참신성에 따른 스타트업 크라우드펀딩 창업 자금 조달 전략

학위논문(박사) -- 서울대학교대학원 : 공과대학 협동과정 기술경영·경제·정책전공, 2023. 2. 황준석.This thesis explores startups' fundraising and development strategies that started from novel ideas to sustainable companies through crowdfunding. From the stage of persuasion by presenting novel ideas to subsequent business development, the study analyzes the factors that enable startups to grow successfully through crowdfunding and accordingly reveals what an effective action strategy from the entrepreneur's point of view is. The purpose of the thesis is to understand the cycle of the campaign, value delivery, and subsequent development while focusing on the strategic perspective of entrepreneurs using crowdfunding as an entrepreneurial fundraising tool. First, at the fundraising point, which is the beginning of crowdfunding startups, the study focuses on indicators that can measure an idea's novelty and explore the behavioral strategies of founders during crowdfunding campaigns according to the degree of novelty. This study proposes a machine learning-based methodological measurement to understand the novelty and presents a behavioral strategy using the method. The study demonstrates that the novelty of an idea is a crucial element in changing the direction project founders must act for successful fundraising in reward-based crowdfunding. The second study proposes a framework for a satisfactory crowdfunding experience for reward-based crowdfunding participants. Through the framework of utilitarian-hedonic value delivery borrowed from consumer research, the study finds the determinants of how founders deliver value to crowdfunding participants after realizing business ideas. This study explores the post-campaign idea implementation and satisfaction delivery process, taking preliminary steps to broadly understand the subsequent business processes after fundraising. The third study examines the differences in characteristics of crowdfunding startups that have attracted follow-up venture funds. In particular, the study analyzes how the timing and valuation of follow-up venture financing are affected by the characteristics of the crowdfunding campaign process. This study in-depth finds the relationship between the process of crowdfunding and long-term sustainable startups.Chapter 1. Introduction 1 1.1. Research Background 1 1.2 Research Objectives 4 1.3 Research Outline 5 Chapter 2. Literature Review 8 2.1 Entrepreneurial Financing 8 2.1.1 Venture Capital 8 2.1.2 Crowdfunding 11 2.1.2.1 Crowdfunding in entrepreneur perspectives 12 2.1.2.2 Crowdfunding in investor perspectives 14 2.2 Idea Realization 16 2.2.1 Signaling theory 18 2.3 Contribution of the study 19 Chapter 3. Effective Strategies to Attract Crowdfunding Investment Based on the Novelty of Business Ideas 23 3.1 Introduction 24 3.2 Literature Review 27 3.2.1 Crowdfunding as entrepreneurial financing and signaling theory 27 3.2.2 Novelty of an idea and crowdfunding success 29 3.2.3 Measuring novelty and innovation performance 31 3.3 Theoretical framework and hypotheses development 33 3.3.1 Ideas novelty 34 3.3.2 Target diversification and an ideas novelty 36 3.3.3 Information updates and two-sided communication 39 3.3.4 Method 45 3.3.4.1 Data sources 45 3.3.4.2 Descriptive statistics 46 3.3.4.3 Dependent and explanatory variables 47 3.3.4.4 Control variables 49 3.3.4.5 Empirical model 51 3.3.5 Results 54 3.3.6 Discussion 66 Chapter 4. Delivering Satisfaction after Crowdfunding through Utilitarian and Hedonic Value Structure 74 4.1 Introduction 75 4.2 Theoretical Background 77 4.2.1 Idea realization in crowdfunding 77 4.2.2 Market feedback from funder satisfaction after fundraising 78 4.2.3 Idea implementing capacity: delivering the utilitarian value 81 4.2.4 Emotional satisfaction of participating innovation: improving the hedonic value 84 4.3 Research objective, Methodology, and Data 88 4.3.1 Research objective and data source 88 4.3.2 Dependent variable 89 4.3.3 Explanatory variables 90 4.3.4 Control variables 91 4.3.5 Descriptive statistics 92 4.3.6 Empirical model 93 4.4 Results and Discussion 96 4.4.1 Empirical results 96 4.4.2 Discussion 99 4.5 Conclusion 102 4.5.1 Limitations and further studies 103 Chapter 5. Subsequent funding of crowdfunded startups: Focusing on factors affecting follow-up funding amount and timing 105 5.1 Introduction 106 5.2 Theoretical framework and hypotheses 109 5.2.1 Crowdfunding as entrepreneurial financing 109 5.2.2 Venture financing performance: amount and timing 112 5.2.3 Research framework 113 5.2.4 Feedback aspect and follow-up financing 114 5.2.4.1 Securing market expectation 114 5.2.4.2 Securing market satisfaction/dissatisfaction 117 5.2.5 Relationships with investors and follow-up funding 119 5.3 Data and method 122 5.3.1 Data sources 122 5.3.2 Descriptive statistics 123 5.3.3 Dependent and explanatory variables 124 5.3.4 Control variables 127 5.3.5 Empirical model 128 5.4 Results 130 5.5 Discussion with case studies 135 5.6. Limitations and further research 141 Chapter 6. Conclusion 144 6.1 Overall Summary 144 6.2 Implications and Contributions 148박

