Beesfund
| Type of business | Joint-stock company |
|---|---|
Type of site | Crowdfunding |
| Available in | Polish English |
| Headquarters | |
| Area served | Poland |
| CEO | Arkadiusz Regiec |
| Key people |
|
| Industry | Capital market |
| Services | Equity crowdfunding |
| Subsidiaries | |
| Website | beesfund |
| Commercial | Yes |
| Registration | Required |
| Users |  26,000 (2019) |
| Launched | August 13, 2012 |
Beesfund is a Polish equity crowdfunding platform based in Warsaw, Poland. Managed by its eponymous company founded in 2012 by entrepreneur Arkadiusz Regiec. It is one of the first crowdfunding platforms in Poland, and Central and Eastern Europe.[1] As of October 2019, 55 public offerings were carried out on the platform, for a total amount of PLN 31.6M, collected by 26,000 registered investors,[2] an average of 205 investors per offering.[3]
Beside its eponymous platform, Beesfund also manages a flexible-model crowdfunding platform OdpalProjekt.pl (Firestart Up a Project) (estimated 2014). In 2019, it’s reportedly to start operations in Romania[4] and Slovakia.[5]
History[edit]
Origin of the platform[edit]
In 2012, Arkadiusz Regiec (a graduate of the Faculty of Law of the University of Warsaw and political science at the University of Warmia and Mazury in Olsztyn)[6] was looking for financial support to start a business with a friend, but none of their friends wanted to risk loans of PLN 10,000, but no more than 300. Thanks to subsequent small donations, Regiec was able to collect the necessary amount, which in turn inspired him to create a collection mechanism in an organized form. The benchmark was the crowdfunding platform Kickstarter, which at that point had collected US$1B over three years from launching, from 7.7 million backers, which allowed to finance 76,000 projects. Regiec decided to situate a similar mechanism in Polish legal reality.[7]
In addition to Kickstarter’s reward-based crowdfunding model, there are also two other models present on financial markets — the lending-crowdfunding model, in which the entrepreneur borrows money for his project from a group of lenders, and the equity model, in which fundraisers are offerings of company shares. However, it is not possible to raise funds comparable with the traditional capital market through equity crowdfunding, therefore it cannot compete with the regular stock exchange market, nor alternative trading systems.[8] Through equity crowdfunding, initial capital is provided by small contributions from many backers,[9] thanks to which the company can raise funds for development in a short time.[10]
Beesfund’s aim is to fill the gap on the financial market, alongside mature companies selling shares on the Warsaw Stock Exchange, and smaller ones entering the NewConnect alternative market. Since the social market enables investing in startups and dynamically developing companies by people with small capital.[10] By establishing one of the first equity crowdfunding platforms in Poland, Regiec offered the opportunity to buy shares of companies by payers not limited to transferring support for the venture but becoming its co-owners.[7][11] He announced the launch of the platform on May 31, 2012, during the first conference of the Polish Crowdfunding Society, notifying about the option of adding equity, non-equity, and hybrid projects,[12] while mentioning plans to extend to foreign markets.[13]
The beginnings[edit]
Beesfund was launched on August 13, 2012, under the slogan "We Help to Implement Good Ideas".[14] On the first day, first payments appeared in three of the four projects posted, and in the afternoon their sum exceeded the first thousand zlotys. The most funds, from seven backers, 1.4 percent of the target, were obtained by a project in which the community could invest in Beesfund itself, valued at PLN 1M (US$255,000).[13][15]
During the first years of the platform, its founders evangelized the market, persuading to the formula of crowdfunding.[13] Their own issuance served as an example to prove the legality of public issues of shares offered without a prospectus or memorandum, in accordance with the guidelines of Poland’s Financial Supervision Authority (KNF).[16] Beesfund is presented as an incubator for the smallest companies that need money for development and want to gather experience on small issues, and the possibility of dispersing risk for investors with uncertain investments in unknown startups.[11]
In October 2012, the platform gained the financial goal of its own campaign for PLN 50,000 thanks to 69 investors.[17][18] In blocks of 10 shares for PLN 100 (US$25.50) each, 5,000 shares were sold, which was 5% of the company's total shares. Most payments did not exceed PLN 100.[19][20] For all participation projects in the platform, the principle of not exceeding the financial goal has been introduced.[21]
First sister platform[edit]
In July 2014, Beesfund launched its sister crowdfunding platform OdpalProjekt.pl (Firestart Up a Project). Inspired by Indiegogo, the first award-based platform in Poland, operating in flexible funding. Despite determining the financial goal, the project promoter receives all funds accumulated during a campaign and is obliged to implement the project.[22][23][24]
The OdpalProjekt.pl is addressed to investors interested in debut projects, specific, and one-off ventures — cultural events, as well as album, game, and book releases. Money from online backers is obtained in two options, "Take What You Collect" (with a 6.9% commission), and "Everything Or Nothing" (with a 4.9% commission).[7] Regardless of the support received, all the funds collected during a campaign go to the project promoter, which doesn’t release him from preparing reimbursable benefits as prizes.[25]
Increasing interest[edit]
By 2015, 5 successful open issues were carried out on the platform, in which over PLN 1.5M were obtained in total.[26] In 2016, Beesfund carried out 6 offerings,[27] in which a total of over PLN 1.7M (US$425,000) was obtained.[28] The platform base then counts 1,049 active investors who bought at least one share.[10] According to Regiec, the platform is used by both people associated with issuers, and professional investors, as well as HNWIs from Wprost magazine’s List of the 100 Richest Poles.[28]
