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In Crowdfunding platforms, people turn their prototype ideas into real products by raising money from the crowd, or invest in someone else's projects. In reward-based crowdfunding platforms such as Kickstarter and Indiegogo, selecting accurate reward delivery duration becomes crucial for creators, backers, and platform providers to keep the trust b...

Citations

... Scholars have identified the principal predictors of success by investigating the distinguishing features of crowdfunding campaigns both broadly and in detail. They have put together a glossary of definitions identifying terms like crowd and fundraiser (Bagheri et al. 2019;Belleflamme et al. 2014;Ordanini et al. 2011;Ren et al. 2020;Zhang and Chen 2018), building the existing body of evidence primarily on the basis of data from a few large platforms, while smaller markets and emerging entities have often been neglected (Lagazio and Querci 2018;Yu et al. 2017 caused the scientific community to question the reliability of these findings when practitioners transfer (or try to transfer) existing knowledge to other domains or platforms (Haasbroek and Ungerer 2020; Stasik and Wilczynska 2018). ...
Article
Crowdfunding is emerging as an alternative form of funding for medical purposes, with capital being raised directly from a broader and more diverse audience of investors. In this paper, we have systematically researched and reviewed the literature on medical crowdfunding to determine how crowdfunding connects with the health care industry. The health care industry has been struggling to develop sustainable research and business models for economic systems and investors alike, especially in pharmaceuticals. The research results have revealed a wealth of evidence concerning the way crowdfunding is applied in real life. Patients and caregivers utilize web platform-based campaigns all over the world to fund their medical expenses, generally on a spot basis, using donation-based or even reward-based schemes, regardless of the health care system archetype (public, private insurance-based or hybrid). Academics have also focused on funding campaigns and the predictors of success (which range from social behaviour and environment to the basic demographics of the campaigners and their diseases) and on social and regulatory concerns, including heightened social inequality and stigma. While equity crowdfunding is disrupting the way many ventures/businesses seek capital in the market, our research indicates that there are no relevant or consistent data on the practice of medical equity crowdfunding in health care, apart from a few anecdotal cases.
... Crowdfunding is another key area of digitalization research. Crowdfunding platforms allow entrepreneurial ventures to display early product ideas and acquire financial resources from a broad group of prospective users [19]. The increased interest in this area has also led to the development of new mechanisms such as equity-,reward-, or donation-based crowdfunding, among others, allowing entrepreneurial ventures to capitalize on different types of investor preferences and behaviors [20]. ...
Conference Paper
Digitalization is a critical area for entrepreneurs. However, the context of poverty is still under researched. To address this gap, our study will present a multi-level perspective, including individual- and firm-level concepts such as digital literacy and absorptive capacity as well as ecosystem views on how digitalization intersects with poverty entrepreneurship. This is followed by a discussion of future research avenues.
... With regard to the equity model, recent contributions have placed emphasis on favorite options for entrepreneurs in the field of Equity Crowdfunding rules, analyzing trade off regulation -deregulation (Cumming & Johan, 2013), and legislative scenarios (Hopkins & Hopkins, 2013;Dorff, 2014;Figliomeni, 2014;Hogan, 2014). Belleflamme et al. (2014) analyzed reward (pre-ordering) and equity (profit-sharing) models, comparing utility and benefits for users, while a recent contribution by Cordova et al. (2015) highlighted the determinants of the success (or failure) of crowdfunding reward campaigns focusing exclusively on technology projects. ...
... The financing of projects is characterized by high information asymmetries and possible adverse selection and moral hazard problems (Belleflamme et al., 2014). In fact, entrepreneurs have information about the initiative ijef.ccsenet.org ...
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This paper aims to analyse the success signals of initiatives through equity and reward crowdfunding, the two typologies most used by start-ups and SMEs. This article discusses and compares these two models, highlighting the main differences and similarities, by analyzing the factors that influence the success of initiatives through crowdfunding, measured both in terms of amount of funding raised and number of investors that funded the initiatives. The focus is on three sets of signals, venture quality (human capital, information about the establishment and the status of the initiatives), the level of information the company provides to reduce the degree of uncertainty and campaign quality. Using two distinct datasets, one of 235 equity-model initiatives and one of 274 reward-model initiatives, in both cases analyzing projects that have reached (or exceeded) the funding goal, it turns out that venture quality affects in both types, though distinctly, in particular in the reward model play an important role the awards, in addition to the rounds and the tutors (the latter two also present in the equity model), which constitute the status information of the company, while the information about the establishment and the human capital affects only the equity model. Equally for the equity model affects the level of information to reduce uncertainty, while campaign quality in both types seems to have a very slight impact.
