Introduction. Insufficient financing of innovation projects in Russia focuses the attention of researchers on the study of new investment mechanisms and sources of financing innovation, and determines the relevance of determining the prospects for the development of the industry of financing innovation projects, one of whose segments are crowdfunding, which is gaining an exponential growth rate. Theoretical analysis. The specifics of crowdfunding as an instrument of financing innovations are considered from the point of view of crowd funding as financial, marketing, technological and institutional phenomena. Empirical analysis. The analysis of the ecosystem structure of crowdfunding in Russia and the characteristics of the crowdfunding, crowdlending and crowdinvesting segments are given. It also presents the key characteristics of the development of crowdfunding as mechanisms for financing innovative projects. Results. The article develops directions for solving problems of the development of the crowdfunding market to attract funding for innovative projects. To develop new promising channels for long-term private financing of innovative projects using crowd funding, it is necessary to reduce risks and create state institutional conditions for the formation of a crowd funding market.