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The Role of Crowdfunding in Entrepreneurial Finance
... For example, in donation-based crowdfunding, donors are usually not rewarded through a financial or material return, which is why this type of crowdfunding is mostly applied for social or philanthropic projects (Giudici et al. 2012;Meyskens and Bird 2015). On the other hand, in equity-and lending-based crowdfunding, investors obtain a financial reward either in the form of interests or a holding in the company (Mitra 2012). Therefore, these crowdfunding types are commonly used for commercial purposes such as granting backers or companies a loan. ...
... In reward-based crowdfunding, backers are rewarded with non-monetary rewards, which can take various forms, such as the product that is advertised by the campaign, mementos of the campaign, invitations to events as well as the appreciation of supporters (Thies et al. 2014). Entrepreneurs can use this flexible reward scheme to pre-sell 2 their products and services as well as to determine customers preferences and willingness to pay for certain services and products Mitra 2012). Because of these unique properties, reward-based crowdfunding is often used by companies that develop new products and services for B2C markets. ...
... Moreover, the entrepreneur's ability to address the right community in order to reach her funding goal -as well as her previous backing-historyhave been investigated . Bradford (2012), Griffin (2012), Meyskens and Bird (2015), Mitra (2012), Giudici et al. (2012), Thies et al. (2014) and Success factors Effects of project quality and the size of the entrepreneur's social network Effects of videos, use of updates and comments, and use of social media Effects of linguistic cues, campaign targets, and previous backing-history Mollick (2014), Kuppuswamy and Bayus (2017), Clauss et al. (2018), Thies et al. (2014), Lukkarinen et al. (2016, Courtney et al. (2017), Allison et al. (2015), Lin and Viswanathan (2015), , Zvilichovsky et al. (2018), Ahlers et al. (2015), Calic and Mosakowski (2016), Davis et al. (2017), Leung and Sharkey (2013) and Moss et al. (2015) Contribution behavior ...
Crowdfunding is now established as a valid alternative to conventional methods of financing for startups. Unfortunately, to date, research has not investigated how backers can be encouraged to support entrepreneurs beyond funding. The aim of this study is to design and evaluate certain design elements for reward-based crowdfunding platforms that can engage backers in co-creational activities for product development. The study uses a design science research (DSR) approach and the theoretical concept of psychological ownership to inform a new design and then experimentally test that design. The results suggest that the derived artifacts positively influence co-creational activities in crowdfunding and that feelings of psychological ownership play an important mediating role. The contribution of this research is threefold. First, this paper extends crowdfunding’s application potential from merely a method of financing to a method of value creation with customers for product development. Second, the study advances DSR by applying a new DSR approach that shows whether a design performs as hypothesized by theory. Third, this research allows the exploration of backers’ individual behavior as opposed to their collective behavior.
... For income above $100,000 per year, investment is permitted up to 10% of total salary but should not exceed $100,000 (CATA2012). The legislation is still in its developmental stages and the Securities and Exchange Commission in the United States is in the process of designing many of the rules (Mitra, 2012). Also, many of other countries still impose severe constraints; equity crowdfunding is generally limited to €100,000 in Europe (Buysere et al., 2012;Belleflamme, Lambert, & Schwienbacher, 2014). ...
... Donation-based crowdfunding model is typically used for social cause-related, medical, environmental, educational, public, journalism and religious campaigns by individuals, charities and other non-profit organizations (Buysere et al., 2012;Bradford, 2012; Creative Funding for Creative Media, 2014). Moreover, creative activities, personal beliefs and concerns like targeting to make scientific research about particular topic are subjects of donation-based model (Mitra, 2012;Buysere et al., 2012). There is a few pure donation platforms and donation-based projects are generally presented in the same platform with the reward-based ones like Indiegogo (Bradford, 2012). ...
... Lending-based crowdfunding projects are used as alternatively to conventional lending system for the companies with inconsistent expense and income period which desire to pursue sustainability in their activities (Buysere et al., 2012). Similar to the lending-based approach, equity based model is suitable for SMEs and initiatives in the industries of software programs, gaming, film, music, and publishing (Mitra, 2012). Unlike lending-based model, equity-based crowdfunding model is appropriate for innovative start-ups (Buysere et al., 2012). ...
The changing structure and intensity of competition on one hand, the ongoing pressure on creating differentiated offerings lead to seek out new ways to improve technology as well as new ways to perform business. Technological developments enable market participants or other interest parties to engage in the process of both innovation and production, resulting with an online social network market model of co-creation. This chapter focuses on describing different aspects of recently developing crowdfunding market models where new projects are offered and funded by large number of individuals from general public. The current extent and dynamics of the growing crowdfunding market, various models of crowdfunding, crowdfunding platforms and the projects that are crowdfunded are analyzed through the chapter by giving examples and comparative comments. The analysis of the market is concluded by the foreseen future trends.
... Crowdfunding provides methods for entrepreneurs to finance their projects (Mitra, 2012). The way it works is similar to raise small amounts of money. ...
... This type of crowdfunding usually determines the targets to be achieved (Schwienbacher & Larralde, 2010). This "all-or-nothing" approach means that if a project does not reach its target, it does not receive the promised money (Mitra, 2012). This is considered as a way to protect funders (Bradford, 2012). ...
... Instead, the reward is more a symbolic value and the rewards that will be provided by the entrepreneur. It is usually worth much less than the amount of the donation to ensure there is enough money left for the project (Mitra, 2012). Nevertheless, the perception of value can be much higher. ...
The research aimed to provide a systematic literature review of the available research evidence on crowdfunding. Tenets of keyword search and fit analysis were used to review the term of crowdfunding. It was used to reveal the ambiguity and variations in the literature, and to create a mapping for further research. This research explored and tried to form a corridor for crowdfunding according to business models, intermediary platforms, the planned strategy, the emergence of risks and decisions, regulation and governance, the value creation, and other things
such as humanitarian and other non-financial matter. The result shows that research in the business models of crowdfunding platform and successful strategy is the preferred topics. Then, it mostly comes from European and North America according to the number of publications.
... Small financial contributions from several persons cumulatively may fulfil the fund requirements of the investee who otherwise lacked access to such funds. These contributions are sought through an online crowd-funding platform or via social media to exploit the power of internet to create a two-sided market that links capital -seekers and capital givers generating revenues for themselves through commission of funds (Mitra, 2012;Haas et al., 2014;Zvilichovsky et al., 2013;Zaggl and Block, 2019). ...
... When crowdfunding is associated with pre-ordering and price discrimination, literature on industrial organization provides useful insight. Mitra (2012) examined the new trend in alternative financing; namely, crowdfunding and its role in funding startups and new enterprises. The study examined the working of crowdfunding. ...
The Edited Book titled, "Contemporary Issues in Banking, Insurance and Financial Services", is the outcome of National seminar organised by "Institute of Management Studies, Kurukshetra University, Kurukshetra", on March 25 and 26, 2021. The book consists of 55 articles recommended by Peer Review Committee. The book was printed & published by ABC Computers, Karnal
... Platformlar sadece projeler hedefledikleri fon miktarına ulaştığı durumlarda projelerden komisyon almakta, hedefine ulaşamayan girişimcilerden komisyon almamaktadır (Mitra, 2012). ...
... Proje sahipleri, farklı ödül kategorileri belirleyerek yapılacak olan katkı miktarına göre parasal ya da parasal olmayan ödüller vaat edebilir. Bu ödüller bir teşekkür notu ya da bir anahtarlık olabileceği gibi, kitle fonlaması ile hayata geçmiş bir film projesinde fon sağlayan proje destekçisinin ismine yer vermesi de olabilmektedir (Mitra, 2012). Bunun yanı sıra girişimciler kitleyi projenin konusu olan ürünü "ön sipariş" adı altında almaya davet ederek ürünü hayata geçirmek için gerekli olan sermayeyi sağlamaya çalışabilirler (Belleflamme vd., 2014). ...
