• 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.

• 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.

• Journal of Fashion Business
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• v.26 no.3
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• pp.155-167
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• 2022

Hanbok, a traditional Korean clothing, became a hip culture for young people in the late 2010s. As hanbok brands for young people appeared and distribution channels changed for them, hanbok appeared on the crowdfunding platform. This study summarized characteristics of hanbok provided as rewards by funding projects in Wadiz, the largest crowdfunding platform in Korea. Results of this study are as follows. First, since the first successful crowdfunding in 2015, it has shown rapidly growth. Second, as a result of examining the name of reward hanbok, 167 reward hanbok appeared. They could be divided into three periods: women's hanbok, unisex hanbok and trendy hanbok period. Third, looking at characteristics of reward hanbok from each period, feminine Chollic onepiece during the women's Hanbok period adopted the feminine interpretation of the original men's Hanbok. Characteristics of reward hanbok during the Unisex Hanbok period are in the direction of the closure. By adopting the direction of the closure of hanbok that both men and women can use, unisex hanbok is appeared. Finally, reward hanbok during the trendy hanbok period reflected trends such as genderless and hip. Hanbok reflected various trends from home culture to COVID-19 that occurred around the world at that time.

• 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.

• The Journal of Society for e-Business Studies
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• v.25 no.1
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• pp.65-82
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• 2020

Start-ups often use crowdfunding platforms such as Wadiz to get financing from corporate investors and general public. These platforms include functions to increase participant activity through the number of comments, interest and online word-of-mouth. This study aims to elucidate how these functions related to a participant activity exhibit mediating effects on a success of crowdfunding and an achievement rate of targeted investment amount. To this end, the individual variables such as progress period, target amount, venture company, experience of attracting investment, possession of intellectual property rights, a career of the representative and an award experience of the representative were classified into the project characteristics, the company characteristics and the representative characteristics through not only previous studies but also interviews with investment professionals and platform operators. Afterwards, this study went through an empirical verification process using a structural equation model that has both crowdfunding performance and participant activity, which is the independent and mediating factors of three perspectives, as well as the dependent variables. In other words, this study analyzes how the characteristics of three perspectives affect the participant activity and how the participant activity had the mediating effects on the crowdfunding performance. In addition, it derives how the analysis results mentioned above vary according to business types (internet services, culture/art, manufacturing/distribution) and investment styles (stock type and bond type). It is expected that this study will help not only in deriving the factors affecting the performance of an investment type crowdfunding but also in preparing the measures to increase a participant activity.