• Title/Summary/Keyword: 크라우드펀딩

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Online Document Mining Approach to Predicting Crowdfunding Success (온라인 문서 마이닝 접근법을 활용한 크라우드펀딩의 성공여부 예측 방법)

  • Nam, Suhyeon;Jin, Yoonsun;Kwon, Ohbyung
    • Journal of Intelligence and Information Systems
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    • v.24 no.3
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    • pp.45-66
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    • 2018
  • Crowdfunding has become more popular than angel funding for fundraising by venture companies. Identification of success factors may be useful for fundraisers and investors to make decisions related to crowdfunding projects and predict a priori whether they will be successful or not. Recent studies have suggested several numeric factors, such as project goals and the number of associated SNS, studying how these affect the success of crowdfunding campaigns. However, prediction of the success of crowdfunding campaigns via non-numeric and unstructured data is not yet possible, especially through analysis of structural characteristics of documents introducing projects in need of funding. Analysis of these documents is promising because they are open and inexpensive to obtain. We propose a novel method to predict the success of a crowdfunding project based on the introductory text. To test the performance of the proposed method, in our study, texts related to 1,980 actual crowdfunding projects were collected and empirically analyzed. From the text data set, the following details about the projects were collected: category, number of replies, funding goal, fundraising method, reward, number of SNS followers, number of images and videos, and miscellaneous numeric data. These factors were identified as significant input features to be used in classification algorithms. The results suggest that the proposed method outperforms other recently proposed, non-text-based methods in terms of accuracy, F-score, and elapsed time.

A Study on Investment Decision Making Criterion based on Crowd Funding (크라우드펀딩의 투자의사결정기준에 관한 연구)

  • Lee, Eui-Bang;Lee, Jae-Beom;Yang, Chang-Gyu
    • Information Systems Review
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    • v.16 no.2
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    • pp.25-41
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    • 2014
  • While previous studies on Crowd funding mainly focused on the plan and policy of the introduction of Crowd funding, this study classified Investment Decision Making criterion and proposed the significance of each factor, leading to results that can help investors practically. According to the analysis, (1) physical resource in business is the most important criterion to be considered as the way for investor to objectively make decisions on business model, (2) although people pay attention to the managerial capabilities of business, the creativity of business model is not being paid much attention. The result of this study can objectively determine investment decision making on business model thought a quantitative standard of judgment. Moreover, an environment should be built for healthy decision making which is based on business model instead of only product, and it is necessary to have institutional framework to enable new companies to have healthy competition with existing companies through creative business model.

The Effect of Crowdfunding Factors on Participational Intention -A Case of Chinese Participants (크라우드펀딩 특성이 참여의도에 미치는 영향 - 중국사례를 중심으로)

  • Jia, Jing;Lee, Cheol-Gyu
    • Journal of Digital Convergence
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    • v.16 no.3
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    • pp.237-247
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    • 2018
  • In this paper, a research model was designed to investigate the factors influencing the intention to the crowdfunding participator of China. The research model includes the platform factors, investor factors, and social factors, perceived ease of use, perceived usefulness and funding participants' intention. In this research, the data was collected by online survey, and in final analysis, 439 participators' questionnaires were used. The empirical paper proves research hypothesis by using SPSS 23.0. The results of the study are as follows: the crowdfunding platform factors, social factors and the participants' individual factors partially give positive effects to perceived ease of use and perceived usefulness; perceived ease of use gives positive effects to perceived usefulness. In addition, perceived ease of use and perceived usefulness have positive effects to participational intention. This paper provides a useful scheme for the better operation and promotion of crowdfunding. In the future, a comparative study of different types of crowdfunding is needed.

Successful Crowdfunding: Focusing on Social Interaction and Goal Achievement Motivations (크라우드펀딩 성공요인: 사회적 상호작용과 목표 달성 동기요인을 중심으로)

  • Oh, Sehwan;Baek, Hyunmi
    • The Journal of Information Systems
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    • v.25 no.4
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    • pp.141-161
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    • 2016
  • Purpose As crowdfunding is a relatively recent phenomenon, determinants of successful crowdfunding with empirical data have been under-researched. Consequently, we examine the role of information- and behavior-based social interaction on the performance of crowdfunding projects, while investigating the motivational factor of goal achievement. Design/methodology/approach From February to August 2016, we collected panel data on 154 crowdfunding projects, which completed fundraising successfully on Tumblbug, a reward-based crowdfunding platform in Korea. In this study, we examine the roles of information-based social interaction (e.g., sharing information on a crowdfunding project) and behavior-based social interaction (e.g., following other investors' behavior) on successful crowdfunding. Additionally, we investigate whether the motivation of goal achievement moderates the relationship between social interaction and performance of crowdfunding projects or not. Findings We find that the number of times a crowdfunding project is shared has a positive influence on its performance, as does the number of project backers. Furthermore, we confirm that goal achievement motivation moderates the effects of information- and behavior-based social interaction on the performance of crowdfunding projects.