In 2017, equity crowdfunding was increasingly popular in Poland. In the annual Polish Startups report of the Startup Poland Foundation, 11% of startups declared that they were looking for funding through crowdfunding (in 2016, it was 3%).[29] Throughout the year, Beesfund carried out 11 offerings,[30] with an average of 140 investors,[31] from a total of 8,000 registered investors, of which a quarter have invested. Most of them actively follow the development of the company, some providing their advice, although the amounts invested do not exceed several hundred zlotys (under US$200).[32] Regulations of that time allowed to collect in social collections up to EUR 100,000 (about PLN 440,000).[33] If this limit was exceeded, the offering would be considered public in accordance with the Polish Act on Public Offering,[34] which would require the company to issue an offering prospectus which would involve higher costs.[35]
Following further successful campaigns, Beesfund creators encouraged entrepreneurs: "Absolutely crucial is the full commitment of the project’s creator in its promotion, spreading information, encouraging support, and sharing links to the project among friends of friends."[36]
Developing the investors’ network[edit]
In November 2017, Beesfund carried out its 20th offering — the startup company City Inspire sought to acquire PLN 400,000 (US$102,000).[32] At that point, all emissions on the platform, open and closed, were worth a total of PLN 18M (US$4.6M). All issuers remained on the market. The first ones achieved their business goals.[27] Increasingly joining the offerings are companies already backed by venture capital funds, to collect further financing from the community.[16] One example is ACR Systems, with an initial PLN 1.5M (US$380,000) investment by the SpeedUp Venture Capital Group of Poznań.[37]
In December 2017, Beesfund CEO estimated that the Polish equity crowdfunding market was worth approximately PLN 20M (US$5.1M), with the option of increasing to PLN 80M (US$20.4M), up to PLN 300M (US$76.5M), provided that the value limits for public securities issues were soon to be raised.[38]
Exponential growth[edit]
In July 2018, Beesfund's database has 6,800 registered investors. Throughout 2018, Beesfund carried out issues of shares of 13 companies that collected a total of PLN 4.6M (US$1.1M).[39] 16 projects were fully funded.[3] By May 2019, the platform had 21,300 registered users, and carried out over 40 issuances, collecting a total of over PLN 23M (US$5.8M).[40] In August 2019, in 53 issues on the Beesfund platform, with the participation of 23,500 investors, a total of PLN 28M (US$7.1M) was collected.[39][41]
Between January and June 2019 alone, Beesfund issuers carried out 16 offerings (over 700 percent increase year-over-year), for a total amount of PLN 14.3M (US$3.6M) (increase by 2,356 percent), in 18,252 payments (increase by 3,983 percent), made by 14,998 active investors (increase by 4,377 percent), including 16,913 new investors (increase by 2,498 percent).[42][43] In August 2019, the total amount of funds raised on Beesfund exceeded PLN 30M (US$7.6M).[2] By the end of 2019, Beesfund will issue 40 offerings.[41]
Characteristics of the platform[edit]
How Beesfund works[edit]
Beesfund is one of the first crowdfunding platforms in Central and Eastern Europe, operating in the model of selling shares of joint-stock companies. It allows companies to offer shares in simplified public offerings including optional rewards.[33] Companies that issue shares on Beesfund are able to build an investor community around their ideas, and run campaigns to promote the offerings.[44]
In open public equity-crowdfunding issuances, the legally available amount for Polish entities is currently EUR 1M. The issuer is not obliged to issue an issue prospectus or investment memorandum, which is why Beesfund is dominated by companies with a ready business model that depends on the dispersion of capital and shareholders. Thanks to the investor community, the platform acquires capital, while the issuer must transform into a joint-stock company, or limited joint-stock company, which prepares the company for its entry onto the capital market, including NewConnect and the Warsaw Stock Exchange.[16]
At the company’s initial stage of development, it is difficult to estimate results. Therefore, an important factor in the selection of companies for the offering is their market potential, business plan, assessment of the international business potential, as well as the founders themselves, and their previous successes. Every successful issuance on Beesfund is the result of a careful assessment of the investor community, hence the unsuccessful offerings are likely to precede a company closure.[16] In October 2018, of the five companies that did not raise funds on Beesfund, only one operated.[3]
The course of offerings[edit]
To collect the amount set by a company, its owners must advertise their idea to convince the investor community. The offering alone acts as a free verification of business plans. Beesfund creators want its offerings to be associated with an emotional charge[45] — so far, the platform issued shares of sports clubs, alcohol manufacturers, and video game producers. In addition to issuing shares, Beesfund also provides tax and legal advice for issuers, transforms legal form of their businesses.[25]
The fact of interest by several dozen or several hundred shareholders helps in obtaining a bank loan for development and may affect the involvement of potential strategic investors. It may also be a way of an incentive program for employees.[8][10] In turn, the person purchasing the company's shares or bonds gains the right to dividend or the sale of shares (confirmed by a paper certificate).[46] Currently, small transactions can only take place between shareholders because Beesfund issuers do not run public companies. Unless the majority of the issuer's shares were taken up by a large investor and introduced to the public market. Beesfund users can also make payments using bitcoins. Failure to meet the financial goal is not related to the failure of the project (the "you-take-what-you-collect" model).[25]
