• Smart Media Journal
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• v.11 no.5
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• pp.63-74
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• 2022

Initial public offering (IPO) has a legal framework for investor protection, and because there are various quantitative evaluation factors, objective analysis is possible, and various studies have been conducted. In addition, crowdfunding also has several devices to prevent indiscriminate funding as the legal system for investor protection. On the other hand, the blockchain-based cryptocurrency white paper (ICO), which has recently been in the spotlight, has ambiguous legal means and standards to protect investors and lacks quantitative evaluation methods to evaluate ICOs objectively. Therefore, this study collects online-published ICO white papers to detect fraud in ICOs, performs ICO fraud predictions based on BERT, a text embedding technique, and compares them with existing Random Forest machine learning techniques, and shows the possibility on fraud detection. Finally, this study is expected to contribute to the study of ICO fraud detection based on quantitative methods by presenting the possibility of using a quantitative approach using unstructured data to identify frauds in ICOs.

• Journal of Information Technology Services
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• v.13 no.4
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• pp.123-137
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• 2014

Since the global financial crisis, funding for startups or ventures has been diminished seriously. In this situation, crowd-funding has attracted worldwide attention as a viable means to financing startups/ventures. After reviewing existing laws in other countries, this study investigated the current status of crowd-funding legalization in Korea and surveyed requirements from three groups of participants to crowd-funding. Investors already recognized the high risk of crowd-funding into startups and asked for the protection of their investment. But, their priorities were on the enlargement of tax benefits and the establishment of a trading market for selling their equity. In addition, investors wanted to shorten the compulsory holding period. Issuers as fund raisers hoped fast legalization, convenient process of crowd-funding, and expansion of government support. Crowd-funding platform operators requested policies for establishing paths to become new growth companies from startups, tax benefits, and the setup of separate fund for startups. Currently, the National Assembly in Korea is holding the discussion on the submitted law. For desirable outcomes to all participants, it would be better to proceed in the following sequence. First, legalize the crowd-funding with clauses protecting investors; Second, encourage investment through tax benefits; Third, develop communities among participants for reducing information asymmetry; And fourth, establish diverse trading markets for selling equities of startups.

• 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.

• Journal of Information Technology Services
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• v.18 no.1
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• pp.13-26
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• 2019

This study analyzes the characteristics of lending-based crowdfunding of various crowdfunding models, identifies the factors affecting the use of the general public, and provides suggestions for the policies set by real estate crowdfunding businesses and related authorities. To analyze the service's adoption from a cognitive perspective, this study developed a new model that combined the Value-based Adoption Model (VAM), motivation theory, and a set of variables that take into account the characteristics of the real estate industry. For empirical analysis, survey was conducted from the general investors of real estate and valid 252 data were utilized by R 3.2.2. The results of this study showed that both government regulation and the perceived risk are hindering the perceived values and intention to use crowdfunding for real estate. In contrast, this research found that among the intrinsic motivation, enjoyment had a significant impact on the perceived value. In addition, it turned out that among the extrinsic motivation, market attractiveness, brand credibility, expected return, and safety and protection had significant impacts on the perceived value. Finally, it showed the perceived value of real estate crowdfunding had a positive impact on the intention to use.

• The Journal of Information Systems
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• v.30 no.2
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• pp.1-27
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• 2021

Purpose Even if many startups firms have developed innovative items and a potential for success, they often have a limited financial resources, which makes them difficult to do business. To overcome this financial difficulty, startups have used one of fintech services, called crowdfunding that can be a good alternative to solving the difficulty of financing. The purpose of this study is to empirically validate the proposed research model that investigates the reasons of trusting crowdfunding platform, which positively leads to two outcomes - intention to participate and word-of-mouth for reward-based crowdfunding project. Design/methodology/approach We proposed several factors categorized as trust, information quality, and platform traits that have a positive impact on trust of crowdfunding platform, which positively leads to intention to participate and word-of-mouth of crowdfunding. The collected(n=285) from individuals who have participated in crowdfunding project was analyzed with SmartPLS 3.0 to test proposed hypotheses. Findings The results showed that all proposed variables (website reputation, crowdfunding familiarity, digital storytelling, information quality, and interaction) had a significant impact on crowfunding platform trust with exception of product differentiation. In addition, crowfunding platform trust was positively associated with participating intention and word-of-mouth. Based on findings, we discussed the research results and implication alone with a direction for future studies.

• Proceedings of The KACE
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• 2018.01a
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• pp.161-164
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• 2018

블록체인은 전 세계적으로 주목받고 있는 기술이다. 이에 다양한 분야에서 블록체인을 활용하려는 시도가 이루어지고 있으나, 교육에 블록체인을 접목하려는 시도는 매우 부족하다. 이에 대한 시도로서 본 논문에서는 블록체인 기반 소셜 미디어를 교육적으로 활용할 방안을 논하였다. 이를 위하여 블록체인 기반 소셜 미디어의 특징과 활용 사례를 살펴본 결과, 특징으로는 소셜 미디어 상의 자정 작용과 자체 암호화폐 시스템이 있었으며, 그러한 특징을 활용한 긍정적 사례들도 존재하고 있었다. 본 논문에서는 이를 바탕으로 블록체인 기반 소셜 미디어를 교육에 적용하기 위한 방안으로 융합교육 프로그램과 크라우드 펀딩을 제안하였다.

• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.119-123
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• 2021

수많은 예술 관련 분야 대학 졸업생들과 예술가들은 많은 시간과 열정을 투자하여 예술 공부와 창작활동을 하지만 창작물을 통해 수익을 창출하는데 많은 어려움을 겪고 있다. 최근에는 이런 문제를 해결하기 위해 많은 예술 플랫폼 창업 기업들이 생기고 있으며 이 기업들은 수익 창출이 어려운 많은 예술가들에게 수익 창출의 기회를 제공하고 있다. 예술가들의 창작물인 그림, 글, 음악, 패션 등을 사업화하여 수익을 창출하는 예술 플랫폼 창업 기업은 그림 대여 및 판매 플랫폼, 예술가 창작물 상품화 플랫폼, 예술 크라우드 펀딩 플랫폼, 공연 전시 플랫폼 이렇게 4가지 분야로 분류해 볼 수 있다. 또한, 국내 창업 생태계의 발전과 함께 예술 플랫폼 창업 기업에 대한 관심이 더욱 증가하고 있지만 예술 플랫폼 형태 분석 및 사례 적용 연구는 미흡한 실정이다. 따라서 본 연구는 예술 플랫폼 창업 기업 형태를 분야별로 분석하여 예술 플랫폼 창업을 준비 중인 예비 창업자들에게 향후 예술 창업 전략 수립에 있어 시사점을 제고시하고자 한다.

• Journal of Information Technology Services
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• v.18 no.5
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• pp.165-182
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• 2019

An equity crowdfunding system of Korea has been introduced since January 25, 2016. The crowdfunding has contributed to remove the funding gap for startups in Korea. In the three years since the introduction of the system, the amount issued has been growing annually 31 percent. In 2018, the general investors who participated in equity crowdfunding, account for 93.8% of the total market size. General investors are a large part of equity crowdfunding. Investors, however, are facing the information asymmetry problems. General investors rely heavily on the investment prospectus provided by startups to obtain the information they need to determine their investment decisions. Under these circumstances, startups have the incentive to provide information that is advantageous to them, and investors are likely to be adversely affected by the investment prospectus. In this study, we collected the novel crowdfunding prospectus dataset: a total of 459 investment prospectus and conducted a morphological analysis. The analysis showed that the more positive the word, the higher the success rate of investors' subscriptions. We also compared projects that were heavily invested by general investors with projects that were heavily invested by professional investors. Then, we were able to examine that the success rates of project subscription, which were heavily invested by general investors, were higher than the projects of professional investor type. It can be interpreted as a general investor driven crowdfunding market. Based on these results, we propose three policies. First, the supervisor should be strengthened to provide more detailed information on investment risk factors in the prospectus. Second, the crowdfunding intermediary should monitor information provided by startups. Third, an investor should be asked to add a question to the investment compliance test that allows the investor to recognize the problem in the manual.

• Journal of Information Technology Services
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• v.20 no.2
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• pp.127-146
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• 2021

Donation-based crowdfunding(DBC) is conducted from voluntary participation by project operators. It requires a different operational strategy than general crowdfunding. However, there is a limited amount of research on the operational strategy of DBC. This study explores the value co-creation(VCC) strategy of DBC and analyzes the operation of DonorsChoose.org. The research questions encompass the following: First, we identify the VCC activities of DBC. Second, we uncover activities of the platform operators that facilitate the participation of project operators in VCC activities. Third, we explore how VCC activities affect project operational performance and platform performance in DBC. By adopting a single case study method on DonorsChoose.org, this study provides meaningful insight and detailed understanding into the VCC in DBC. First, VCC processes of DBC are identified(Co-ideation, Co-design, Co-funding, Co-operation, and Co-evaluation). Also, interactions between platform operators and project operators were defined at each stage. Second, this study confirmed that standardization and simplification of platform operators, support for pre- and post-activity, and high-quality information delivery activities were critical. Third, we confirm that these VCC activities improve VCC operational performance and platform performance. The theoretical significance of this study is that the concept of VCC, previously concentrated on participants with economic drivers(consumers and investors), has been applied to the context of DBC, a form of participation by participants with non-economic drivers(supporters and donors). In addition, this study practically contributes to the practice of VCC strategy among various platform operating strategies in DBC.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.175-193
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• 2022

Although there is paradigm shift in art industry and interdisciplinary convergence between art and entrepreneurship, little has been done in "art entrepreneurship." First, this study organized the concepts of art entrepreneurship and conducted literature reviews on the trends of international and domestic research. Second, this paper aimed to understand the concept of art platform business. To do so, authors reviewed the general concept of business model and special features of platform business. Third, this paper categorized and introduced 11 art platform businesses from the based on the purposes of companies (① rental & selling, ②commercialize & selling, ③crowdfunding, ④information sharing & digital exhibition). Forth, this study provided two frameworks (①business model components, ②platform controllability and customers' information asymmetry) and applied them into 11 cases. By systematically reviewing the previous studies, this paper expects to increase scholarly understanding of the field of art entrepreneurship where two different areas (art and entrepreneurship) have studied separately. In addition, introduction and analyses of 11 online art platform have practical implications.