Özet
Dünyanın geçmişi, bugünü ve geleceği insanın doğasındaki “icat etme” eylemiyle
şekillenmiştir. İş hayatında fikirlerini ve projelerini hayata geçiren çalışanlar dışında, yaratıcı fikirlere ve girişimci ruha sahip insanlar da artık kendilerini ifade etmektedirler. İletişim teknolojilerindeki gelişmeler ve internetin sağladığı katılımcı ortam, kullanıcıların hem içerik üreticisi hem de içeriğin hedef kitlesi olmasını sağlamıştır. İnternetle birlikte kaynak kullanımının değiştiği bu yeni küresel sistemde “crowdsourcing/kitle kaynak” ve
“crowdfunding/kitle fonlama” kavramları ortaya çıkmıştır. Kitlelerin aklından, inovatif
düşüncelerinden ve katılımından faydalanılan bu süreçler, karşılıklı etkileşim ve işbirliklerini doğurmuştur. Artık kalabalıkların ürettiği içerik ya da projelere crowdfunding/kitle fonlama ile destek olmak isteyen çok sayıda katılımcıdan düşük meblağlarla finansal destek sağlama süreci başlamıştır.
Çalışmada 16.04.2018–30.04.2018 tarih aralığında Türkiye’de Boyner Vakfı tarafından
yürütülen bir crowdfunding/kitle fonlama platformu olan www.bulusum.biz internet sitesi ve sitede yer alan projeler içerik analizi yöntemi ile crowdfunding bağlamında incelenmiştir.
Anahtar Kelimeler: Crowdsourcing-Kitle Kaynak, Crowdfundig-Kitle Fonlama, buluşum.biz
... Future study can further focus on other information content such as videos in the project proposal. Prior research has found that providing a video in a CF project increases the crowd's confidence in funding (Mitra, 2012). The study is also supported by previous studies that suggest producing a higher quality of video in the project proposal positively related to the success of CF projects (Mollick (2014)). ...
... Future studies can further focus on the use of other information content such as videos in the project proposal. Prior research has found that providing a video in a CF project increases the crowd's confidence in funding (Mitra, 2012). The study is also supported by previous studies that suggest producing a higher quality of video in the project proposal is positively related to the success of CF projects (Mollick, 2014). ...
Purpose
The study aims to explore language style and gender match as a key part of initial trust among potential donors and how this leads to funding success based on the similarity attraction and homophily theories. Empirical analyses of 160 respondents revealed that people are more concerned about “how it is written” (language style) than “who has written it” (gender).
Design/methodology/approach
Crowdfunding (CF) is an internet-based method of funding employed by project founders, allowing individuals to raise funds from the crowd to support their projects. It is important for project founders to attract the crowd’s interest as potential funders commonly have limited information about projects. One of the early cues about a project that can be picked up by the crowd in CF projects is the text description of the proposal. This text description is crucial for giving the crowd an understanding of the project and for promoting the crowd’s trust in the founder, encouraging them to fund the CF project. Based on the similarity attraction and homophily theories, this study sets out to explore language style and gender match as key elements of initial trust among potential donors and how they lead to funding success. A 2 × 2 factorial experimental design (e.g. subject, male and female, × male language style and female language style) was used for the study. To determine the sample size of the experiment, this study applied power and sample size estimations to measure how many respondents were needed for the experiment. Based on the power table of effect size, 128 respondents were considered to be a sufficient number for this experiment to ensure sufficient statistical power of 0.8 and a significance level of 0.05. This study fulfilled the requirement by recruiting 160 respondents, which corresponded to 40 subjects per group based on a 2 × 2 factorial design (the respondents’ gender, male and female, and text language style, male and female). The empirical analysis of 160 respondents revealed that people are more concerned about “how it is written” (language style) than “who has written it” (gender).
Findings
This paper contributes to project founders’ understanding and knowledge of the importance of linguistic style, which can determine the success of a CF project. One of the important results of this study is that the crowd can identify the author’s gender based on their writing style. Through an experiment applying factorial analysis (2 × 2), it was found that people are more concerned about “how it is written” (language style) than with “who it is written by” (gender). This means that the project founder, if they know who their audience is, should know how to write the project proposal so that it fits the audience’s preferences. More specifically, the success rate of CF projects can be increased by integrating suitable word dimensions in promotions of projects on CF platforms. Therefore, it can be argued that linguistic style is a powerful agent for building a connection with a target audience. The findings of this study can be used as theoretical guidance, and eventually, the potential antecedents of funding intention can be further explored.
Research limitations/implications
This study is subject to several limitations. The result is limited to donation-based CF. As this study focuses on the language style of project founders when they describe their CF projects, donation-based CF was the most appropriate platform for this research. In donation-based CF, the style words are more emotion-based, compared to other CF platforms. The experiment, however, could also be replicated for other CF types such as reward-based CF. One important part of CF projects is persuading the crowd to fund them. It is worth mentioning that reward-based CF involves individuals pledging to a business in exchange for a reward. Yet, even though reward-based CF offers rewards, it is generally considered a subset of donation-based CF because there is no financial return to the backer. Therefore, it is suggested that future research should also consider case studies in reward-based CF. Second, from the persuading perspective, this study focusses on narrative language style only, as it facilitates the crowd’s understanding of a CF project. Future study can further focus on other information content such as videos in the project proposal. Prior research has found that providing a video in a CF project increases the crowd’s confidence in funding (Mitra, 2012). The study is also supported by previous studies that suggest producing a higher quality of video in the project proposal positively related to the success of CF projects (Mollick (2014)).
Practical implications
The result of this study empirically confirmed that the crowd’s willingness to fund a project proposal and their trust are dependent on the text description of the project proposal. The project founders need to know how to describe the content of a project so that it signals the quality of the project, especially in early start-ups. In other words, the way that a project is created and published through a CF platform will send a valuable signal to the potential donors about the project, and they will either find it acceptable or reject it. If the project appears to lack demand among potential donors, it is easier for project founders to quickly identify that the project will fail, without the need to invest additional capital.
Social implications
The findings of this study have important social implications that provide guidelines for project founders on establishing a strategy to help the crowd understand their projects. At the same time, the findings can help the crowd to make their funding decisions. First, the text language used in the CF project by the project founder plays an important role in presenting the campaign and all the ideas need to be presented in a clear way so that the crowd understands the project. In CF projects, pitch is everything (Varsamis, 2018). The pitch refers to the text or video that is provided by the project founder to show their project proposal to the crowd. Compared with traditional funding channels (such as venture capital, i.e. banks), CF is more convenient for raising funds. This is because the project founders need to show their ideas in a creative way to the crowd online, rather than preparing a complex plan and racking their brains on how they can persuade investors to participate (Wang and Yang (2019)). This research intends to help project founders understand how they can influence the crowd by improving the text language used in their CF projects.
Originality/value
This paper fulfils an identified need to study how the linguistic style of the project founder would lead to the success rate of crowdfunding projects.
... Fikrin uygun olup olmadığı ile ilgili uzun ve ayrıntılı çalışmalar yapılması gerekmektedir. Piyasa araştırmaları, sektörde tecrübe sahibi olan kişilerle görüşmeler, hedef kitlenin analizi başta olmak üzere sürecin titizlikle ele alınması gerekmektedir (Mitra, 2012). ...
... Kitlesel fonlama öncelikli olarak girişim fonlama maliyetlerden tasarrufun yanı sıra, tüketicilerin de gönüllü olarak bu girişimleri destekleyerek karşılıklı fayda yaratılan bir süreç olarak düşünülmektedir. Ayrıca, uzman bir çalışma ekibinin profesyonelliği ile kalabalıkların ölçek gücünün birleştirilmesi sağlanmaktadır (Mitra, 2012). ...