However, not all crowdfunding equity issues of companies end with the collection of all planned capital. The crucial cause may be the lack of human resources for conducting an effective campaign, too few people convinced to invest, or the lack of an idea for effective convincing investors.[47]
[edit]
In addition to company financing, the value of equity crowdfunding is the community itself, micro investors ready to entrust their money to a group of people with a business idea. Investors hope for a return on investment in the future, the first and potentially subsequent ones, and as a result, an interest in the company developing dynamically and consistently. A properly managed community with such motivation is substantive support for the board, a source of valuable contacts, and a group of ambassadors who can help solve problems of the organization.[47]
Thanks to the shareholder community, business originators gain validation of the consumer group, which is also the company's first valuation. A reference point in conversations with a business angel or venture capital fund. It is also a chance for publicity and access to a group of advisers — lawyers, professional investors, entrepreneurs, and IT specialists.[6] Often, companies also prepare a package of additional rewards — product packages, or membership cards.[9]
Risks[edit]
Investments in beginner startup companies are at high risk — investors need to think about how much money they can potentially lose and focus on a payback period of several years.[16] Unlike a stock exchange, Beesfund only allows the purchase of shares, but it does not allow their sale.[6]
Although statistics and examples of crowdfunding in high-growth investments, both Polish and global, are very optimistic (profit can reach 50 percent per year), some projects on Beesfund lose.[17] Business failures are included in the essence of entrepreneurship, especially innovative, even so when a startup company looking for capital is at the stage of searching for a business model. Therefore, an investor paying their own funds for projects through Beesfund bears a high risk.[26] Although the risk is a much greater threat than scams which with investments in this form are extremely rare.[48] The investment risk is even lower when the company already has a business model and is ready to develop it.[26]
Currently, there are no places on the Polish market where crowdfunding shares can be sold outside organized shareholder groups. The capital invested has to be limited to the platform, hence it is beneficial to invest a small amount, and spread it over many projects.[26] On the other hand, the higher the deposit, the higher the risk. While on the reward-based platform PolakPotrafi.pl portal the average investment is about PLN 100 (US$25), on Beesfund it is PLN 800 (US$200). Every investor should remember the risk — equity crowdfunding is not about spontaneous events, but real investments in shares (on GetFunded, they also include shares of limited liability companies).[26][49]
The critics point out no investor control over what happens with the venture they put money in, and the lack of information obligations. An investor may know nothing about the project they have invested in for years. Both with the change of the business model, and closing of the business altogether. The issue of the profitability of supporting projects in exchange for shares is also received skeptically. As of August 2019, not a single Polish project financed in this model has paid dividends.[50]
The legal threshold[edit]
Although European Union law does not refer to crowdfunding by name, it sets a limit for public issue of securities (shares or bonds) to an unspecified addressee, without the need of issuing a prospectus or memorandum, required when entering the stock market.[11] Without the procedures required by the financial supervision authority, the issue and trade of securities could not take place above the limit of EUR 100,000 (US$111,000).[51] But on July 21, 2018, an EU directive came into force, that increased the limit on public offers outside the banking sector.[48]
Member States could set the new amount between EUR 1M-8M. Poland had to comply with these regulations by February 2019. Counting on the development of the SME market, the Ministry of Finance decided on the minimum option — for now, it has agreed to allow collecting of up to EUR 1M (US$1.1M).[52]
Beesfund CEO Arkadiusz Regiec participated in the works of the crowdfunding working subgroup at the Polish Financial Supervision Authority.[27] Based on increases in other countries, he estimated that the new limit would allow exceeding one hundred collections per year, and the total amount of money collected on all platforms would reach tens of millions of euros.[48] By increasing the amount of the collection limit, equity crowdfunding has become an important element of the capital market. The number of offerings and amounts collected on Beesfund are growing rapidly.[39] Regiec postulates that investing in innovative companies through equity crowdfunding should be available to every Polish citizen, thanks to tax breaks which will allow investors to risk more willingly.[6]
Notable campaigns[edit]
Wisła Kraków[edit]
At the beginning of January 2019, Beesfund CEO Arkadiusz Regiec informed about the analysis of the possibility of issuing shares in the football company Wisła Kraków, which needed PLN 80M to pay its debt.[53][54] On January 17, Beesfund signed an agreement with Wisła Kraków,[55] and then on February 5 — 9,129 investors gathered 40,000 shares (5,115 percent) on one platform, worth PLN 4M (US$1.01M).[56][57] In the first initiative of this type in Poland, the capital of the football company was increased, which even achieved a slight financial profit thanks to the issue of shares, loans, drop-offs, transfers, and ticket sales for a total of PLN14.2M (US$3.6M).[42][56][58]
