Crowdfunding: The collaborative economy for channelling institutional and household savings

Hernando, Jaume Roig

doi:10.1016/j.ribaf.2016.03.004

Cited by 17 publications

(9 citation statements)

References 8 publications

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“…Milne & Parboteeah, 2016), crowd funding (e.g. Parker, 2014;Hernando, 2016), electronic money and mobile payment (e.g. Dahlberg, 2015), as well as other recent development in the digital financial services.…”

Section: |mentioning

confidence: 99%

How Ready Are People for Cashless Society?

Trinugroho

Sawitri

Toro

et al. 2017

Jurnal Keuangan Dan Perbankan

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Financial technology could be an effective tool to achieve financial inclusion. However, it needed a certain level of readiness of society. In this paper, we investigated the determinants of readiness in the implementation of digital financial services which led to cashless society. We did a survey on 993 adults in a province in Indonesia using proportional sampling technique. Estimated using ordinary least square, our empirical results showed that readiness perception had high correlation with the quality of supporting infrastructure. By taking into account some demographic factors, we found that more educated and younger people had high spirit to adopt this system. Evidence showed that men were more enthusiastic in using such technological-based system. However, we did not find an evidence on the difference of readiness perception between those living in rural and those living urban areas. Abstrak Teknologi keuangan dapat menjadi suatu alat yang efektif untuk mencapai inklusi keuangan. Namun, itu memerlukan tingkat kesiapan masyarakat yang cukup. Dalam paper ini, kami meneliti determinan dari kesiapan implementasi layanan keuangan digital yang mendorong pada masyarakat non-tunai. Kami melakukan survei pada 993 orang dewasa in suatu provinsi di Indonesia dengan menggunakan metode pengambilan sampel proporsional. Diestimasi menggunakan ordinary least square, hasil empiris kami menunjukkan bahwa persepsi kesiapan berkorelasi tinggi dengan kualitas dari infrastruktur pendukung. Dengan memasukkan beberapa faktor demografi, kami menemukan bahwa orang yang lebih teredukasi dan lebih muda bersemangat untuk mengadopsi sistem ini. Sedikit bukti ditemukan bahwa laki-laki lebih antusias untuk menggunakan sistem berbasis teknologi tersebut. Namun demikian, kami tidak menemukan bukti mengenai perbedaaan persepsi kesiapan antara mereka yang tinggal di daerah pedesaan dan perkotaan.

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Section: |mentioning

confidence: 99%

How Ready Are People for Cashless Society?

Trinugroho

Sawitri

Toro

et al. 2017

Jurnal Keuangan Dan Perbankan

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“…The financial crash of 2008 created additional barriers to early stage funding, which in turn gave impetus to regulators in the United Kingdom (UK) to facilitate access to capital for early-stage ventures (Mollick and Robb, 2016). Regulators actively supported fintech start-ups with the goal to reduce the dominance of institutional investors (Hernando, 2016).…”

Section: Introductionmentioning

confidence: 99%

The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd

et al. 2019

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Equity crowdfunding platforms are at the center of the digital transformation of early-stage venture funding. These digital platforms were originally heralded as a democratizing force in early stage finance, due to their role in facilitating the exchange between entrepreneurs and a multitude of non-professional small investors ("the crowd"). Equity crowdfunding platforms have experienced considerable growth and now attract professional investors including business angels. The presence of angels alongside the crowd on equity crowdfunding platforms has raised questions whether these digital platforms can continue to play their role in democratizing access to capital. Using data from a leading equity crowdfunding platform, we examine the interplay between the investment decisions of angels and the crowd. We find evidence of information flows in crowdfunding platforms between angels, and from angels to the crowd. We find angels play an important role in funding of large ventures, whereas the crowd not only fill the funding gaps for such large ventures but also play a pivotal role in the funding of small ones. The complementarity between angels and crowd investors seems to increase the overall efficiency in an otherwise highly asymmetric and uncertain market, confirming that digitization can indeed bring important benefits to venture investment.

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“…Firstly, it funds entrepreneurs that traditional investors are not willing to fund. Specifically, the provision of crowdfunding relieves entrepreneurs from the dominance of traditional private equity investors (i.e., professional investors like business angels and institutional investors like venture capitalists) that have narrow and strict funding preferences [27]. For example, extant research has documented that these investors favor large scale startup projects in specific sectors (e.g., finance and hi-tech) and locations (e.g., "within 2-hour's drive") founded by entrepreneurs with certain qualifications (e.g., patterns, degrees, and relevant experience).…”

Section: A Entrepreneurial Finance and Campaigns In Crowdfundingmentioning

confidence: 99%

Is Talking About the Future a Curse or a Blessing? The Effects of Future-Focused Message Framing on Fundraising Performance

Lin

Wang

Doong

2021

IEEE Trans. Eng. Manage.

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The growth of crowdfunding has attracted interest from academics and managers alike. Crowdfunders are consumers in the sense that they consume start-up ideas now and their outputs in the future. Given that a crowdfunding platform is almost the only channel for entrepreneurial marketers to interactively communicate with consumers, it is pivotal to study the effectiveness of campaign message design. Thus, the goals of this research are 1) what impact does future-focused message framing have on seeking seed-stage finance when promoting novel ideas to retail investors who may become future consumers? 2) what are other factors that can be further combined as digital communication tools to effectively improve fundraising performance? We collected a dataset of 3,361 reward-based crowdfunding campaigns on Kickstarter, the results of which show that a future-focused campaign has a negative impact on the amount of funds raised. In order to reduce such adverse effects on fundraising, campaigners' extensive engagement is necessary especially when only a handful of reward options are available. This study highlights the critical role of future focus in driving digital communication effectiveness and offers important implications for research and practice.

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Crowdfunding: The collaborative economy for channelling institutional and household savings

Cited by 17 publications

References 8 publications

How Ready Are People for Cashless Society?

How Ready Are People for Cashless Society?

The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd

Is Talking About the Future a Curse or a Blessing? The Effects of Future-Focused Message Framing on Fundraising Performance

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