Girişimcilikte aşılması en güç zorluklardan biri olan girişim sermayesinin temini için günümüz teknolojilerinin sağladığı imkânların da yardımıyla alternatif çözümler geliştirilmektedir. Son 10 yıldır ülkemizde de kullanılmaya başlanan Kitlesel Fonlama da, bu alternatif fon temin sistemlerinden biri olarak karşımıza çıkmaktadır. Ülke ekonomileri ve toplumların refah seviyesi için önemli bir unsur olan işletmelerin, kurulum aşamasında ihtiyaç duydukları fonun kitlelerden toplanması yöntemi ile uygulanan Kitlesel Fonlama, yazında da araştırmalara konu olmaktadır. Bu araştırmalar birçok faklı teoriler, yöntemler ve farklı kültürler çerçevesinde gerçekleştirilmiştir. Yazında yer alan bu eserlerin ortak yönlerine odaklanılarak Kitlesel Fonlama için bir kavramsal çerçeve oluşturulmasına katkı sağlamak, araştırmamızın öncelikli amacını oluşturmuştur. Çalışmamızda Kitlesel Fonlama ile ilgili temel kaynak olarak ele alınan başlıca çalışmalardan oluşan ve Türkiye’ de yayınlanmış 32, Uluslararası ise 62 araştırma içerik analizi yöntemi ile incelenmiştir. Bu inceleme sonucu Kitlesel Fonlamanın olumlu ve olumsuz yönleri ortaya konulmaya çalışılmıştır. Kitlesel Fonlamanın sosyal ve ekonomik birçok girişimin hayata geçirilmesine olanak sağlamasına rağmen, girişimci adayı olan proje yaratıcılarının fonun toplanması veya sonraki süreçlerde birçok farklı sorunla karşılaşabildikleri tespit edilmiştir. Araştırma sonucunda, sistemin güven unsuru üzerinden çalışabildiği, yasal düzenlemeler ve uluslararası standartların da zaman içerisinde ortaya konularak bu risklerin azaltılabileceği görüşü doğmuştur. Konuyla ilgili araştırmaların birçok farklı ülkede gerçekleştirilmiş olması, kültürel farklılıkların ortaya konulması hususunda kısıtlar oluşturmuştur. Bu alandaki yerel çalışmaların Türkiye’de artması ve bugüne kadar keşifsel yöntemlerin kullanıldığı araştırmaların nicel yöntemlerle desteklenmesi, Kitlesel Fonlamanın kavramsal çerçevesinin geliştirilmesine katkı sağlayabilecektir. Ayrıca bilimsel araştırmaların yanı sıra hukuki altyapının da gelişmesiyle Kitlesel Fonlamanın daha güvenilir ve yaygın bir kullanım alanına sahip olması sağlanabilecektir. Kitlesel Fonlama sisteminin gelişmesi ve projelerin başarıya ulaşabilmesi için gerekli hususların aydınlatılması amacıyla araştırmamız Sinyal Teorisi çerçevesinde ele alınmıştır.
... Pendanaan awam dapat difahami sebagai satu sumbangan kecil daripada sekumpulan besar dari pelbagai individu untuk menyokong usaha membiayai projek kebajikan atau perusahaan (Mitra 2012). World Bank (2013) menyatakan bahawa kemunculan pendanaan awam dalam talian pada masa kini yang lebih tersusun lahir selepas tragedi krisis kewangan pada tahun 2008 yang mana pada ketika itu, banyak perusahaan dan perniagaan mengalami kesukaran untuk mendapatkan modal daripada bank terpaksa mencari alternatif lain bagi membantu menggerakkan operasi perniagaan mereka. ...
... Pendanaan awam dibahagikan kepada dua (2) kategori utama iaitu mengikut tujuan dan maksud pendanaan awam itu dibuat iaitu; untuk tujuan sumbangan derma (kebajikan) dan pelaburan (Hasan & Sulaiman 2016;Abdullah 2016;Lutfi & Ismail 2016). Namun begitu, terdapat beberapa penyelidik seperti Mitra (2012), Gerber dan Hui (2013), Kunz (2017), Goran (2018) dan Moleskis et al. (2018) yang membahagikan pendanaan awam kepada empat (4) kategori yang berbeza iaitu (i) pendanaan awam bertujuan kebajikan dengan ganjaran, (ii) pendanaan awam bertujuan kebajikan tanpa ganjaran, (iii) pendanaan awam bertujuan pelaburan dengan hutang, dan (iv) pendanaan awam bertujuan pelaburan dengan ekuiti. Walaupun begitu, penulis lebih cenderung untuk mengkategorikan pendanaan awam kepada dua (2) kategori sahaja, iaitu kebajikan dan pelaburan. ...
Pendanaan awam bertujuan kebajikan (charitable crowdfunding) adalah suatu mekanisma bantuan kewangan yang bertujuan membantu pihak yang memerlukan dana dan yang mengusahakan projek (crowdfunder) mendapatkan dana dari orang ramai bagi membiayai projek kebajiakn. Berdasarkan jumlah dana yang disumbangkan orang ramai kepada projek kebajikan, secara tidak langsung menunjukkan bahawa terdapat elemen kepercayaan untuk menyerahkan wang untuk tujuan kebajikan melalui mekanisma ini sedangkan pihak yang terlibat saling tidak mengenali antara satu sama lain, dan hanya ditemukan melalui satu platform atas talian dan melalui jaringan media sosial. Menyedari hakikat ini, kajian ini bertujuan mengenal pasti faktor-faktor yang mendorong orang ramai untuk menyumbang dana melalui pendanaan awam bertujuan kebajikan dan kaitannya dengan elemen kepercayaan. Kajian ini adalah kajian deskriptif menggunakan kaedah sorotan karya bersistematik bersifat kualitatif. Sumber utama kajian ini adalah melalui sorotan karya terdahulu yang diperoleh daripada pangkalan data atas talian Scopus dan Web of Science (WoS) yang dianalisis berdasarkan Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA). Dapatan kajian menunjukkan faktor orang ramai menyumbang melalui pendanaan awam bertujuan kebajikan sehingga melahirkan kepercayaan ialah; filantropi dan motivasi, kempen, laman sesawang, kredibiliti crowdfunder dan kemudahan transaksi. Dapatan ini boleh diguna pakai oleh crowdfunder sama ada di peringkat individu atau organisasi yang menghadapi masalah kekurangan dana sebagai panduan ke arah penambahbaikan terhadap kempen-kempen mereka supaya kempen yang dilaksanakan lebih menarik kepercayaan orang ramai untuk menyumbangkan dana.
... (2010) Kitle fonlaması platformlarının iş modelleri temelde, platformda yer alan her projeden elde edilecek komisyon ücretlerine dayanmaktadır. Genellikle sadece projeler hedefledikleri fon miktarına ulaştığı durumlarda projelerden komisyon alınmakta, hedefine ulaşamayan girişimcilerden komisyon alınmamaktadır (Mitra, 2012). Örneğin Kickstarter platformu sadece başarılı olan yani hedeflediği fon miktarına ulaşan projelerden komisyon ücreti almakta ve bu ücret, toplanan fonun yüzde 5'i, ödeme işlemleri için miktarın yüzde 3'ü ve her bir fonlama hareketi için 0.20 dolar olarak belirlenmiştir. ...
... Ödül Temelli Kitle Fonlaması: Proje sahipleri, farklı ödül kategorileri belirleyerek, yapılacak olan katkı miktarlarına göre parasal ya da parasal olmayan çeşitli ödüller vadedebilir. Bu ödüller bir teşekkür notu ya da bir anahtarlık olabileceği gibi, kitle fonlaması ile hayata geçmiş bir film projesinde fon sağlayan proje destekçisinin ismine yer verilmesi de olabilmektedir (Mitra, 2012). Bunun yanı sıra, girişimciler, kitleyi projenin konusu olan ürünü ön sipariş adı altında almaya davet ederek ürünü hayata geçirmek için gerekli olan sermayeyi sağlamaya çalışabilirler. ...
Communication between individuals and institutions has begun to reshape with the widespread use of the Internet and mobile technologies. Today, besides traditional communication tools, various social media tools that work on computers and mobile technologies are also being used extensively. Social media has become an important tool to reach potential customers and help businesses grow. It has become an integral part of the way we do business. The use of social media such as cloud computing, big data and the use of mobile technology, which makes transformation inevitable in the accounting world, has also begun to change the way accountants do business. The use of social media offers important opportunities for accountants to go beyond geographical boundaries, such as finding new customers, promoting their expertise, becoming a source of information, increasing their recognition, establishing professional relationships, coming up with recommendations and comments. It is inevitable that the new generation of accountants of accountants and accounting firms, who do not benefit from social media, should stay behind. The aim of the study is to measure the level of use of social media by accountant professionals (Certified Public Accountant). The survey method was chosen as the data collection method in the study. The prepared questionnaire forms have been applied to the Certified Public Accountants operating in the central districts of Antalya. 297 questionnaires were selected according to analytical fit. As a result of the research, it was revealed that most of the professionals use facebook. However, it was also found that they did not use social media tools effectively in their professional activities. In addition, it is determined that the professionals who use social media effectively are in the age range of 24-34.
Keywords: Accounting Profession, Accounting Professional, Social Media
... Fon arayanların projeleri için gereksinim duydukları sermayeyi bireylerin küçük miktarlarda katkılarıyla temin edilmesini sağlayan yeni bir internet tabanlı yöntem olarak tanımlanan Kitle Fonlaması çok yeni bir olgudur (Valanciene ve Jegeleviciute, 2013 (Mitra, 2012). Mikrofinansman Yöntemi'nde küçük girişimcilere iş sahibi olmaları için küçük miktarlarda finansmanlar sağlamaktadır (Bünyamin ve diğerleri, 2015). ...
