决小企业融资难题的典范。在电子商务之后，金融创新终于在互联网这个潜力巨大的平台上迈出坚实的一步。这一代表着未来趋势的创新实现了社交网站和种子基金、风险投资的融合，是投行业务脱媒的开端。

Use the Internet to the potential infinite platform on the impact of financial innovation is the regulators and investors traditional thinking mode,The strength of the masses is infinite,The raise is convergent popular wisdom,To solve the financing problem of small business model.After in electronic commerce,Financial innovation finally in the huge potential of the Internet platform another solid step.This represents the future trend of the innovation to realize the social networking sites and seed fund/The integration of risk investment,Is the beginning of investment banking disintermediation.

　　金融正在互联网的冲击下走出高门槛的殿堂，放下身段，为社会和实体经济提供所需的服务，金融民主化不再是一个口号，创业者和大众进入了曾被富人长久把持的投资领域，这对金融本身意义深远。众筹时代正悄悄来临，在解决中小企业融资难题的同时，引领着金融领域的革命性创新。

Under the impact of the Internet financial are out of the palace of the high threshold,Put down the figure,For the social and economic entity provide service,Financial democratization is no longer a slogan,Entrepreneurs and the public into the rich man has been long on the area of investment,It is of far-reaching significance for financial itself.Raise the age is quietly,The financing of small and medium enterprises in solving the problem at the same time,Led the financial field of revolutionary innovation.

　　（作者系中国建设银行(601939,股吧)纽约分行前行长、美国纽约大学斯特恩商学院MBA）

(The author is China construction bank(601939,guba)Before the New York branch President/New York university stern business school MBA)