"Credible crowdfunding systems require more than entrepreneurs and willing investors. They also need a supportive ecosystem and enabling factors, including forward-thinking regulations, effective technological solutions, and cultures that can adapt to this new investment vehicle. This includes the concept of a “constellation of trust” that enables all parties to participate. The key factors that have facilitated crowdfunding in developed countries include: a regulatory framework that leverages the transparency, speed, and scale that advances in technology and the Internet can deliver to early-stage funding marketplaces; strong social media market penetration and Internet usage, which is necessary to harness demographic and technology trends to drive collaboration and cultural shifts; a regulated online marketplace that facilitates capital formation while providing prudent investor protections through education and training; collaboration with other entrepren eurial events and hubs including business plan competitions, incubators, accelerators, universities and co-working spaces to create a channel for opportunity and oversight." (Executive summary, page 8)