... Fon Sağlama Kolaylığı: Geleneksel yollarla veya Risk Sermayesi ile melek yatırımcı sayesinde fon sağlama fırsatları olmayan küçük girişimler için sermaye sağlamasını kolaylaştırmaktadır (Mitra, 2012). Kitle Fonlaması ile çok daha geniş bir yatırımcı portföyüne ulaşılarak gereken fon daha kolay sağlanabilmektedir (Ünsal, 2017). ...
... (2010) Kitle fonlaması platformlarının iş modelleri temelde, platformda yer alan her projeden elde edilecek komisyon ücretlerine dayanmaktadır. Genellikle sadece projeler hedefledikleri fon miktarına ulaştığı durumlarda projelerden komisyon alınmakta, hedefine ulaşamayan girişimcilerden komisyon alınmamaktadır (Mitra, 2012). Örneğin Kickstarter platformu sadece başarılı olan yani hedeflediği fon miktarına ulaşan projelerden komisyon ücreti almakta ve bu ücret, toplanan fonun yüzde 5'i, ödeme işlemleri için miktarın yüzde 3'ü ve her bir fonlama hareketi için 0.20 dolar olarak belirlenmiştir. ...
... Ödül Temelli Kitle Fonlaması: Proje sahipleri, farklı ödül kategorileri belirleyerek, yapılacak olan katkı miktarlarına göre parasal ya da parasal olmayan çeşitli ödüller vadedebilir. Bu ödüller bir teşekkür notu ya da bir anahtarlık olabileceği gibi, kitle fonlaması ile hayata geçmiş bir film projesinde fon sağlayan proje destekçisinin ismine yer verilmesi de olabilmektedir (Mitra, 2012). Bunun yanı sıra, girişimciler, kitleyi projenin konusu olan ürünü ön sipariş adı altında almaya davet ederek ürünü hayata geçirmek için gerekli olan sermayeyi sağlamaya çalışabilirler. ...
Making financial performance measurement for companies is a very important issue. Companies measure their financial performance and analyze their current situation and make decisions for the future. Looking at the profit figure only to measure financial performance in the previous years, it is necessary to take into account multiple indicators other than the profit figures of companies with the increasing competition in recent years. Recently, TOPSİS (Technique For Order Preferance By Similarity To Ideal Solution) has been widely used as a technique which enables company managers to make better decision by reducing the single value that gives the best result of multiple indicators.
The construction sector in Turkey is also a recent issue. Therefore, the aim of this study is to analyze the financial performance of construction companies in 2016 located in Borsa Istanbul by TOPSIS method. In the study, the rates of construction companies were utilized; the data used were derived from the financial reports submitted by the companies to the Public Disclosure Platform. As a result of the study, the financial performances of the companies are presented and the results obtained are evaluated.
... One of the most common conceptualisations discriminates crowdfunding models based on the type of exchange relationships between founders and investors. Models are, thereby, generally distinguished between donation-based, reward-based, lending-based and equity-based crowdfunding (Bradford, 2012;Griffin, 2012;Mitra, 2012). In donation-based crowdfunding, users usually donate their money without being eligible to a tangible return (Bradford, 2012). ...
... The same is true for the participation threshold of support seekers. Thus, usually, support seekers who use conventional platforms have to pay fees that range from 4% to 9% of the amount funded and are dependent on the success of the campaign (Mitra, 2012). In the case of JumpStartFund, everybody has to pay a fee. ...
... Reward-based and other crowdfunding campaigns are sometimes effective ways to incentivize and enlist the support of external audiences in promoting the product or service to other customers (Gerber et al. 2012). Backers and supporters often become willing participants in encouraging their friends and family to support these campaigns both due to their interest in the campaign and sometimes to ensure that the campaign is successful so they can receive their purchases rewards (Mitra 2012;Schwienbacher & Larralde, 2010). ...
... Better word would be "funders" or "backers," insofar as financial resources are made available, but the expectations of each individual may or may not resemble the sophistication of a financial investor. In fact, across the wide assortment of crowdfunding models, numerous forms of financial and non-financial compensation can be observed, including: intrinsic satisfaction from donations, customer rewards, pre-purchase rights, lending-related interest payments, and owner's equity (Mitra 2012). Even returns involving crowdfunding equity defy simple categorization because there is no clear equivalent for the classically conceived riskadjusted rates of return of seen in traditional funding vehicles. ...
In this chapter, we discuss the impact of crowdfunding to resolve early-stage funding gaps among young ventures, evaluating the extent to which different forms of crowdfunding function as a digital substitute for traditional sources of early-stage finance. We then discuss the unique challenges crowdfunding creates for young ventures. We conclude the chapter with a set of theoretical arguments to explain how the emergence of crowdfunding is enabling entrepreneurs to resolve key organizing problems common to young ventures.
... One of the most common conceptualisations discriminates crowdfunding models based on the type of exchange relationships between founders and investors. Models are, thereby, generally distinguished between donation-based, reward-based, lending-based and equity-based crowdfunding (Bradford, 2012;Griffin, 2012;Mitra, 2012). In donation-based crowdfunding, users usually donate their money without being eligible to a tangible return (Bradford, 2012). ...
... The same is true for the participation threshold of support seekers. Thus, usually, support seekers who use conventional platforms have to pay fees that range from 4% to 9% of the amount funded and are dependent on the success of the campaign (Mitra, 2012). In the case of JumpStartFund, everybody has to pay a fee. ...
... This research can be categorized in the entrepreneurial finance sphere. This field studies small business finance and pioneering business finance through formal and informal finance sources (Mitra, 2012, Van Der Wijst, 2012; the uniqueness of SME finance characteristics and management (Dahnil et al., 2014, Mateev andIvanov, 2011); as well as the combination of a financial and entrepreneurial perspective (Yazdipour, 2011). The majority of the research studies are about entrepreneurial finance from the supply (financer) side, whereas this topic can be reviewed from the demand (entrepreneur) perspective. ...
Financial and non-financial aspects can influence company performance, not excluding small-medium enterprises (SMEs). This research examines the non-financial aspect, since studies in this area are still limited. This research strives to demonstrate the existence of the neoclassical theory in the relationship framework between the business aspect (real sector) and SME performance. This study, which was conducted on batik SMEs in Central Java Province-Indonesia, consisted of 265 samples. The data was obtained from surveys through distributing questionnaires and conducting interviews with batik SME entrepreneurs. The data analysis used a structural equation model (SEM). These study results documented that business prospects have direct and indirect effects on SME performance. The indirect influences are produced through entrepreneurial-oriented financial mediation. This finding reveals that the neoclassical theory will be more effective to improve company performance through entrepreneurial-oriented finance. The importance of the role of this mediating variable is shown from the total effect of the coefficient that is higher than the indirect effect or the direct effect of the coefficient.
... Depending on the nature of the project, the entrepreneur may or may not provide a business plan. The entrepreneur also indicates what, if anything, individuals who contribute money to finance the business will receive (Mitra, 2012); quoted (Bradford, 2012;Schwienbacher & Larralde, 2010). Even though the above literature about crowd funding is restricted to fund business initiatives through entrepreneurs, the idea of crowd funding and its mechanism sounds substantial to understand how to collect money from group of people regardless of the vehicle; or goal of this fund raising as Moritz and Block (2014) pointed out. ...
This study aims at developing a measuring tool for the performance of Societies of personal
financing; it also aims at identifying the extent of their spread in the Saudi community and the motivation
behind participation in them both in the saving and the financing side. The study applied this measurement
tool at a sample of Saudi citizens and residents who deal with this financing mode. Researchers use statistical
descriptive method to analyze the respondents of 519 sample members. Among the most important results of
the analysis is the wide spread of funding Societies for their financing and savings solutions in Saudi Arabia.
Results also showed that saving is the key factor behind participation in Societies; and that religious
background of the sample supported the tendency toward sharing Societies. It showed that the lack of
adherence by some participants to pay their financial obligations considered the main drawback of Societies.
The study recommends that official agencies support this model of informal personal finance and provide
supporting legal and institutional environment to boost that
... The problem of not getting loans from traditional institutions like banks etc. is evident in India. Since banks are reluctant to penalise start-up loans that qualify them as risky and unsafe (Mitra, 2012). So the entrepreneurs turn to the investors for help. ...