The club representatives emphasized the symbolic value of the club's shares, that represent the unifying of the Wisła community. This is the first such initiative in Poland. Each person who buys the shares will receive a special personal document. Additional benefits encouraged the purchase of shares: a unique headband and poster. For larger amounts, the Wisła jersey with signatures of the players, and VIP Gold tickets which included a dinner with members of the board and team council.[59] After the success of the offering for Wisła Kraków, more than 20 other Polish and foreign sports clubs, not exclusively football, came forward to Beesfund to sign similar contracts.[60][61]
Inne Beczki[edit]
In March 2016, the craft brewery Inne Beczki started the campaign. The founders wanted to discount the success of their small beer bar Spotkanie ze Szpiegiem (Meeting with the Spy), which managed to attract the community, and planned to invest PLN 400,000 (US$101,500) to create a brewery. Over 700 investors collected the entire amount in 11 days. The price of one share was PLN 40 (US$10.15). The company announced a dividend in the coming years.[49]
Revenues from the sale of shares allowed to achieve the objectives of production, distribution, and branding, and high consumer involvement meant that the brewery is able to grow organically and predictably. Its shareholders wanting to increase their potential profit work to increase the value of the company, regularly buying its beer in stores and ordering it on the premises.[6][62] The Beesfund offering prompted a business angel to invest in a company, that in July 2018, at the cost of PLN 14M (US$3.5M), launched their own brewery Browar Błonie.[63]
InPay[edit]
The first company that managed to raise funds on Beesfund for the development of its system and expansion in Poland and in Europe was InPay, the first provider of bitcoin payment solutions in Central Europe.[7] After the approval of the Polish Financial Supervision Authority, in November 2014, a week ahead of schedule, 181 investors from around the world bought 5% of the company's shares for PLN 200,000 (US$51,000). In the offering of registered shares of InPay on Beesfund, bitcoin payments were enabled for the first time in the world, which allowed for a quick purchase of registered shares, and reduction of transaction costs.[64][65]
Migam[edit]
In August 2012, one of the first projects on Beesfund was an offering for the publication of a textbook for sign language learning. The authors run the Migam company, which facilitates communication between people who use sign language, and the people who can hear. In May 2014, Beesfund launched an offering campaign.[9] And although at the halfway point, Migam accumulated just over 4 percent of the expected amount,[66] strategic investors came forward,[11] and in April 2017, a Beesfund reissue took place.[67]
Largest successfully completed projects[edit]
| # | Collected amount (PLN) | Company name | Category | % offered | Stock price (PLN) | Stock amount | Investors | Issue success threshold (PLN) | Closing date |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 4,000,000 (US$1,035,457) |
Wisła Kraków[68] | Football team | 5,115% | 100.00 (US$25.89) |
40,000 | 9,129 | 100.00 (US$25.89) |
March 6, 2019 |
| 2 | 3,877,275.83 (US$1,003,688) |
Browar Jastrzębie[69] | Brewery | 35,15% | 0.23 (US$0.060) |
17,400,000 | 4,345 | flexible | January 22, 2019 |
| 3 | 2,538,924.50 (US$657,237) |
Mazurska Manufaktura Alkoholi[70] | Alcohol manufacture | 12,5% | 29.75 (US$7.70) |
142,857 | 1,010 | 100,019 (US$25,891) |
July 1, 2019 |
| 4 | 1,396,337 (US$361,462) |
Ogen[71] | Genetic research | 17% | 41.00 (US$10.61) |
102,410 | 592 | 100,040 (US$25,897) |
April 29, 2019 |
| 5 | 1,273,980 (US$329,788) |
Browar Brodacz[72] | Brewery | 40% | 60.00 (US$15.53) |
66,667 | 1,104 | flexible | February 26, 2019 |
| 6 | 1,252,700 (US$324,279) |
Wealthon Fund[73] | Financial services | 20% | 20.00 (US$5.18) |
100,000 | 264 | 200,000 (US$51.77) |
April 12, 2019 |
| 7 | 815,423 (US$211,084) |
MC² Innovations[74] | Blockchain-based software services | 5% | 133.00 (US$34.43) |
5,263 | 266 | flexible | February 2, 2019 |
| 8 | 599,994 (US$155,317) |
Pelixar[75] | Unmanned aviation | 10% | 54.00 (US$13.98) |
11,111 | 227 | 59,994 (US$15,530) |
April 25, 2019 |
| 9 | 521,920 (US$135,106) |
Escola[76] | Software house | 12,903% | 70.00 (US$18.12) |
16,000 | 168 | 200,060 (US$51,788) |
July 1, 2019 |
| 10 | 509,600 (US$131,917) |
Ed Red[77] | Restaurants | 9,09% | 100.00 (US$25.89) |
10,000 | 304 | 50,000 (US$12,943) |
January 13, 2019 |
The accelerator[edit]
On June 8, 2017, Beesfund and the Warsaw Stock Exchange initiated the startup accelerator named Akcelerator GPW, a joint initiative to support the building of business relationships between startups and companies listed on the WSE (especially management boards and supervisory boards), investors, venture capital funds, and other accelerators.[31] On October 1, 2017, WSE and Beesfund announced 100 startups and innovative companies for the first stage of the Accelerator, starting an acceleration platform for startups, social investors from Central and Eastern Europe, state administration, and other participants of the capital market.[78]
However, in February 2018 Regiec referred to rapid changes within the WSE: ″President Maciejewski saw a serious opportunity in crowdfunding for the Stock Exchange to have a new impulse, Then president Tamborski noticed crowdfunding, but he thought it was not the time for roses when OFE forests are burning. And while president Grzywiński then signed an agreement with me, the current president Dietl has also been mentioning crowdfunding in the context of GPW foundation activities."[79] In October 2018, Regiec confirmed that ultimately the GPW Accelerator had not started.[3] In January 2019, Beesfund announced that Mateusz Tulecki, the creator of the InternetBeta conference, undertook the building of the accelerator.[80]
TokenBridge[edit]
