UKIE pushing for leaner crowd-funding regulations in the UK

In a push partially inspired by the recent success of Tim Schafer’s Kickstarter campaign, UKIE, trade body for the UK’s interactive entertainment industry, tabled a report calling on the UK to ease restrictions on crowd-funding.

The push is fueled by the idea that this source of crowd funding could be beneficial to video game development and other small and medium sized enterprises as well.

This comes after Schafer’s triumphant fund raiser which has yielded about $1.8 million to date. That’s a huge step up from the $400,000 he was expecting in the course of 33 days.

“Having Double Fine’s Kickstarter project raise over $1.8 million has shown the huge potential of crowd funding to benefit games and interactive entertainment businesses,” said UKIE CEO Dr Jo Twist as reported by Gamesindustry.biz.

“We need the UK to be able to take full advantage of crowd funding to allow video games businesses, community projects and SMEs from all sectors to raise much needed investment. We have produced UKIE’s Crowd Funding Report as part of our pre-budget submission to government, to outline exactly what needs to be done for this to be possible.”

Some of the points UKIE has focused on in it’s report is the lifting of fund raising limits, allowing companies not to have to issues shares to investors, allowing the use of crowd-funding as a permitted tactic for business in projects and a ‘light touch’ regulatory system to keep investors safe but not to interrupt fund raising efforts for businesses.

However, it still wants to call for a set funding limit per person who invests into potential projects. This will protect investors from reaching too deep into their wallet in case a project is unsuccessful.

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Author: Khristopher Reardon View all posts by
Khristopher is a well-to-do journalist with a video game addiction and a knack for writing. He's been playing video games for over two decades and gets a little bit itchy whenever he sees something new which tickles his fancy.