A Study on the Factors Influencing Crowdfunding by Shared Value and Communication (가치공유와 커뮤니케이션이 크라우드펀딩 참여의도에 미치는 영향에 관한 연구)

  • Yu, Yun-hyeong;Choi, Myung-gil
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.5
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    • pp.113-127
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    • 2020
  • Based on the social exchange theory and innovation diffusion theory, this study is to identify the correlation between factors influencing investor's funding intention in crowdfunding and to analyze moderating effect of trust in the relationship of shared value, communication and individual innovation. The purpose of this study is to consider the funding trends of crowdfunding investors from a personal point of view through the results of the study and to help fundraiser of crowdfunding establish specifically strategies for financing. In order to conduct empirical analysis, an online survey was conducted on people who had participated in crowdfunding, and a total of 228 questionnaires were collected and a total of 186 responses were finally analyzed, excluding outliers. For data analysis, structural equation model analysis was conducted using SPSS 26.0 and Smart PLS 3.0. The results of this study showed that shared value in the relationship between fundraiser and investors has a significant effect on the perceived risk. High level of communication between fundraiser and investors showed positive effects on the level of commitment of the crowdfunding project and the innovation of the individual investor. And commitment had a positive effect on the funding intention. According to the results of this research, trust has moderating effect only in relationship between shared value and perceived risk. It is significant that investors share the value of fundraiser together is a motivation factor to fund in crowdfunding and an opportunity to recognize the risk. Through this study, it is expected to utilize them in establishing strategies for start-ups and marketing plans to raise funds through crowdfunding and to empirically identify factors influencing the funding intention through individual levels of crowdfunding investors.

A Study on the Influence Factor on the Achievement Rate of Domestic Equity-based Crowdfunding : Focusing on the Moderation Effect of the Number of General Investors (국내 증권형 크라우드펀딩의 달성률에 관한 영향요인 연구 : 일반 투자자 수의 조절효과를 중심으로)

  • Shin, Yeon-Dong;Lee, Seung-Hee
    • Journal of Industrial Convergence
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    • v.15 no.2
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    • pp.45-56
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    • 2017
  • The purpose of this study is to analyze the influence of the number of investors influencing the achievement rate of domestic securities type crowdfunding, to find out why the general investors need to participate and to suggest measures to increase the participation of general investors. The results of this study are as follows. First, the effect of the recruitment amount, the target amount, the recruitment period and the business training is confirmed as factors affecting the achievement rate of domestic securities type crowdfunding. And it was confirmed that the influence factors on achievement rate could have a greater effect as the number of general investors increased. Therefore, the government should make more effort to relax regulations on general investors, and the investor of capital should strengthen the public disclosure of KSM through the KSM market in order to recover the funds of general investors, Crowd funding will be able to attract enough funds.

A Study on the Factors Affecting the Success of Crowdfunding for Game Development Projects (게임개발 프로젝트를 위한 크라우드펀딩의 성공에 영향을 미치는 요인에 관한 연구)

  • Lee, Woo Chang;Ha, Jeongcheol;Lee, Choong Kwon
    • Smart Media Journal
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    • v.6 no.4
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    • pp.94-100
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    • 2017
  • Procurement of development funds is a very difficult process in the Korean game industry where competition is fierce. Recently, crowdfunding has been used as a convenient platform to attract potential investors to secure the development cost of the game. This study explored the factors influencing the success of crowdfunding for game development projects. We collected data on 229 game development projects in Tumblebuck, a reward-based crowdfunding site in Korea. According to the results of the logistic regression model, the factors that have a positive effect on the success of funding are the average compensation amount relative to the target amount, the number of SNS shares, the number of updates, and the originality of the proposed game. Video playback time has been found to have a negative impact. Based on the results of this study, it is expected that planning a game development project considering the variables affecting the success of crowdfunding will help financing.

