1.5.5 Investments in disruptive technologies The term disruptive technologies refers to technical innovations that are being developed – but not yet in full deployment – that may offer an alternative to current technical solutions for the provision of broadband services. Investing in disruptive technologies can be high-risk, as it may be difficult for new technologies to challenge well-established ones that have been tried and tested. Disruptive technologies may also face implementation barriers due to regulatory concerns or from market players that feel their business model is threatened. Therefore, the financial backers of disruptive technologies tend to be non-traditional operators looking for alternative, low-cost means to address specific connectivity issues (e.g., in remote areas). One such technology that is gaining prominence is the transmission of data using \"white space\" in the UHF spectrum range. The term TV white spaces usually refers to unoccupied portions of spectrum in the VHF/UHF terrestrial television frequency bands in some geographical areas. This approach can address issues such as the lack of available spectrum, because it is licence-exempt98. It also benefits from the strong propagation characteristics allowed by the UHF spectrum, meaning fewer base stations are required to cover a given area.The interest in white-space technology is not confined to any particular region. Pilot projects have been launched across the world for different types of applications, such as connecting remote health units in Bhutan and providing Internet access on a ferry boat in Scotland99. Some countries have staged trials of TV white-spaces operations. Other countries – such as the US and UK – are developing TV white-space regulations100.1.6 Financial innovations in funding services and applications So far, this chapter has looked at funding strategies used by investors and governments to finance broadband networks. But the digital ecosystem has evolved so that there is a very tight and direct relationship between the development of broadband infrastructure and the evolution of higher-layer services and applications. For example, the demand for broadband infrastructure is being driven by an increase in take-up and usage of higher-layer services and applications. Without broadband, it would not be possible to run the higher-layer services and applications. Given this tight relationship, and in the context of investment strategies, this section reviews what financial innovations are being used to fund investments in services and applications that depend on broadband connectivity. Table 1.9: Types of financial innovations and related case studies Financial innovation Case study Executing parties Crowdfunding Star Citizen, USA Pebble, USA Shyp, USA Individuals Individuals Private investors Pension funding Hipcom, UK Business owner Bitcoin currency mexBT, Mexico Seedcoin Charity or non-profit institutions Aentropico, Colombia INNPulsa and Fundación Bavaria Source: Analysys Mason, 2015 These financial innovations are alternatives to other, more common financing sources such as bank loans, angel investment, venture capital or private equity. Those are all well-known means of financing and therefore are not discussed in this report. The section below provides a description of each new funding approach, followed by examples of companies that have benefited from that type of investment. Note that regulators have played a minimal role in deploying higher-layer services and so the role of regulators is not included in this section.1.6.1 Crowdfunding Crowdfunding is a significant and recent financial innovation that has lowered investment barriers, making investment more accessible to entrepreneurs. As the name suggests, crowdfunding raises investment from a large number of people over the Internet on a crowdfunding website such as Kickstarter, RocketHub or AngelList. It is also often called \"peer-to-peer lending.\"30 Trends in Telecommunication Reform 2016