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An Empirical Study of Equity-Based Crowdfunding in Korea

국내 증권형 크라우드펀딩에 대한 실증연구

  • Kim, Min-Soo (Department of Entrepreneurship, Graduate School of Chung-Ang University) ;
  • Lee, Jong-Keon (School of Business Administration, Chung-Ang University)
  • 김민수 (중앙대학교 대학원 창업학과) ;
  • 이종건 (중앙대학교 경영학부)
  • Received : 2016.10.27
  • Accepted : 2016.11.10
  • Published : 2016.11.30

Abstract

Equity-based crowdfunding combines virtual technologies with traditional investing principles. Equity-based crowdfunding is a financing method for startups and small businesses to raise small amounts of capital from a "crowd" of investors. Small businesses can raise capital, advertise product or service, and receive feedback from crowds of investors in exchange for ownership equity in their business. This study examined the operational performance of equity-based crowdfunding in Korea. Data were collected from 125 success and failure equity-based crowdfunding of 75 firms. Results were as follows: First, success firms had a clear vision than failure firms in raising equity-based crowdfunding. Second, success firms had success experiences than failure firms in raising equity-based crowdfunding. Third, success firms had patents to technologies or products that are practical and that customers need. Fourth, success firms had three or more year long-term objectives than failure firms in raising equity-based crowdfunding. Finally, implications of the results were discussed.

증권형 크라우드펀딩은 창업 및 소기업이 다수의 투자자로부터 소액의 자금을 조달하기 위하여 가상의 기술을 전통적인 투자 원칙에 접목하는 자금조달 방법의 하나이다. 소기업들은 그들의 사업에 있어서 오너십 지분 대신에 자금을 조달하고, 제품 및 서비스를 홍보하며, 다수의 투자자로부터 피드백을 받을 수 있다. 본 연구는 국내 증권형 크라우드펀딩의 운영성과를 분석하였다. 분석자료는 국내 75개의 모집기업에서 실시한 125건의 증권형 프라우드펀딩으로부터 수집되었다. 분석결과를 요약하면 다음과 같다. 첫째, 펀딩에 성공한 기업들은 실패한 기업들에 비해 기업이 추구하는 명확한 비전을 가지고 있는 경우가 더 많은 것으로 나타났다. 둘째, 펀딩에 성공한 기업들은 실패한 기업들에 비해 비즈니스에 대한 성공경험들을 더 많이 가지고 있는 것으로 나타났다. 셋째, 크라우드펀딩에 성공한 기업들은 기술에 대한 특허를 보유하고 있거나, 제품이 매우 실용적이어서 고객의 입장에서 니즈를 느끼는 항목들이 많은 것으로 나타났다. 넷째, 증권형 크라우드펀딩에 성공한 기업들은 3년 이상의 장기 목표가 명확하게 제시되는 경우가 많은 것으로 나타났다. 마지막으로, 본 연구결과의 시사점이 논의되었다.

Keywords

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