... They use these two costs to show that the resulting digital marketplaces are characterized by increased competition, lower barriers to entry, lower privacy risk, and decentralization of power. Previous studies have examined the application of blockchain technologies to various financial, banking, crowdfunding campaigns, supply chain, and other business functions (Belleflamme et al., 2014;Diedrich, 2016; Mollick, 2014). This paper examines the application of blockchain technology to the process of startup financing and explains how the TCE framework can be used to understand the effective implications of blockchain technology. ...
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Cryptocurrencies (e.g., Bitcoin, EOS, Etherum, Litecoin, and others) are disrupting the traditional banking and financial systems. The cryptocurrencies are based on a set of technologies commonly referred to as blockchain technology. The potential effect of blockchain technology on institutional economics is profound. Already, blockchain technology-based applications in supply chain management, marketing, and finance are decentralizing and streamlining vital institutional functions. In this paper, we examine the economics of blockchain technologies as it pertains to transaction costs in startup financing. We draw upon the theory of transaction cost economics and the transactional nature of blockchain technology to propose a model to demonstrate how and why blockchain technology based applications are effective. We then apply the model to demonstrate how blockchain technology can be used to overcome many problems inherent in startup financing. For example, information asymmetry and transaction costs involved with matching an entrepreneur with an investor and the terms of the financing deal are some of the fundamental issues in entrepreneurial financing. We explain how a financing system based on blockchain technology can ameliorate the problems and lead to a more effective and decentralized entrepreneurial financing process.
... As an innovative sustainable financing model, crowdfunding plays a crucial role in the sustainable development of growing enterprises, which has become increasingly popular and has attracted increased academic interest in recent years [1][2][3][4][5][6][7][8]. Crowdfunding is a group behavior in which the public communicates through the Internet and pools funds to support activities initiated by other organizations and individuals. ...
... Crowdsourcing is using the crowd to gain ideas, suggestions, and solutions to develop enterprises' activities [42]. Crowdfunding can be seen as an element of crowdsourcing, and crowdsourcing is a broader concept [3,29,43,44]. There are two frequently cited definitions of crowdfunding. ...
... Comparing the two definitions, we can conclude that Mollick [1] has defined crowdfunding from an academic point of view, which is narrower. Moreover, as a new Internet-based financing model for microfinance [3,29,45], crowdfunding can be divided into four categories. The first is patronage-based crowdfunding, where supporters do not expect direct return from their contributions or donations. ...
Article
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Crowdfunding has been widely used by small and micro enterprises, which can raise funds through launching a project in crowdfunding platform. It is also beneficial to sustainable financing. What is more, the success of crowdfunding projects facilitates the sustainable development of those growing enterprises. In this study, from the perspective of information communication and based on information asymmetry and signaling theory, we identify three dimensions of information description, including information quantity (word count, picture count and video count), information attitude (as measured by comment), and information quality (readability and update). We empirically examine their direct effects on crowdfunding success and the moderating effect of information attitude using binary logistic regression. Data (N = 7207) is collected from Kickstarter, a popular crowdfunding platform. The results reveal that when considering these three dimensions of information description together, word count is associated with crowdfunding success in an inverted-U shape. Picture count, video count, comment, and update have positive effects on crowdfunding success. In contrast, readability is negatively related to crowdfunding success. In addition, we find that comment negatively moderates the effect of picture count on crowdfunding success. These findings show the significance of information description on crowdfunding success, bringing theoretical and practical insights for project creators.
... It was the first online platform with an interface just as it is known nowadays. Since then, its number has not stopped growing; 2011 ended with 348 platforms [5] and 2017 closes with more than 2000 active platforms [6] and a large amount of money raised; Kickstarter, the industry's most popular platform, has accumulated a total revenue of just over $4 Billion [7]. ...