In July 2017, Beesfund launched a spin-off TokenBridge dedicated to blockchain technology, to create a mechanism for tokenizing shares, bonds, exchange-traded funds and conducting initial coin offerings.[16][40] The exchange of global stocks with cryptocurrencies would use ERC-20 blockchain tokens representing formal stocks of companies that trade on stock exchanges. TokenBridge is to allow to collect these shares from the stock market, and release paired tokens free for anyone to trade. In the process of tokenization (attaching tokens to securities), TokenBridge would take a physical possession of shares, create a register of audited token-backed securities, and release tokens onto the blockchain.[81]
In August 2017, the company released its ICO, tokenized first assets, and has worked with first companies with adequate trade volume and interest from investors. The company has been considering a dedicated token to purchase services, and a yearly fee for token maintenance.[81] In November 2018, TokenBridge joined the acceleration program of the PKO Bank Polski,[39] as part of the innovation development platform under the name Let’s Fintech with PKO Bank Polski.[82][83][84]
Since May 2019, Beesfund has been working on algorithms that support the creation of digital smart contracts and the process of exchanging tokens with cryptocurrencies to issue share tokens.[85] For analyzing financial results of companies, and increasing the efficiency of communication with shareholders, Beesfund will implement a prediction tool based on machine learning.[86]
The KNF warning[edit]
On November 22, 2017, the Polish Financial Supervision Authority (KNF) and supervisory authorities of other countries released a warning against investments in coins and tokens purchased under ICO, for a specific cryptocurrency, in exchanges associated with fraud and the possibility of losing all money without legal protection.[87] Arkadiusz Regiec publicly appealed to the KNF to create a working group for initial coin offerings, as soon as possible, and prepare easy legislation for Polish fintech startups.[88]
Plans made public[edit]
Beesfund wants not only startups but also mature companies to benefit from crowdfunding in Poland. The platform is looking for medium-sized companies that are characterized by dynamic growth, including family businesses that are going through a moment of succession.[6] Sports clubs and local governments are also looking for additional funds. Beesfund is in talks with several municipalities to issue city or municipal bonds, with state guarantees."[61]
International expansion[edit]
Beesfund is to start operations in Romania and Slovakia. The company's expansion process is managed by former WSE president and NewConnect founder Ludwik Sobolewski.[4][5]
The owners of the platform want Beesfund to become the largest platform in the Intermarium region, helping startups from Lithuania, Latvia, Estonia, Bulgaria, Hungary, Belarus, Ukraine and the countries of former Yugoslavia and Georgia. They are also looking for investors in Western countries.[6] Beesfund wants to compete with Europe's largest equity market in Europe, where 21 percent of the issue was carried out in 2016 by two Crowdcube equity crowdfunding platforms and Seedrs.[27] In Poland, crowdfunding currently accounts for 1 percent of the equity market.[6]
Taon Property[edit]
In June 2019, Beesfund created a subsidiary Taon Property,[89][90] which manages its sister equity crowdfunding platform in the real estate sector. The platform will allow the collection of money for investment purposes, with contributions from PLN 50 from individual investors.[91] Taon Property is to enable investment in office and utility spaces.[92] Its launch would coincide with an issue of shares on Beesfund.[93][94]
Brokerage house, alternative trading system[edit]
Beesfund plans to apply for a license to run a brokerage office that will open the way to issues of PLN 20-30 million. And as a supplement to the NewConnect market, Beesfund is to apply for a regulated alternative trading system, a multilateral trading facility, with the option of trading shares in limited liability companies. The MTF based on a blockchain-distributed data register is to create a pan-European stock exchange for innovative companies from across the continent. In order to implement the plans, Beesfund will issue its own shares to raise capital.[5][30][90]
The initiative to create the private market and alternative stock trading system is led by Ludwik Sobolewski.[5] While former vice president of the Warsaw Stock Exchange Michał Cieciórski will participate in the creation of the secondary share-trading platform.[95]
In October 2018, the WSE announced plans to create an analogous platform called Warsaw Private Market, that is to enable trading in crowdfunding shares and limited secondary trading using blockchain technology.[96] Regiec said: "The capital market is too boring, nothing is happening, some hooligan is needed. I'm going to bet that Beesfund itself will launch such a market sooner."[97]
Beescamp[edit]
Beesfund CEO Arkadiusz Regiec is to build a campsite for innovative companies at Lake Ukiel in Olsztyn.[97] The construction of a workplace, and a home for developers, which is to accommodate a minimum of 60 rooms and 30 spaces for campervans and campsite, will cost PLN4M-10M (US$1M-2.5M). It will be possible to transfer business activities to a site of 5 hectares for the duration of the holidays or permanently. On June 17, 2019, Beesfund signed a 20-year lease agreement. The company's president is counting on the campsite to be funded by the investor community. Work on the Beescamp will start in 2020, with the opening expected around 2021. It will include an exhibition of startup solutions — zero emissions, solar houses, a Stirling engine, as well as agro and food tech solutions.[98][99]
Prizes and accolades[edit]
In June 2018, BeesFund was awarded in the annual Aulery ballot, in which technology industry practitioners distinguish market leaders, and identify the best Polish companies with global potential.[100]
References[edit]
- ↑ "Beesfund.com w Twoich rękach". beesfund.com (in polski). Retrieved 2019-10-02.
- ↑ 2.0 2.1 "Pierwsza polska platforma finansowania udziałowego". beesfund.com (in polski). Retrieved 2019-10-02.
- ↑ 3.0 3.1 3.2 3.3 "Crowdfunding udziałowy - czy widać efekty większego limitu? Arkadiusz Regiec (Beesfund)". Stockbroker.pl (in polski). 2018-10-22. Retrieved 2019-10-02.
