• Title, Summary, Keyword: Crowdfunding

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Development of Fashion Product Entrepreneurship Education Process for Crowdfunding (Part I) -Focusing on Wadiz Rewards-based Crowdfunding- (크라우드펀딩을 위한 패션제품 창업교육과정 개발 (제I보) -와디즈(Wadiz) 보상형 크라우드펀딩을 중심으로-)

  • Lee, Jungho;Kwon, Hajin
    • Journal of the Korean Society of Clothing and Textiles
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    • v.44 no.1
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    • pp.175-191
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    • 2020
  • This study proposes an entrepreneurship education process for fashion product start-ups through rewards-based crowdfunding. It examines issues such as: the general concept of crowdfunding and the pros and cons of rewards-based crowdfunding, the detailed curriculum plans in a chronological order for the regular class development, and the presentation of a visual plan to show the whole process. An entrepreneurship education process is developed in 13 steps: research on crowdfunding market, prototype plan, prototype production, story development, visual contents development, rewards development, project evaluation, public schedule & service setting, period setting & start funding, community management (Q&A), funding ends & deposit, complete manufacturing & start delivering, and the final information disclosure & open the next project plan. This research is intended to investigate rewards-based crowdfunding as a new paradigm of entrepreneurship and apply entrepreneurship education in fashion product development. However, it is limited to studying the Wadiz crowdfunding platform in Korea. Therefore, we propose a case study on various crowdfunding platforms in Korea, a case study on entrepreneurial curriculum application, and a follow-up study on the possibility of entry into an overseas crowdfunding platform.

Exploratory Comparative Study for Crowdfunding Success : Focusing on Platforms in Korea, United States, and Japan (크라우드펀딩 성공요인에 대한 탐색적 비교 연구: 한국, 미국, 일본 플랫폼을 중심으로)

  • Oh, Sehwan
    • The Journal of Information Systems
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    • v.27 no.4
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    • pp.229-249
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    • 2018
  • Purpose The purpose of this paper is to conduct exploratory comparative research on the determinants of successful crowdfunding projects, focusing on multiple crowdfunding platforms in Korea, U.S., and Japan. Design/methodology/approach This study collected data from three representative crowdfunding platforms: Wadiz (Korea), Kickstarter (U.S.), and Readyfor (Japan). Based on 1,906 crowdfunding projects from Wadiz, 3,864 projects from Kickstarter, and 3,060 projects from Readyfor, multiple regression models were applied. Findings Focusing on the crowdfunding projects which have overly achieved goal amount, the analysis results show that the number of comments, the number of Facebook likes and the number of backers have an positive impact on the performance of crowdfunding projects, while target amount has a negative impact. Comparatively, word counts of project description have an impact on funding performance in U.S. and Japan, while the number of images in project description affects funding performance in Korea and U.S. Meanwhile, video clips in project description has little impact on crowdfunding performance in all of the three funding platforms.

Predicting Success of Crowdfunding Campaigns using Multimedia and Linguistic Features (멀티미디어 및 언어적 특성을 활용한 크라우드펀딩 캠페인의 성공 여부 예측)

  • Lee, Kang-hee;Lee, Seung-hun;Kim, Hyun-chul
    • Journal of Korea Multimedia Society
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    • v.21 no.2
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    • pp.281-288
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    • 2018
  • Crowdfunding has seen an enormous rise, becoming a new alternative funding source for emerging startup companies in recent years. Despite the huge success of crowdfunding, it has been reported that only around 40% of crowdfunding campaigns successfully raise the desired goal amount. The purpose of this study is to investigate key factors influencing successful fundraising on crowdfunding platforms. To this end, we mainly focus on contents of project campaigns, particularly their linguistic cues as well as multiple features extracted from project information and multimedia contents. We reveal which of these features are useful for predicting success of crowdfunding campaigns, and then build a predictive model based on those selected features. Our experimental results demonstrate that the built model predicts the success or failure of a crowdfunding campaign with 86.15% accuracy.