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Crowdfunding is a response to the financing problem of innovative projects in an environment of severe economic crisis. Its competitive advantage lies in its independence from banking institutions and the distribution of risk among a certain number of funders. Since its inception, the number of successfully completed projects has grown to a point where it has started to suffer a downturn that puts its sustainability at risk. This study concerns this particular period of downturn, in order to identify attributes that characterize it, and to define behavioral stereotypes that may be associated with new projects. On a wide data set from sufficiently contrasted projects, and through the use data mining techniques, we extracted the most influential factors in determining the success or failure of the projects, that will subsequently be grouped together using clustering techniques. Six groups of projects have been identified, each with their own characteristics that define them, two of them clearly guide the projects to success and another one allows the modification its characteristics to move away from failure. This achieved strategy allows us to estimate which potential group would be the result of a new project.
... A nouveau, la recherche d'un encastrement avec l'économie réelle et d'une appropriation citoyenne y sont clairement affichées. Selon Belleflamme et al. (2014), le financement participatif se définit comme : « an open call, mostly through the Internet, for the provision of financial resources either in form of donation or in exchange for the future product or some form of reward to support initiatives for specific purposes ». Les plateformes internet de financement participatif proposent à « la foule » de financer par le don, le prêt et/ou l'investissement des projets à la recherche de financements ancrés à l'économie réelle. ...
Chapter
Depuis l’essor de la finance participative, les acteurs historiques de la solidarité financière ont pu se mettre en « mouvement ». D’une approche simpliste entre les « Anciens » financeurs solidaires et les « Modernes » financeurs participatifs, nous cherchons ici à interpeller leur hybridation vers une Finance Participative et Solidaire en France (FPS). Des différences fondamentales existent entre la finance participative et la finance solidaire. La première est collaborative (réseau social) et la seconde coopérative (mouvement social). Ces nouvelles formes d’hybridation viennent ainsi décrire les formes d’exemplarité qui tendent à s’inscrire dans la société. A travers deux études monographiques de FPS en France (la société coopérative et financière La Nef et la plateforme de finance solidaire et participative jadopteunprojet.com), nous venons à détecter des effets d’entraînement dans des croyances partagées d’un nouvel ordre de vie. Deconchy (1980) définie les croyances, comme : « des propositions – formulées ou non – auxquelles un individu ou un groupe donne un assentiment parfait et qu’il tient pour vrai alors même que la preuve de vérité ne relève pas de la démonstration scientifique ». L’exemplarité par « le salut sociétal » nous apparaît faire partie de ces croyances contemporaines de recomposition dans l’affirmation de l’intérêt général. Ici, nous cherchons à définir le passage d’un militantisme historique à une politisation des univers de la finance solidaire liant capital-risque, épargne solidaire et social crowdfunding.
... About a decade ago, sharing activities emerged that were later classified by the literature as part of new business activity. The best-known examples are Airbnb [5], which appears in the accommodation market, Uber in the passenger transport market [6], crowd-funding in the financing area [7], and TaskRabbit in the labor hire sector [8]. The phenomenon of the sharing economy or collaborative consumption can support sustainable consumption [8][9][10][11][12] which could have also long-term impacts. ...
Article
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As a result of the digital revolution, new business models are emerging, and one of the most dynamic is the sharing economy. In many cases, the strategic communication of sharing economy firms is linked to current socio-economic trends, such as digital innovation, consumers’ empowerment, experience gaining (instead of stock), environmental awareness, and community building. In our research (a nationwide representative sample of 3520), we aimed to determine how open the Hungarian population is toward sharing economy services. Furthermore, we explored the relationship between openness and consumers’ socio-demographic factors, attitudes related to the current consumer trends and Internet usage habits. As a result, we found that 38.4% of the Hungarian population is open toward sharing economy services. From a socio-demographic point of view, wealthy, metropolitan, family-oriented, educated, and younger people are more open toward sharing activities. In terms of consumer attitudes, people who take risks, like having a social life, are environmentally and health conscious, spend their leisure time actively, enjoy quality things, and have a positive attitude toward digitalization are more open to using the sharing economy services. As a final result of the regression modeling, we found that the examined consumer attitudes and Internet usage habits determine openness, but socio-demographic factors largely lose their significant effect, except for generation and wealth, in the case of the integrated model. Our results show that a well-defined and relatively large segment is open to the sharing economy, and sharing economy companies could target them directly to achieve a more sustainable environment.
