Crowdfunding science-Legal issues of crowdfunding in R&D projects-
This paper aims at analyzing the introduction of crowdfunding science in Korea from a legal point of view. It is composed of three main parts: The first part defines and groups the types of crowdfunding and reviews foreign legal trends on the issue; Second, it narrows down the focus into crowdfunding science and analyzes the most famous funding portals in this field; Third, it deals with the legal issues of donation/reward-based crowdfunding from the perspective of three stakeholders such as researchers, funding portals, and funding portals.
From a point of researchers, the Act of Raising Contributions does not fully regulate the behaviors of raising money for research through crowdfunding science in terms of coverage, registration requirement, and limit of rasing contributions. From a point of funding portals, it should clarify the right and the responsibility that they have as internet service providers. In particular, it needs to make it clear when funding portals enjoy safe harbour provisions in spite of intentional unlawful behaviours of researchers. From a point of funding portal, this paper emphasizes on the risk of leaking incomplete technologies by funders, the public. The current laws such as「 Industrial technology leakage prevention act」and「 Unfair competition prevention and trade secret protection act」is not appropriate to protect the technologies that are not fully developed.
In conclusion, it is time to consider the way to revise relevant laws to boost crowdfunding science with the donation/reward-based crowdfunding funding portals, which have not gotten attention so far because of the public purpose.