The purpose of this paper is to connect the concepts of crowdfunding with entrepreneurship and how blockchain technologies can be introduced for the safety of the business and speedy transactions. The source of raising funds usually for business start-ups has expanded with most businesses using crowdfunding platforms to raise funds as it is economical and straightforward in nature. A model has been framed which describes an approach by which a start-up can connect to crowdfunding for its initial finances. A systematic and comprehensive literature review was undertaken to study the research done till now. To understand the current scenario the trend and future of this concept, Google Trends was used putting keywords. The various stakeholders in the transaction like investors, entrepreneurs, customers, and crowdfunding platforms are interconnected for timely and safe transactions. The conceptual framework proposed which provides a solution to the problems linked to crowdfunding through the use of blockchain.
... The literature reveals several advantages of CF (Mitra, 2012;Mollick, 2014;Dibrova, 2016;Xu, 2016;Tenner and Hörisch, 2021) such as: ...
Purpose
The purpose of this study is to analyze crowdfunding (CF) as new entrepreneurial finance (EF) tool and to predict the success of CF projects in the Middle East region.
Design/methodology/approach
This study was conducted in seven Middle Eastern countries (i.e. Turkey, Egypt, Iraq, Saudi Arabia, Bahrain, Kuwait and UAE) in addition to serval CF platforms that are commonly used by crowd funders in this region (such as Kickstarter, GoFundMe, Beehive and Zoomal) with total members (195,193). A pilot sample of 20 units was used to validate and verify the research instrument of the study. The research sample consists of 1,910 respondents from the seven countries included in the study. The study emphasizes the partners, micro-structures, administrative conditions and CF advancement in the Middle East.
Findings
The findings reveal that CF’s presence positively impacts fundraising success and that CF platforms are an effective financial technology (Fintech) tool for financing entrepreneurs in the Middle East. The study shows that the success of CF projects in the Middle East can be anticipated by estimating and breaking down enormous information of web-based and social media movement, human resources of funders and online venture introduction. The authors conclude with recommendations for future EF and CF research.
Originality/value
This study aims to analyze the CF and EF principles in the Middle East region as the CF experience and practice in this part of the world tend to be unexplored in terms of research. Presently a very few numbers published research on CF exists. Moreover, to the best of the knowledge, there is no single study investigating CF as an alternative financing source in the Middle East. In particular, the study.
... The top three campaigns in terms of volume were run on independent platforms, which are, for example, owned and operated platforms by the project owners. A possible reason can be seen in trying to avoid the fees charged by the crowdfunding platform (Mitra 2012;Bi et al. 2019). As our research showed that there were also campaigns which were successful, but the actual product never launched afterwards, a field for the actual market launch or release of the product was added to the table (see Appendix A). ...
Current research about crowdsourcing covers industries like food systems or logistics, leaving out the possible impact of crowdsourcing on sustainable retail. The debate about the sustainable impact of different industries is ongoing, especially discussing the adaption to the Sustainable Development Goals of the United Nations critically. This paper examines the influence of crowdsourcing on the sustainable aspects of retailing by applying a theoretical derivation as well as an empirical observation. After theoretically discussing the linkage between crowdfunding as a crowdsourcing category and sustainable retail utilizing a literature review, a theoretical framework employing the grounded theory approach is constructed. A total of 24 crowdfunding campaigns aiming at the market introduction of new products or services, each worth over 5 million USD funding volume and run on international crowdfunding platforms, have been taken into consideration. The outcome of the analysis is a theoretical framework presenting three different categories, in which successful crowdfunding campaigns impacting sustainable retail excel: sustainable economic behavior, sustainable community management and sustainable market adaptation. The derived model contributes to the theoretical discussion about the impact of crowdfunding and assists practitioners in reflecting about their approach and goal setting prior to and while crowdfunding.
... It takes place through the social network, internet especially, with the entrepreneur detailing the business activities and objectives in some cases the form of a business plan and requesting funding under specific terms and conditions (Lucia, 2015). In broad terms, crowdfunding can take the form of Donations, pre-selling or pre-ordering, Reward or Sponsorship, lending, and Equity (Hermer, 2011;Mitra, 2012). The definition of crowdfunding is still evolving and, therefore, open for discussion (Forbes, & Schaefer, 2017). ...
Crowdfunding has become a new phenomenon of raising capital for business. Crowdfunding is prevalent in developed nations, while it is just getting popular in developing countries. The research method used for the research was multiple case studies. The purposive sampling method was used to select the five participants for the research. The questionnaire contained fifteen questions. Eighteen themes were generated from the questions. As a result of Social distancing for protection under COVID 19, questions were sent to the respondents via the Google form. The thematic analysis result revealed that agricultural business is the most popular when it comes to crowdfunding. It is an opportunity for entrepreneurs to raise money from another source, easier to access funds through crowdfunding. The crowdfunding approaches used to raise funds by the five participants are loans, hybrid, reward-based, and royalty-based approaches. Crowdfunding is an effective funding alternative for entrepreneurs.
... It takes place through the social network, internet especially, with the entrepreneur detailing the business activities and objectives in some cases the form of a business plan and requesting funding under specific terms and conditions (Lucia, 2015). In broad terms, crowdfunding can take the form of Donations, pre-selling or pre-ordering, Reward or Sponsorship, lending, and Equity (Hermer, 2011;Mitra, 2012). The definition of crowdfunding is still evolving and, therefore, open for discussion (Forbes, & Schaefer, 2017). ...
Crowdfunding has become a new phenomenon of raising capital for business. Crowdfunding is prevalent in developed nations, while it is just getting popular in developing countries. The research method used for the research was multiple case studies. The purposive sampling method was used to select the five participants for the research. The questionnaire contained fifteen questions. Eighteen themes were generated from the questions. As a result of Social distancing for protection under COVID 19, questions were sent to the respondents via the Google form. The thematic analysis result revealed that agricultural business is the most popular when it comes to crowdfunding. It is an opportunity for entrepreneurs to raise money from another source, easier to access funds through crowdfunding. The crowdfunding approaches used to raise funds by the five participants are loans, hybrid, reward-based, and royalty-based approaches. Crowdfunding is an effective funding alternative for entrepreneurs.
... During the earlier levels of a reward model, the entrepreneur or the campaign owner who fundraises for a specific project, give contributors symbolic-non-physical rewards such as a thank you or a nominal physical reward such as such as T-shirts, key chains or caps (De Buysere et al., 2012; Mitra, 2012). In the later level, contributors or backers will receive the product or service that the entrepreneur aims to produce since the amount of money offered from contributors covers the cost of the product or service (Kickstarter, 2016; Mitra, 2012). This type of crowdfunding is legal in Jordan according to the Electronic Transaction Act (Gov. ...
This research investigates the effect of crowdfunding on entrepreneurship. The population of the study includes Jordanian entrepreneurs, (200) questionnaires were distributed among 200 Jordanian entrepreneurs; the (200) questionnaires were all collected. The researcher used the quantitative research methods in the form of simple liner regression and multi regression. The study confirms that there is a positive impact of crowdfunding on entrepreneurship in general as well as entrepreneurs’ freedom of innovation and value of creation. In addition, it was realized that out of the four investigated crowdfunding methods: reward, pre-purchasing, donation, equity and lending, the pre-purchasing method has the most positive influence on entrepreneurship freedom of innovation and value of creation. On the other hand, reward, equity, and lending did not contribute any significant effect on entrepreneurship’s value of creation and freedom of innovation compared to the latter two. Furthermore, both crowdfunding processes of all-or- nothing and keep-it-all have significant effect on entrepreneurship with the latter process having a more significant effect than the former. This study confirmed the positive effect of crowdfunding methods and processes on Jordanian entrepreneurship in term of value of creation and freedom of innovation.
... Equity-based crowdfunding can be convenient and a significant source for start-ups and SMEs that face with problems to find money from traditional funding mechanism like banks, angel investors, VCs and government programs (Kuti and Madarász, 2014). This kind of crowdfunding model rather than the lendingbased one is suitable for innovative initiatives (Buysere et al., 2012) such as software, game, film, music, publishing (Mitra, 2012). In addition, enterprises which serve in a variety of industries including food/beverage, consumer products, telecommunication, technology and e-commerce can use equity-based crowdfunding. ...