- ↑ 4.0 4.1 Dincă, Thomas (2019-10-02). "Ludwik Sobolewski, care a condus bursele din Varșovia și București, intră în România cu platforma de crowdfunding Beesfund". Profit.ro (in română). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 5.0 5.1 5.2 5.3 Duszczyk, Michał (2019-09-28). "Beesfund na ambitne plany, w ciągu 2–3 lat potrzebuje minimum 20 mln zł". Parkiet (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 Duszczyk, Michał (2018-01-29). "Potencjał drzemie w budowie społeczności wokół projektu". Rzeczpospolita (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 7.0 7.1 7.2 7.3 Możdżyński, Bogdan (2015-03-09). "Crowdfundingowy miód Beesfundu". Forbes (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 8.0 8.1 Kowanda, Cezary (2012-08-28). "Crowdfunding, czyli finansowanie społecznościowe". Polityka (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 9.0 9.1 9.2 "Rewolucja społecznościowa w finansach – equity crowdfunding" (PDF). Akcjonariusz (in Polish). 5: 11–15. 2014.CS1 maint: Unrecognized language (link)
- ↑ 10.0 10.1 10.2 10.3 MW (2016-06-01). "Beesfund - kapitał na rozwój biznesu od społeczności". Biznes Tuba (in polski). Retrieved 2019-10-02.
- ↑ 11.0 11.1 11.2 11.3 Dzikowska, Joanna (2016-05-16). "Miliony na biznes ze zrzutki w sieci - tu każdy może być inwestorem". Gazeta Wyborcza. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Szewczyk, Łukasz (2012-08-23). "Crowdfunding udziałowy już w Polsce - rusza Beesfund.com (infografika)". Media2.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 13.0 13.1 13.2 Nowak, Adrian (2012-08-31). "Beesfund - potężny zastrzyk finansowy dla startupów?". Dziennik Internautów. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Pomożemy zrealizować Twój pomysł!". Beesfund - Blog (in polski). 2012-10-18. Retrieved 2019-10-02.
- ↑ Król, Karol (2012-08-14). "Pierwszy dzień beesfund.com – jest dobrze". crowdfunding.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 16.0 16.1 16.2 16.3 16.4 16.5 Zając, Piotr (2017-07-14). "#PROSTOzPARKIETU: Arkadiusz Regiec: W jakie startupy warto inwestować?". Rzeczpospolita (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 17.0 17.1 Bellon, Marta (2013-01-15). "Crowdfunding bez schematów". Puls Biznesu (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Beesfund.com definitywnie w rękach społeczności". Beesfund - Blog (in polski). 2012-10-11. Retrieved 2019-10-02.
- ↑ Rymsza, Anna (2012-08-23). "Crowdfunding dotarł do Polski". dobreprogramy.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Król, Karol (2012-10-11). "Pierwszy projekt crowdfundingu udziałowego zakończony sukcesem!". crowdfunding.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Król, Karol (2012-10-09). "Historyczny dzień polskiego crowdfundingu". crowdfunding.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ ""Bierzesz ile zbierzesz" czyli elastyczny crowdfunding". Beesfund - Blog (in polski). 2014-07-14. Retrieved 2019-10-02.
- ↑ "Bierzesz ile zbierzesz". odpalprojekt.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Król, Karol (2014-08-11). "Nowi gracze na polskim rynku finansowania społecznościowego". crowdfunding.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 25.0 25.1 25.2 Bęczkowski, Adam (2017-04-03). "Przewodnik po polskich platformach crowdfundingowych". WeTheCrowd (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 26.0 26.1 26.2 26.3 26.4 Bellon, Marta (2016-05-11). "Crowdfunding nad Wisłą. Polak potrafi wspierać". Business Insider (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 27.0 27.1 27.2 27.3 Ciesielski, Mirosław (2017-06-07). "Crowdfunding demokratyzuje kapitalizm". Obserwator Finansowy (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 28.0 28.1 Ogórek, Sebastian (2016-06-08). "Arkadiusz Regiec - jedyny doradca finansowy, który mówi, że większość jego spółek upadnie". money.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Niewiadomski, Michał (2017-09-05). "Rynek start-upowy". Rzeczpospolita (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 30.0 30.1 Halik, Karolina (2018-07-24). "Sukces buduje sukces - Arkadiusz Regiec (Beesfund)". MamStartup (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 31.0 31.1 "GPW otwiera się na start-upy - tworzy Akcelerator wspólnie z platformą Beesfund". Bankier.pl (in polski). 2017-06-08. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 32.0 32.1 Duszczyk, Michał (2017-11-29). "Prezes Beesfund Ariadiusz Regiec: Warszawa hubem międzymorza". Rzeczpospolita (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 33.0 33.1 Grynkiewicz, Tomasz (2012-09-01). "Miliony z internetu pozwolą na rozkręcenie biznesu". Gazeta Wyborcza. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Ustawa z dnia 29 lipca 2005 r. o ofercie publicznej i warunkach wprowadzania instrumentów finansowych do zorganizowanego systemu obrotu oraz o spółkach publicznych". prawo.sejm.gov.pl. Retrieved 2019-10-02.
- ↑ Ćwiklak, Dariusz (2017-11-19). "Polak się zrzuca". Newsweek Polska (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Szkoła Beesfund: Projektodawca jest najważniejszy!". Beesfund - Blog (in polski). 2013-01-28. Retrieved 2019-10-02.