A framework for Crowdfunding platforms to match services between funders and fundraisers

  • Hasnan, Baber
    • The Journal of Industrial Distribution & Business
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    • v.10 no.4
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    • pp.25-31
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    • 2019
  • Purpose - A framework is suggested in this paper which will help crowdfunding platforms to match projects according to expectations of funders, leading to successful campaigns and thus increase the profitability of the crowdfunding platform. Research design, data, and methodology - The paper is theoretical and conceptual in nature which proposes a model for crowdfunding platforms to match expectations of crowds with project fundraisers. Results - Crowdfunding platforms are going through incremental innovations in order to match customer (funders and fundraisers) expectations. Leading crowdfunding platforms like Kickstart holds benchmark for other players in the market but the secret of success lies in matching quality projects with the appropriate funders. Crowdfunding platforms have to securitize the projects and allow only quality projects but also provide a wide range of options for funders. Thus, to manage this trade-off between quality and quantity of options, a framework is proposed. Conclusions - Crowdfunding platforms have to adopt a model which will help them in providing a perfect match between crowds and fundraisers. Each member of the crowd and every project will be assigned a category and rating based on the past records. Securitization of projects will help to entertain only demanded projects which will reduce the number of failing campaigns.

Promoting the Masses' Investment through Crowdfunding Platform: Focusing on Lending based Crowdfunding Platform (크라우드펀딩 플랫폼을 통한 대중적 투자 활성화 방안 연구: 대출형 크라우드펀딩 플랫폼을 중심으로)

  • Lee, Ae Ri;Lee, Sang-Jong;Kim, Kyung Kyu;Kwon, Hyuk-Jun
    • The Journal of the Korea Contents Association
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    • v.16 no.11
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    • pp.644-660
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    • 2016
  • With the development of Fintech industry, research interest in crowdfunding is growing. Crowdfunding, originated from crowdsourcing, involves the participation of many individuals' contributions to funding a new project. Specifically, lending based crowdfunding provides a platform for raising funds in the form of loans by connecting borrowers to funders(investors) via Internet, not through traditional financial institutions. Recently, lending based crowdfunding attracts much attention as a new investment alternative; however, there is a lack of research about lending based crowdfunding. This study aims to examine the factors influencing an investor's participation in lending based crowdfunding by focusing on platform features, investor features, and project features. Based on the findings, this study discusses theoretical and practical implications for promoting the crowd's investments through crowdfunding platforms.

A study on Factors Affecting Usage Intention of Crowdfunding Based on the UTAUT Model - Mediating role of Trust - (통합기술수용모델을 이용한 크라우드펀딩 이용의도에 영향을 미치는 요인에 관한 연구 - 신뢰성을 매개로 -)

  • Kim, Yeoun Joon;Park, Young;Seo, Cheol Seung
    • Journal of the Korea Management Engineers Society
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    • v.23 no.3
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    • pp.79-95
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    • 2018
  • The recent rapid advancement of Fintech made it possible that ordinary people were able to use financial services promptly with lower costs and greater convenience. In the domestic financial market, crowdfunding is one of the fastest growing areas. Deriving from the United Technology Acceptance Theory (UTAUT), this study proposes a research model that explains the intention of users of Information Technology and empirically investigates the factors that influence the use of crowdfunding. The results of our study showed that social influence, performance and effort expectations positively affect the trust in crowdfunding but facilitating conditions do not. Our result also indicates that the trust in crowdfunding significantly affects the intention of users. Based on these findings, we suggest the followings: in order to increase the intention of crowdfunding usage, it is important to raise the trust in crowdfunding by making all investment procedures transparently and fairly, strengthen the credibility and brand recognition externally, and build a marketing strategy that recognizes Fintech is a secure and stable financial system.