Purpose -Crowdfunding, as a novel concept, offers an alternative funding method that enables entrepreneurs to realize their original ideas. The aim of this study isto understand how crowdfunding platforms can be positioned in an emerging crowdfunding market.
Methodology -Turkey was chosen as a developing market which presents a real potential with newly regulated crowdfunding environment and rapidly flourishing entrepreneurship ecosystem. The analysis proposes a positioning map of crowdfunding platforms depending on two main dimensions: the level of complexity based on regulatory procedures and the level of expertise based on project categories.
Findings-Introducing positioning concept into crowdfunding literature broadens understanding of this phenomenon and contributes to the development of assessment criteria for crowdfunding platforms.
Conclusion-Platform managers who desire to develop their positioning strategy upon gaps in the crowdfunding market by differentiating their features in order to get advantages over their rivals can benefit using the proposed positioning map analysis
... Bu da birçok kişinin birleşip aralarında fon toplaması demektir. Kısacası kitlesel fonlama, bir proje veya girişimin bir kitle tarafından fonlanmasıdır (Mitra, 2012). Günümüzde kitlesel fonlama, bağışçılardan veya bireysel yatırımcılardan internet vasıtasıyla para toplamayı oldukça kolaylaştırmıştır (Best ve diğ., 2013). ...
z Kitlesel fonlama, kitlelerin birleşip küçük miktarlar vererek arala-rında fon toplamasıdır. Son birkaç senedir hayatımızda olan kitlesel fonlama kavramı tüm dünyada yaygın bir finansman yöntemi haline gelmiştir. Türkiye'de ise kitlesel fonlama henüz gelişme aşamasında-dır. Konuyla ilgili olarak Aralık 2016 tarihinde Türkiye'nin ilk kitlesel fonlama derneği kurulmuştur. Ayrıca kitlesel fonlamayı daha da yay-gınlaştırmak için gerekli değişiklikleri içeren bir kanun tasarısı da ha-zırlanmıştır. Bu çalışmada ise Türkiye'deki kitlesel fonlama platform-larının durumuna değinilmiş ve ülkemizde aktif olan kitlesel fonlama platformları içerik analizi yöntemiyle incelenmiştir. Bunlar; Crowd-Fon, FonlaBeni, FonGoGo, ArıKovanı ve Buluşum platformlarıdır. Bu platformlar üzerinden girişimciler projelerini kitlelere duyurarak ge-rekli finansmanı sağlayabilirler. Çalışmanın sonucuna göre Türkiye'de beğendiği projenin gerçekleşmesini isteyen bir destekçinin bir projeye ortalama 215 TL destek verdiği ve başarılı proje başına da ortalama 44.463 TL fon düştüğü ortaya çıkmıştır.
... Individuals donate small amounts to meet the larger funding aim of a specific charitable project whilst receiving no financial or material return in exchange. There is no legally binding financial obligation incurred by recipient to donor; no financial or material returns are expected by the donor (Baeck et al., 2014;Kshetri, 2015;Mitra, 2012;Zhang et al., 2016). DBC allows fundraisers, primarily from social and cultural groups, creative enterprises, and community-based organisations to directly make an online appeal for donations. ...
Crowdfunding has gained a great deal of attention from policy makers, researchers, and practitioners. This paper attempts to provide an overview of the history and development of the industry and discusses different types of crowdfunding and their public policies. It is identified that the operation of peer‐to‐peer lending and equity‐based crowdfunding is regulated by the Financial Authority; the reward‐based crowdfunding (RBC) and donation‐based crowdfunding (DBC) is yet to be regulated, neither in the United Kingdom or United States. The lack of rules and regulations in the latter two models highlights the burning issues such as potential fraud and malpractice. Therefore, we suggest that it is timely to consider regulating the two types of crowdfunding possibly by governance mechanism with reporting requirements to keep track of the fund and to provide timely information. Additionally, it is advisable that practitioners to work on an agreed framework to establish industry standard, so potential investors can compare and assess the quality of projects easily. Finally, the management of crowdfunding platforms especially the RBC and DBC platforms should be improved. The ease of launching campaigns has made it difficult for both initiators and investors to succeed in the crowdfunding process. Further research to develop some form of assessment framework would be useful to both parties.
... Raising funds from different sources known as Crowd Sourcing, or commonly known as Crowd funding (CF) implies raising financial resources from a large number of capital providers ("the crowd") without indicating the purpose of the funding (Moritz & Block, 2014). It is defined as " the financing of a project by a group of individuals (collectively, "the crowd") instead of professional "accredited" entities or individuals such as banks, venture capitalists or business angels (Mitra, 2012). Asserting the role of internet networks, CF, defined by Bradford (2012), is "the use of the Internet to raise money through small contributions from a large number of investors". ...
This paper reports on a survey conducted in Egypt about the motives
behind participating in Societies; and their perception by participants.
It is also devoted to clarifying the unique nature of Societies as a premise
of informal finance to manage financial aspects that bear zero interest.
A random sample of participants from Helwan area in Cairo, who
joined a Society for managing their financial needs, was selected. A
questionnaire was used for collecting data and descriptive analysis
methods were used for analyzing the study variables.
The study revealed that Societies have a long history mode that has been
followed in many countries. It also showed that the participants devote
the majority of the Society's sum for expenditure on current essential
short-term needs. A high sensitivity to Islamic Sharī’ah has been
showed by the Society members. It proved that the general trend toward
Societies was very positive.
... Small start-ups typically lack access to finance, and crowdfunding is now considered a new, alternative finance tool (Leboeuf and Schwienbacher, 2018;Walthoff-Borm et al., 2018). Crowdfunding as an alternative means of finance is growing rapidly globally (Block, Colombo, Cumming and Vismara, 2018;Lehner et al., 2015;Bruton et al., 2015;Mitra, 2012). Some small-scale real estate developers and project owners looking for real estate finance are already starting to use RECF, financing their projects via RECF platforms (Cannon, 2014;Vogel and Moll, 2014). ...
Purpose
The purpose of this paper is to review the literature on the Disruptive Innovation Theory and on the disruptive potential of real estate crowdfunding (RECF) in the real estate finance industry, assessing whether RECF constitutes a potentially disruptive innovation to the real estate finance industry. Based on a review and synthesis of the literature, the paper advances an initial conceptual framework of core characteristics of disruptive innovations. This framework is used to examine the disruptive potential of RECF in the real estate finance industry.
Design/methodology/approach
This paper is a systematic literature review that synthesizes and analyzes relevant extant research articles retrieved from online databases.
Findings
Findings suggest that according to the theory of disruptive innovations, and the core characteristics of disruptive innovations, RECF is a potentially disruptive innovation to the real estate finance industry. RECF seems to generally align with the classic characteristics of disruptive innovations. A more comprehensive and systematic analysis, supported by empirical data, is necessary to evaluate whether and to what extent RECF constitutes a disruptive innovation to the real estate finance industry.
Research limitations/implications
This study has only captured and reviewed articles published and available in database searches. RECF is a nascent field that has recently begun receiving academic attention.
Practical implications
Real estate plays an integral part in the economy, and the way it is financed has become an increasingly important issue following the Global Financial Crisis. This paper provides useful insights for assessing whether and to what extent RECF may be disruptive to the real estate finance industry.
Social implications
RECF may potentially improve accessibility and affordability of real estate finance, thereby helping to address the problem of shortage of real estate project finance.
Originality/value
While RECF is portrayed in the academic and gray literature as a disruptive innovation, its disruptive potential is yet to be determined. This paper advances an initial conceptual framework of defining characteristics of disruptive innovations. This framework is used to evaluate RECF as a potentially disruptive innovation in the real estate project finance industry. This study forms a basis for future empirical examination of the disruptive potential of RECF in the real estate finance industry.
... At the second level, the role of government and its regulations, as a subdomain of policy, has been another significant criterion that entrepreneurial ecosystem researchers emphasized. Regarding the new features of the entrepreneurship ecosystem model, none of the papers discussed crowdsourcing, although some researchers highlighted the reputation that crowdsourcing has for creating a successful environment for entrepreneurship activity (Smith et al., 2013;Mitra, 2012).The recent discussion is not reflected in the studies of entrepreneurial ecosystems yet. For example, a recent study on strategy and entrepreneurship in the context of the informal economy highlights the importance of crowdsourcing, which has not been explored so far (Ketchen et al., 2014). ...