- ↑ Duszczyk, Michał (2017-12-14). "Fundusze VC sięgają po crowdfunding". Rzeczpospolita (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Grzegórska-Szpyt, Longina (2017-12-11). "GAZETA BANKOWA: Inwestorzy z sieci". wgospodarce.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 39.0 39.1 39.2 39.3 Ptak-Iglewska, Aleksandra (2019-07-17). "Dostrzeżone zbiórki kapitału". Parkiet (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 40.0 40.1 Stankunowicz, Eryk (2019-05-08). "Trzeba przecierać szlaki". Newsweek Polska (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 41.0 41.1 Łukasik, M. (2019-08-07). "Rekord internetowych zbiórek udziałowych. W pół roku firmy zebrały ponad 14 mln zł". money.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 42.0 42.1 "Beesfund: 14,5 miliona zł w emisjach od początku 2019 roku". Comparic.pl. 2019-08-07. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "14,5 miliona w pół roku". Beesfund - Blog (in polski). 2019-08-07. Retrieved 2019-10-02.
- ↑ "To naprawdę działa – Migam wraca na platformę Beesfund.com po sukcesie pierwszej rundy finansowania społecznościowego". remarkableones.com (in polski). 2017-05-08. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Bełcik, Anna (2019-07-31). "Beesfund płynie po złote runo". Puls Biznesu (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Samcik, Maciej (2019-02-05). "Kup akcje, zjedz śniadanie z Błaszczykowskim i zasiądź w loży prezydenckiej. Wisła Kraków się sprzedaje. A Crowdfunding trafi pod strzechy?". Subiektywnie o finansach - Maciej Samcik (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 47.0 47.1 "Więcej niż pieniądze, czyli co daje equity crowdfunding, Przegląd prasy - BiznesPolska.pl". web.archive.org. 2017-10-25. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 48.0 48.1 48.2 Lis, Marcin (2018-02-08). "Miliardy złotych dla najmniejszych firm. Na rynku pojawi się konkurencja dla GPW". money.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 49.0 49.1 "Trendy w polskim biznesie internetowym". Business Insider. 2016-05-12. Retrieved 2019-10-02 – via Slideshare. Unknown parameter
|url-status=ignored (help) - ↑ Ostrowski, Szymon (2016-05-30). "Crowdfunding: Więcej zabawy niż biznesu". Gazeta Prawna. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Zielińska, Agnieszka (2018-04-11). "Od 21 kwietnia oferty do miliona euro bez prospektu". Parkiet (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Zielińska, Agnieszka (2018-02-09). "Bez prospektu oferty do 1 miliona euro". Parkiet (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Słomski, Damian (2019-01-14). "Pieniądze dla Wisły Kraków. Beesfund analizuje możliwość emisji akcji". money.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Tymczak, Piotr (2019-04-25). "Wisła Kraków ma 80 milionów długów i cały czas potrzebuje reanimacji". Dziennik Polski (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ BR (2019-01-17). "Wisła Kraków planuje wyemitować akcje. Klub podpisał umowę Piłka nożna". Sport.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 56.0 56.1 "Wisła Kraków zebrała 4 mln zł w dobę. Rekord crowdfundingu w Polsce". Comparic.pl (in polski). 2019-02-06. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Beesfund: Platforma, która zebrała 4 mln dla Wisły Kraków w 24h". Comparic.pl (in polski). 2019-02-14. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Tomaszewski, Rafał (2019-02-06). "Crowdfunding na platformie Beesfund uratował Wisłę Kraków » Fintek.pl". Fintek.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ tw (2019-02-06). "Wisła Kraków sprzedała w internecie akcje za 4 mln zł. Promowała to hasłem „Moja, Twoja, nasza Wisła" (wideo)". wirtualnemedia.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Po sukcesie Wisły Kraków na platformę Beesfund zgłosiło się ponad 20 klubów sportowych". Wirtualna Polska (in polski). 2019-02-11. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ 61.0 61.1 Kapiszewski, Jakub (2019-05-24). "Na czym polega crowdfunding? Łukasz Zgiep o nowych możliwościach dla samorządów". Gazeta Prawna. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Equity crowdfunding napędza dziś Piwną Rewolucję". Beesfund - Blog (in polski). 2018-11-14. Retrieved 2019-10-02.
- ↑ Możdżyński, Bogdan (2019-05-03). "Browar za pieniądze z internetu". Newsweek Polska (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Haczyk, Daniel (2014-11-13). "Sukces polskiej firmy. Akcje za bitcoiny". money.pl (in polski). Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ Adamowski, Jaroslaw (2014-10-27). "Poland's InPay Lets Crowdfunders Buy Equity With Bitcoin". CoinDesk. Retrieved 2019-10-02.
- ↑ "Polskie start-upy rzadko szukają finansowania przez crowdfunding". Obserwator Finansowy (in polski). 2017-05-23. Retrieved 2019-10-02. Unknown parameter
|url-status=ignored (help) - ↑ "Migiem z kolejną emisją! Czyli Migam.org ponownie gości na Beesfund". Beesfund - Blog (in polski). 2017-04-19. Retrieved 2019-10-02.
- ↑ "Wisła Kraków S.A." beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Zainwestuj w Browar Jastrzębie!". beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Mazurska Manufaktura S.A." beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Zainwestuj w Ogen - Twoje geny, Twoją siłą!". beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Zainwestuj w Brodacz S.A." beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Wealthon Fund S.A." beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "MC2 Innovations". beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Zainwestuj w Pelixar S.A." beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Zarabiaj na rynku mobile!". beesfund.com (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Ed Red S.A." beesfund.com (in polski). Retrieved 2019-10-03.