A Study on Participation Intention and Herd Behavior on Domestic Securities Type Crowdfunding Investors: Focusing on the Theory of Planned Behavior (국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 관한 연구: 계획된 행동이론을 중심으로)

  • Hwang, Nakjin;Lee, So-young
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.2
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    • pp.1-18
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    • 2020
  • This study is to identify the influence of major variables that affect the participation intention of securities type crowdfunding investors and how participation intention and perceived behavioral control affect investors' herd behavior including indirect effect analysis based on the theory of planned behavior. The ultimate purpose of this study is to understand the investment behavior of securities type crowdfunding investors and to help the relevant parties to develop various policies and business plans to revitalize the system and protect investors. An online survey was conducted on people who are interested or have experience in securities type crowdfunding to receive a total of 276 responses. Excluding outliers, a total of 261 responses were taken into account for the final analysis. For the data analysis, structural equation model analysis using SPSS 22.0 and Amos 22.0 statistical package was conducted. As a result, two of the major variables of the theory of planned behavior-attitude and subjective norm-have been found to have a positive effect on the participation intention of securities type crowdfunding investors. And after analyzing the indirect effect, the participation intention was found to play a mediating role between attitude, subjective norm and herd behavior. However, the perceived behavioral control presented as a major variable of behavioral intention in the theory of planned behavior showed that the effect on participation intention was statistically insignificant. Instead, it was found to have a direct positive effect on herd behavior. This is significant because it empirically confirmed that even if investors perceive securities type crowdfunding as easy to participate, perceived behavioral control does not seem to have a significant impact on participation intention because securities type crowdfunding is an investment in an early-stage business with a high risk of loss. On the other hand, the study has great significance in that it empirically confirmed that domestic securities type crowdfunding investors perceive the funding progress information provided by the platform as a signal and imitate many other investors, showing herd behavior when they actually make an investment. It is expected that this study will provide meaningful insights for the policy making of crowdfunding supervisory offices and platform operators by empirically identifying major variables that influence the participation intentions and herd behavior of domestic securities type crowdfunding investors.

Roles of Individual- and Country-level Social Capital in Entrepreneurial Activities of Crowdfunding (크라우드펀딩 창업 활동에서 개인 및 국가 수준 사회적 자본의 역할)

  • Oh, Sehwan;Rho, Sungho
    • The Journal of Information Systems
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    • v.26 no.1
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    • pp.1-19
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    • 2017
  • Purpose This study examines the roles of individual- and country-level social capital in entrepreneurial activities from the context of crowdfunding. Design/methodology/approach Two primary sources were used for data collection. From Kickstarter, the largest U.S.-based crowdfunding platform, this study obtained 15,716 crowdfunding projects and individual-level social capital. For country-level social capital, the social capital index from the 2016 Legatum Prosperity Index was utilized. By matching individual- and country-level social capital for each crowdfunding project, this research estimates the role of social capital in entrepreneurial activities at the individual and country level using the Poisson regression and the negative binomial regression. Findings Individual-level social capital measured by the number of Facebook friends, the number of other crowdfunding projects that a crowdfunding project founder invested in, and the word count of the description of a crowdfunding project are positively associated with the number of crowdfunding projects created by founders. The country-level social capital measured by aggregated social capital index is also positively associated with the number of crowdfunding projects created by founders. Both individual- and country-level social capital have a positive impact on entrepreneurial activities in terms of the creation of new crowdfunding projects.

An Empirical Study on Ssuccessful Crowdfunding (크라우드펀딩 성공을 위한 실증분석)

  • Choi, Sukwoong;Lee, Doo Yeon;Kim, Wonjoon;Kang, Jae Won
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.12 no.2
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    • pp.55-63
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    • 2017
  • Crowdfunding recently receives a great deal of attentions as an alternative finance for small and medium-sized enterprises or business ventures that suffer from financial constraints. Crowdfunding is a new form of platform that enables a large number of people to invest a small amount of money for promising new business items directly. We analyzed the effect of type, period, method of projects on crowdfunding outcomes. We measure the outcome in terms of the ratio of the collected to the target amount. We collected data from three Korean crowdfunding platform companies, and the data consisted of 239 projects from 2012 to 2014. We use both logit and ordinary least square method for evaluation. Generally, the amount of target itself has no effect on the outcome. Equity crowdfunding shows higher success rate and better outcome than rewards crowdfunding. All or Nothing method leads to the higher ratio of the collected to the target amount than Keep It All. There is an inverted U-shape between the number of investors and the ratio of the collected to the target amount. Finally, the ratio of the collected to the target amount is decreasing in a crowdfunding period.

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