... Crowdfunding has been defined as "the efforts by entrepreneurial individuals and groups--cultural, social, and for-profit--to fund their ventures by drawing on relatively small contributions from a relatively large number of individuals using the internet, without standard financial intermediaries" (Mollick 2014, p. 2). Crowdfunding allows creators (entrepreneurs) to engage with potential supporters, exchange ideas, and ultimately introduce new products and services to the market (Belleflamme et al. 2014). ...
... On the creators' side, the literature has focused on their role and the Responsible Editor: Reima Suomi Electronic supplementary material The online version of this article (https://doi.org/10.1007/s12525-019-00391-6 ) contains supplementary material, which is available to authorized users. activities creators need to embrace in order to advance their campaigns' success (Belleflamme et al. 2014;Boeuf et al. 2014;Courtney et al. 2017), and on the supporters' side it examined the supporters' motivations and emotional aspects (Allison et al. 2015;Gerber and Hui 2013;Giudici et al. 2018;Zvilichovsky et al. 2018). Therefore, studies have neglected to address the mutuality that is at the base of crowdfunding and is manifested in creator-supporter interaction. ...
... The philanthropy motive was echoed in Ordanini et al. (2011), who argued that supporters are motivated by a feeling of patronage. As for supporters' expectations, most studies have focused on the impact of rewards expectation in facilitating supporters' satisfaction (Gierczak et al. 2015), and changes to supporters' expectations depending on them receiving a finished product or in relation to overfunded campaigns (e.g., Agrawal et al. 2015;Belleflamme et al. 2014;Mollick 2014). Bitterl and Schreier (2016) found that supporters in crowdfunding experience enhanced identification with the venture, thus contributing to increased consumption of the venture's products and positive word of mouth. ...
Article
Crowdfunding has become a popular course for early-stage financing for a variety of campaigns. Research had focused mainly on factors contributing to campaigns’ success, examining the creators and the supporters discretely. The current study contributes to the literature by exploring the interaction between creators and supporters. This interaction comprises a central contribution to campaign success. Relationship marketing was adopted to facilitate a better understanding of the relationship-based aspects of the interaction. The study combines survey-based data collection from samples of creators and supports, and success measures retrieved from the crowdfunding platforms. Our findings revealed significant differences in views between creators and supporters regarding the role of communication, commitment, bonding, and trust in their interaction. These differences can impact campaigns’ success rates.
... Crowd-fund by individuals or philanthropists for Islamic banks financing to establish social enterprises might be instrumental in the progression of poverty alleviation and removing unemployment in Muslim societies. The author of this study found paucity of crowdfunding studies in literature especially within the social base framework of not-for-profit mechanism which is distinct from the existing literature of crowdfunding, an alternative practice ranging from an equity-based model, profit-sharing scheme, and lending to outright donations [15]. ...
Article
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Despite the growing body of literature focused on open innovation concepts; crowdfunding, a new paradigm, has emerged an under-researched type of innovation. Literature reviews evidenced that though studies on outsourcing and crowdsourcing are published mostly in recent years, 2011-2015, a significant gap remains for crowdfunding innovation often enabled by the web. The paper focuses on a type of crowdfunding which keep the option of financial rewards, philanthropists and non-profit organizations (as crowd) are solving problems which solution seekers anticipate to be empirically provable, but the source of solutions is uncertain and addressing the challenge perceived to be of high-risk. There is a growing appeal to crowdfunding, but little is known about an effective donation/charity based model. Hence, the author proposes a model underpinned by stakeholder and systems theories for Islamic banks for social entrepreneurship development by which crowd fund might be of instrumental in the progression of poverty alleviation, increasing dynamism of Islamic economies, and removing unemployment in Muslim societies. The instrumentality of the proposed model can be examined empirically in future research.