- ↑ Zając, Piotr (2017-06-15). "Warszawska giełda otwiera się na startupy". Parkiet (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ Kurasiński, Artur (2018-02-26). "Arkadiusz Regiec (Beesfund) – Każda firma może i powinna myśleć o crowdfundingu udziałowym". AK74 - Artur Kurasiński blog (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ Beesfund.com (2019-01-31). "Zespół dynamiczne rośnie! Na pokładzie @mtulecki-legenda sceny startupowej, twórca kultowej @IB_Conf podjął się stworzenia naszego Alceleratora jako partner w @beesfund Wielkie wzmocnienie! #incrowdwetrust #beesfund #equitycrowdfunding https://pic.twitter.com/ZKQt1qfjNR". @beesfund (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help); line feed character in|title=at position 26 (help); External link in|title=(help) - ↑ 81.0 81.1 "Security backing tokens. Whitepaper Draft" (PDF). TokenBridge. 2017-09-01. Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ TokenBridge (2018-11-07). "To już oficjalne - dołączyliśmy do akceleratora @PKOBP Let's Fintech with PKO Bank Polski. Liczymy na owocną współpracę przy tokenizacji miliardów dolarów w aktywach na światowych giełdach! https://bit.ly/2AS7ZIY #bicoin #blockchain #kryptowaluty #ico #token #tokenization". @TokenBridge (in polski). Retrieved 2019-10-03. line feed character in
|title=at position 56 (help); External link in|title=(help) - ↑ Wierciński, Paweł (2018-11-02). "„Let's Fintech with PKO Bank Polski!" – szansa rozwoju dla kolejnych start-upów | Przepis na sukces | Bankofirma | Bankomania". bankomania.pkobp.pl (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Let's Fintech with PKO Bank Polski". fintech.pkobp.pl (in polski). 2019-10-03. Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Baza konkurencyjności - Opracowanie innowacyjnych algorytmów obsługujących tworzenie inteligentnych umów cyfrowych (smart kontraktów) i proces zakupu/sprzedaży tokenów". bazakonkurencyjnosci.gov.pl. 2019-05-10. Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "Baza konkurencyjności - Opracowanie innowacyjnego algorytmu agregacji i analizy danych wyników finansowych spółek, który pozwoli generować informacje zarządcze dla dużej liczby akcjonariuszy i wspólników spółek pozyskujących kapitał w procesie crowdfundingu udziałowego". bazakonkurencyjnosci.gov.pl. 2019-05-10. Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ Mikołajewska, Katarzyna (2017-11-22). "Inwestowanie w tokeny jest bardzo ryzykowne. KNF ostrzega przed oszustami i pralniami brudnych pieniędzy". money.pl (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "KNF straszy tokenami. Więcej możemy wygrać na ucywilizowaniu tego rynku". money.pl (in polski). 2017-11-22. Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ "TAON PROPERTY SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ (KRS 0000789531) - Pozycja 547970 - Numer 128/2019 (5767) z 4 lipca 2019 r. - Internetowy Monitor Sądowy i Gospodarczy". Internetowy Monitor Sądowy i Gospodarczy. 2019-07-04. Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ 90.0 90.1 "Beesfund będzie największą platformą crowdfundingową w Europie środkowo-wschodniej - Arkadiusz Regiec". MamStartup (in polski). 2019-07-09. Retrieved 2019-10-03.
- ↑ "Taon Property". taonproperty.com. Retrieved 2019-10-03.
- ↑ "Beesfund chce wprowadzić inwestycje w nieruchomości od 50 zł". Bizblog.pl - serwis biznesowy (in polski). 2019-08-06. Retrieved 2019-10-03.
- ↑ "Taon Property". Retrieved 2019-10-03 – via Facebook. Unknown parameter
|url-status=ignored (help) - ↑ "Zainwestuj w Taon Property - rewolucję na rynku nieruchomości!". beesfund.com (in polski). Retrieved 2019-10-03.
- ↑ "Beesfund z nową radą nadzorczą chce rozruszać rynek kapitałowy". MamStartup (in polski). 2019-08-01. Retrieved 2019-10-03.
- ↑ Pawłowski, Łukasz (2018-10-31). "GPW zamierza otworzyć platformę do crowdfundingu". Bankier.pl (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ 97.0 97.1 Sołtys, Paweł (2019-05-31). "Beesfund trzyma giełdowy crowdfunding na dystans". Bankier.pl (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ Łukasik, Marcin (2019-06-30). "Kemping dla firm przy samym jeziorze. Nadchodzi Beescamp". money.pl (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ Görke, Iwona (2019-05-22). "Znany przedsiębiorca urządzi w Olsztynie kemping przyszłości". Gazeta Wyborcza (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help) - ↑ Halik, Karolina (2018-06-08). "Jubileuszowe Aulery zostały rozdane". MamStartup (in polski). Retrieved 2019-10-03. Unknown parameter
|url-status=ignored (help)
Further reading[edit]
- Król, Karol (2013). Crowdfunding. Od pomysłu do biznesu, dzięki społeczności. Poznań: crowdfunding.pl/wydaje.pl. ISBN 978-83-936358-0-1. Search this book on
- Malinowski, Bartosz Filip (2018). Crowdfunding udziałowy dla startupów (i nie tylko). Warszawa: WeTheCrowd. Search this book on
External links[edit]
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