Abstract
Purpose – The literature on entrepreneurial ecosystems is fragmented, and yet, no studies have paid
attention to integrating the available studies. The purpose of this study is to provide a systematic review of
contributions related to entrepreneurial ecosystems.
Design/methodology/approach – This literature review evaluates studies that are covered in the Web
of Science index.
Findings – In addition to the recent state of research (covering industries, geographical scopes,
methodologies, etc.), this study provides an extension of Isenberg’s (2011) model of entrepreneurial
ecosystems.
Research limitations/implications – A new avenue arises for both conceptual and empirical research
by emphasizing crowdsourcing as a contributing element for the entrepreneurial ecosystem. Future studies
can evaluate the effectiveness of different types of crowdsourcing profoundly to make sure whether creating a
promising ecosystem all types of crowdsourcing have a similar value or impact.
Practical implications – For public policy and local decision-makers, both collaboration opportunities
and interaction interfaces between the stakeholders of the entrepreneurial need to be reconsidered in the
design of entrepreneurial ecosystems.
Social implications – Higher degrees of collaboration, information exchange and innovation are likely to
yield favorable entrepreneurship environments.
Originality/value – Novelty of this study arises from integrating crowdsourcing theory in the systematic
review of entrepreneurial ecosystems.
Keywords Innovation, Literature review, Crowdsourcing, Conceptual model,
Categorization of contributions, Entrepreneurial ecosystem
... At the second level, the role of government and its regulations, as a subdomain of policy, has been another significant criterion that entrepreneurial ecosystem researchers emphasized. Regarding the new features of the entrepreneurship ecosystem model, none of the papers discussed crowdsourcing, although some researchers highlighted the reputation that crowdsourcing has for creating a successful environment for entrepreneurship activity (Smith et al., 2013;Mitra, 2012).The recent discussion is not reflected in the studies of entrepreneurial ecosystems yet. For example, a recent study on strategy and entrepreneurship in the context of the informal economy highlights the importance of crowdsourcing, which has not been explored so far (Ketchen et al., 2014). ...
Purpose
The literature on entrepreneurial ecosystems is fragmented, and yet, no studies have paid attention to integrating the available studies. The purpose of this study is to provide a systematic review of contributions related to entrepreneurial ecosystems.
Design/methodology/approach
This literature review evaluates studies that are covered in the Web of Science index.
Findings
In addition to the recent state of research (covering industries, geographical scopes, methodologies, etc.), this study provides an extension of Isenberg’s (2011) model of entrepreneurial ecosystems.
Research limitations/implications
A new avenue arises for both conceptual and empirical research by emphasizing crowdsourcing as a contributing element for the entrepreneurial ecosystem. Future studies can evaluate the effectiveness of different types of crowdsourcing profoundly to make sure whether creating a promising ecosystem all types of crowdsourcing have a similar value or impact.
Practical implications
For public policy and local decision-makers, both collaboration opportunities and interaction interfaces between the stakeholders of the entrepreneurial need to be reconsidered in the design of entrepreneurial ecosystems.
Social implications
Higher degrees of collaboration, information exchange and innovation are likely to yield favorable entrepreneurship environments.
Originality/value
Novelty of this study arises from integrating crowdsourcing theory in the systematic review of entrepreneurial ecosystems.
... Entrepreneurs offering personal 3D printers have already experienced success in tapping crowdfunding platforms for bringing their creation to the market. According to the data available from the popular crowdfunding platform Kickstarter, at least seven AM based manufacturing companies have raised over $750,000 in each year since 2012 (Mitra 2012, SBA 2015, Saunders 2017. Kickstarter has been stated as the 'Mainstay' for AM enterprises seeking crowdfunding platforms and has had as many as 18 AM based offering at one time in 2017. ...
Additive Manufacturing (AM), commonly referred to as 3D printing, is an innovative manufacturing technology that has the potential of disrupting the manufacturing industry on a scale not seen since the industrial revolution. It has the potential to move the current manufacturing paradigm of mass production of a single product to mass customization of products to meet individual customer needs. The rapid growth of interest in the additive manufacturing technologies is prompting the question of how to finance such unprecedented potential growth and use of the AM technology especially at the consumer, entrepreneurial and Small and Medium (SME) sized business level. In this paper, the authors propose a financing alternative that matches the democratizing of manufacturing process by additive technologies. It focuses on the heavy consumer, entrepreneurial and SME involvement in the co-creation process of manufacturing using additive technologies. We emphasize crowdfunding as a viable funding vehicle for AM due to it similarity in character to AM. We show how AM innovators are utilizing crowdfunding. Crowdfunding is fast democratizing the financing of innovation and allows consumers to become financiers and provide input to development of a product or service. Innovative crowdfunding matches well with the needs and the mass customization nature of characteristics of additive manufacturing technologies.
... Since 2012 several scholars have proposed taxonomies of the models of crowdfunding. A popular classification (e.g., Ahlers et al., 2015;Mitra, 2012;Griffin, 2012;Lehner, 2012) revolves around what crowdfunders receive in exchange of their contributions. Following this classification, crowdfunding models are generally broken down 6 into four types: donation-based, reward-based, equity-based and lending-based. ...
The literature on crowdfunding, the practice of collecting money (fundraising) from a “crowd” of Internet users, has devoted the bulk of its attention to identifying the determinants of success of crowdfunding campaigns. Thanks to the support of the crowd, crowdfunding helps people to enact their projects and entrepreneurial ideas, being particularly important for those who have typically encountered problems accessing traditional sources of finance. Nevertheless, the benefits of crowdfunding are not just limited to raising money. In this chapter, we review the literature on this research and we highlight the main empirical results that have emerged on the topic. We describe the elements and characteristics of crowdfunding campaigns and we discuss how they relate to crowdfunding success. We show that the debate is still in its infancy with several areas in need of further investigation. In the conclusion, we call readers’ attention to some existing gaps.
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Bu çalışmanın amacı, Covid-19 pandemisi ile ilgili bağış ve ödül temelli kitle fonlama projelerini irdelemek ve pandemi ile mücadeleye etkilerini tartışmaktır. Özellikle pandemi süreci ile ortaya çıkan kriz; girişimcilik açısından yeni talepleri yaratması ile fırsat oluştururken girişim için gerekli olan sermayenin elde edilmesini de zorlaştırmaktadır. Covid-19 pandemisi ile ilgili kitle fonlaması projelerinin hem sermaye bulma hem de yeni talepleri karşılama potansiyeli ile önemli bir gelişme göstereceği beklenmektedir. Bu doğrultuda, araştırma örneklemini Kickstarter’daki Covid-19 ile ilgili 196 proje oluşturmaktadır. Projeler; amaçlarına, kategorilerine, kökenlerine göre sınıflandırılmıştır. Covid-19 ile ilgili projeler ile bütün zamanlardaki projeler karşılaştırılmıştır. Analizlere göre, A.B.D. proje sayısı ve toplanan fon açısından en başarılı ülkedir. Pandemi ile ilgili yayın, teknoloji ve oyun kategorilerinde projeler yoğunluktayken, teknoloji projelerinin çok düşük başarı oranı bulunmaktadır. Amerika kıtası ülkelerinin pandemi ile ilgili doğrudan ve dolaylı mücadele amaçlı projelere yöneldiği, Avrupa Birliği üyelerinin ise Covid-19 temalı ürün ve yardım talebi ile ilgili projelere yöneldiği görülmektedir. Çalışma sonuçlarının, Kickstarter platformunda pandemi ile ilgili kitle fonlaması projesi yürütecek olan girişimcilere, mevcut durumun (başarılı projelerin amaçları, menşeileri ve kategorileri) eğilimlerini ortaya koyarak yol göstermesi umulmaktadır.
This chapter reviews research and policy literatures on the spheres of crowdfunding. It identifies reward-based, donation-based, equity-based and credit-based crowdfunding with a view to collate relevant information to support crowdfunding knowledgebase and further research. As crowdfunding is a new concept in research literature, it is increasing in popularity in social media, business and research communities. Academic research in crowdfunding is limited and the subject is still evolving as a way of access to finance for seed capital, entrepreneurial projects and other early stage projects. Advanced countries in Europe and North America have recognised the relevance of crowdfunding in varying proportion from one country to another for project fundraising. However, the World Bank confirmed that developing countries are at different stages of recognition of crowdfunding in their policy framework. Although the UK financial regulator, Financial Conduct Authority, has produced a policy statement for crowdfunding and approved some service providers such as crowdfunding platforms, it is still interacting with stakeholders and providing guidance to potential entrepreneurs on the operational models. Crowdfunding is a way of raising small amounts of money from different contributors over the internet for different types of projects. There are huge management implications in the spheres of crowdfunding.