Success Factors of Donation-based Crowdfunding : DonorsChoose Case (기부형 크라우드펀딩의 성공 요인 : 도너스츄즈 플랫폼을 중심으로)

  • Park, Hyun-Jung;Shin, Kyung-Shik
    • Journal of Information Technology Services
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    • v.15 no.2
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    • pp.1-19
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    • 2016
  • With various success stories of crowdfunding, government's establishment of crowdfunding act, and expected rapid growth of crowdfunding market, the potential ripple effect of crowdfunding on our society is anticipated to be enormous. This study investigates the influential factors and their impacts on the likelihood of project success in donation-based crowdfunding through the DonorsChoose case. The authors analyze the characteristics of project creator, characteristics of project, and behaviors of project participants in relation to the success or failure of the corresponding project. Consequently, the authors found that participants of donation-based crowdfunding exhibit altruistic behaviors and obtained the following specific results: First, donation participation and social capital of the project creator, and marginal help utility of receivers positively affect the success of project. Second, experience of past project creation of the project creator negatively affects the success of project. Third, past donations of the project creator to others' projects, when not appropriately signaled like on the DonorsChoose platform, may not exert a positive influence on the success of project and the reciprocity principle may not work.

A Comparative Study on the Regulatory Framework of Crowdfunding (크라우드펀딩 법제에 관한 비교연구)

  • De Moor, Lieven;Kim, Hyonsu
    • The Journal of Small Business Innovation
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    • v.19 no.1
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    • pp.1-16
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    • 2016
  • The whole world enters into the financial revolution called crowdfunding. The United States, Italy, the United Kingdom and Japan have already legally allowed equity crowdfunding. South Korea also enacted equity crowdfunding in July 2015 for the purpose of efficient financing for startups and SMEs. This study reviews their crowdfunding regulations in terms of offering and investment limitations, requirements for intermediaries and requirements for issuers. And then, we raise several points about Korean crowdfunding and suggest amendment of regulations to promote fund raising through crowdfunding.

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A Study on the Activation of Crowdfunding for e-Commerce Trade Start-ups Investment (전자상거래 무역창업 투자를 위한 크라우드펀딩 활성화방안에 관한 연구)

  • Park, Jong Hyun
    • International Commerce and Information Review
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    • v.18 no.2
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    • pp.3-26
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    • 2016
  • Crowdfunding is growing up SNS spread, raising funds from numerous people which are offering necessary funding of private and enterprise using the internet-based platforms. The function of crowdfunding uses innovative financing in being business and start-ups having difficulty in financing. Crowdfunding in our domestic is concentrated on culture and arts in the early adoption phase, and is numerous projects with public features. However, the investment case of crowdfundig in e-commerce trade start-ups is rarely in spite of a increased attention for crowdfunding.. The purpose of this study examined the factors to be considered when using successfully crowdfunding on e-commerce trade start-ups. This study is understanding the legal and policy of crowdfunding market status and other countries, and suggests the activation of the direction of government policy, legal system, and participation of financing suppliers and investors as activating the law and policy system related the crowdfunding on a domestic in terms of e-commerce trade start-ups investment.

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A Study on the Differences of Crowdfunding in the Introduction Factors between Investors and Borrowers (투자자와 차입신청자 간 크라우드펀딩 도입 요인의 차이에 관한 연구)

  • Choi, Seung-Kyu;Oh, Jay In
    • The Journal of Information Systems
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    • v.26 no.4
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    • pp.401-418
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    • 2017
  • Purpose: Since the cost of feed for Korean pig farmers has been increasing, attracting crowdfunding for the swine industry become important. This paper applies the AHP decision-making method to build a model for the sustainable growth of crowdfunding in the swine industry. Design/methodology/approch: The result from the analysis of data collected from this research shows that both investors and borrows groups consider tangible assets to be most important for crowdfunding in the swine industry. Findings: Thus protection of investors should be resolved first by providing collateral rather than insisting on the conventional crowdfunding method that stresses the credit aspects only. The investors and borrows groups also judged the loan amount very important, suggesting that the smooth and sufficient investment should be secured for borrows group.