Interviews were conducted to managers of University Business Incubators to understand the general characteristics of the incubation programs and to identify measures that could enhance the incubators. The Analytical part consists of an overview of business incubators origins, concept and types, PEST analysis of Panama, Business and Entrepreneurial Environment in Panama and Business Incubators in Panama. The thesis consists of three parts: The Analytical part, Theoretical part, and Practical part. The main problem is the lack of an integrated and developed entrepreneurial ecosystem that would influence the further development of university business incubators. Bibliography consists of 96 sources such as scientific papers, articles from scientific journals, economical and entrepreneurial benchmarking global reports and electronic resources. Finally, I find that optimal regulation of investment- based crowdfunding should recognize its unique risks, which warrants a specific proportionate regulation tailor-made to address crowdfunding as such.
In the final chapter, I present policy proposals including key elements of bespoke regulation. Key findings include lack of standards in conducting due diligence of companies, unclear regulatory positioning or status of the investment services actually provided by the platforms. Furthermore I undertake empirical research of the largest European equity-based crowdfunding platforms, showing a discrepancy in standards across these platforms. Conducted legal analysis of the EU financial markets regulation framework, as well as of several Member States, shows significant barriers to the market development, such as lack of clarity on investment services, unsuitable MiFID exemptions, lack of single passport for bespoke regulatory frameworks, lack of harmonization of prospectus requirements for low-value crowdinvesting offerings. Through literature review I draw a list of key regulatory risks and related interventions attached to crowdinvesting, concluding that main regulatory issues include information asymmetry, risks of platform failure, retail nature of investors, poor performance of projects or companies, conflicts of interest or data privacy. This dissertation deals with the regulation of crowdfunding, with a focus on equity- based crowdfunding, with the objective to analyze its justifications, proportionality and legal barriers.
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