The value of entrepreneurship stems from the fact that it promotes economic growth, encourages development, and creates jobs. Therefore, entrepreneurs are considered as national assets that must be cultivated, motivated, and nurtured. To do so, they must be provided with a variety of sources to finance their ventures, and since today's entrepreneurs find it extremely difficult to obtain funding from traditional resources new funding options must be facilitated. (Crowdfunding)
Crowdfunding is an innovative fin-tech mechanism for financing sustainable development. As this chapter demonstrates, crowdfunding can prove to be a powerful tool for financial inclusion, as it opens up funding possibilities for stakeholders, activities, and projects which would not be able to tap funding through the banking system or traditional credit and/or equity providers. This chapter provides a review of the most important recent European crowdfunding initiatives and critically evaluates the present Greek crowdfunding mechanism and its extension into a loan-based and equity-based funding system. By identifying the institutional and functional factors that constrain its use, it provides recommendations for their alleviation. The development of a grant-based crowdfunding platform in Greece has proven to be a powerful innovative tool to meet urgent financial needs in the course of the recent crisis as well as a tool for financial inclusion.
This chapter reviews research and policy literatures on the spheres of crowdfunding. It identifies reward-based, donation-based, equity-based and credit-based crowdfunding with a view to collate relevant information to support crowdfunding knowledgebase and further research. As crowdfunding is a new concept in research literature, it is increasing in popularity in social media, business and research communities. Academic research in crowdfunding is limited and the subject is still evolving as a way of access to finance for seed capital, entrepreneurial projects and other early stage projects. Advanced countries in Europe and North America have recognised the relevance of crowdfunding in varying proportion from one country to another for project fundraising. However, the World Bank confirmed that developing countries are at different stages of recognition of crowdfunding in their policy framework. Although the UK financial regulator, Financial Conduct Authority, has produced a policy statement for crowdfunding and approved some service providers such as crowdfunding platforms, it is still interacting with stakeholders and providing guidance to potential entrepreneurs on the operational models. Crowdfunding is a way of raising small amounts of money from different contributors over the internet for different types of projects. There are huge management implications in the spheres of crowdfunding.
This study aims to explore factors that contribute to the outreach of crowdfunding platforms in developing economies. Specifically, it aims to examine the perspectives of experts, funders and fundraisers to provide several applicable recommendations to accelerate the outreach. An initial framework has been developed to fit with the developing economies; experts from Jordan were meet to validate the framework suitability; two questionnaires were developed for funders and fundraisers; crowdfunding experts from more than 10 countries worldwide reviewed and validated the methodology and the questionnaires; 833 questionnaires were collected, coded and analyzed; analysis and statistical tests validated by statistical academic and analysis specialists. Outcomes affirm the importance of crowdfunding outreach proposed factors in developing economies with a variation between concerned parties: Experts emphasize 'supervision and a regulatory framework'; Funders focus on 'openness and transparency', and fundraisers focus on 'financial knowledge' as essential factors to the outreach of these platforms. This study focused on the 'Debit-based' and 'Equity-based' Crowdfunding platforms. Therefore, some findings may not be generalized to the 'Donation-based' and 'Reward-based' platforms. Several applicable recommendations have been suggested.
For a sustainable future, the actors of the market need a change in spirit that will elevate the life-chances of people by being an “empowered part” of the economic system. A participative, open knowledge economic and market system that will ensure the material well-being, the social visibility, the happiness and the consciousness of the individual is essential. Crowdfunding, as a recent online social community network market model is to be a new socio-technical system of co-creation through self “making and funding”. The aim of this study is to discuss the role of identification in co-creation for sustainability of newly rising crowdfunding communities. In line with this objective, the following two aspects are clarified: the key characteristics of crowdfunding platforms as online communities and the role of identification for co-creation in online crowdfunding communities.
Amaç – Girişimcilerin en önemli problemi finansal kaynaklara ulaşmalarında yaşadıkları
zorluklardır. Günümüzde Kitle Fonlaması modeli girişimcilerin gereksinim duydukları
sermayeye ulaşmak için kullandıkları yeni finansal yöntemlerden birisidir. Türkiye’de Kitle
Fonlaması modelinin kullanımı 2010 yılında başlamıştır. Ancak yasal engeller nedeniyle, 5
Aralık 2017 tarihindeki kanun değişikliğine kadar sadece Ödül ve Bağış Temelli Kitle Fonlaması
modeli uygulanmıştır. Yapılan kanun değişikliğinin Hisse Temelli Kitle Fonlaması modelini
yasal mevzuata aldığı ancak Borçlanma Temelli Kitle Fonlaması modelini içermediği
görülmüştür. Dünya genelinde en çok uygulanan ve en yüksek fon sağlanan bu modelin
uygulanmasının Kitle Fonlaması modelinin kullanımını artıracağı düşünülmektedir. Türkiye’de
Borçlanma Temelli Kitle Fonlaması modelinin uygulanmasının sağlanması için yeni bir model
önerilmesidir.
Yöntem – Borçlanma Temelli Kitle Fonlaması ile ilgili dünya uygulamaları incelenerek,
ülkemize özgü bir model oluşturulmuştur.
Bulgular – Dünya uygulamalarının incelenmesi neticesinde Borçlanma Temelli Kitle
Fonlamasının en çok kullanılan kitle fonlaması türü olduğu sonucuna varılmıştır.
Tartışma –Türkiye uygulaması için “Bütünleştirici Borçlanma Temelli Kitle Fonlaması” olarak
adlandırılan model önerilerek tartışmaya açılmıştır.
Önerilen modelin Türkiye’deki Kitle Fonlaması uygulamalarında kullanılmasıyla
gerçekleştirilecek proje sayıları ile toplanan fon miktarını artıracağı ve yatırımcılar için de tercih
edilecek bir yatırım yöntemi olacağı düşünülmektedir.
Purpose – The most important problem faced by of entrepreneurs is the difficulty in accessing
financial resources. Crowdfunding model is one of the new financial methods used by
entrepreneurs to reach the capital they need. The use of crowdfunding model in Turkey began
in 2010. However, due to legal barriers, only Reward and Donation Based Crowdfunding
models were in use until the change of the law on 5 December 2017. The amendment of law
includes the Equity Based Crowdfunding model in the legislation but it does not include the
Debt Based Crowdfunding. In Turkey, it is considered that the Crowdfunding model will
increase with the appliance of the Debt Based Crowdfunding which is the most applied and
highest fund providing model. To propose a new model to ensure the implementation of the
Debt Based Crowdfunding model in Turkey.
Design/methodology/approach – A model of our country was created by examining the world's
practices related to Debt Based Crowdfunding.
Findings – As a result of the study of world applications, it was concluded that Debt Based
Crowdfunding was the most widely used Crowdfunding type.
Discussion –The model called "Integrated Debt Based Crowdfunding" for the Turkish
application was proposed and opened for discussion.
It is considered that using the proposed model in Crowdfunding applications in Turkey will
lead to an increase in projects realized and funds collected, making it the preferred method of
investment for investors.
Keywords: Entrepreneurship, Entrepreneurship Financing, Financing Methods, Crowdfunding,
Integrated Debt Based Crowdfunding.
The cultural entrepreneurship literature has established that ventures can use stories to convince external stakeholders to issue a positive social evaluation, which is critical in overcoming the liability of newness. To advance the underlying imagery of an astute narrator and passive audience, we examined the interactive dialogic process between ventures and external stakeholders in shaping how a venture manifests itself in the social fabric. Using the crowdfunding platform Kickstarter as the broader context of our study, we inquired as to how two gaming ventures and their respective communities engage in a dialogue about what constitutes proper and accepted norms for a venture’s conduct during and after a crowdfunding campaign. We identified three main norms were subjects to these interactions, namely, transparency (i.e., venture sharing timely, relevant, and reliable information with the community); fidelity (i.e., venture demonstrating devotion to the project); and communality (i.e., venture ensuring sustainable consumption and [re-]production of the product for the gamer community). Although a community may not necessarily speak with one voice, adhering or violating these norms was found to impact whether a venture (re-)gained, maintained, or lost legitimacy.
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