Are All Spillovers Created Equal? The Impact of Blockbusters and the Composition of Backers in Online Crowdfunding

Crowdfunding has emerged alongside the IT development. It is believed that overwhelmingly successful projects, blockbusters, would have significant impacts on the overall crowdfunding platform. However, there are notable limitations in previous studies. First, we consider how the advent of blockbusters impact according to the projects’ similarity with inside and outside clusters, rather than pre-determined category. Second, we examine the blockbusters’ heterogeneity with the type of backers that bring different effects. We use project-level dataset and apply novel clustering method to analyze blockbuster effects. We find empirical evidence that blockbusters have a spillover effect on same categories, especially inside clusters experience larger effects than outside clusters. In the long run, these spillover effects decay faster in outside clusters, but last long for inside cluster. Furthermore, this result changes according to the composition of backers. Our study presents a promising avenue for the application of semantic network analysis to the crowdfunding context

Reward-Based Crowdfunding Research and Practice

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Modularization of Crowdfunding Services – Designing Disruptive Innovations in the Banking Industry

Crowdfunding represents a disruptive innovation in the banking industry by enabling the exploitation of market segments. Incumbents struggle to utilize this new phenomenon as crowdfunding is based on modules that have not been considered relevant for banking so far. Nevertheless, crowdfunding services are not entirely new compared to traditional banking. We argue that the modular design enables a bank to utilize crowdfunding. Thus, we started an action research project in order to investigate how modularization enables a bank to design crowdfunding services. Findings so far led to the identification of ten preliminary crowdfunding services and their interconnection within an ecosystem. Our expected contribution will increase the understanding of crowdfunding services by bridging research on modularization, service ecosystems, and crowdfunding, and highlight the handling of disruptive innovations in an established industry. For practice, we provide a way of designing crowdfunding services in an efficient manner while building on already existing competencies

Engagement and willingness to pay for short form animation content online

An understanding of engagement and value based on insight from the uses and gratifications framework shows that individual consumers have very different reasons for consuming the same media. As such each consumer will receive different meanings, consequences and levels of value from its consumption. Based on this perspective it is argued that different individuals will display a varied willingness to pay based on their level of engagement and value sought from consuming the content in question. Through the use of an online survey this study explores the differences between individuals who work or have a valued interest within animation (Insiders) and those who do not (Outsiders). The study focuses on respondents reasons and motives for consuming short form animation content to understand their level of engagement and subsequent willingness to pay. The results indicate that Insiders display a wider range of motives and gain greater value from the consumption of short form animation. Insiders also display a greater willingness to pay and willingness to pay more for such content. Therefore, results lend support to dynamic pricing models for creative works distributed online, which can capture the different levels of engagement and value perceptions of consumers. These dynamic pricing models may then go some way towards catering for both sides of what has previously been described as a "Fame vs. Fortune dilemma" and provide creators with a revenue stream that can aid future content production

The Effectiveness of Governance Mechanisms in Crowdfunding

During the last years, crowdfunding gained attention as alternative source of funding for a variety of projects. More and more creative, artistic and entrepreneurial projects search funding through the crowd. However, crowdfunding markets are often considered inefficient and shaped by information asymmetries. Although first project characteristics towards governance mechanisms have been identified, the general use of governance mechanisms in crowdfunding and their impact on funding success have mostly remained uncovered. With that in mind, we present preliminary results on the influence of governance mechanisms on funding success of crowdfunding projects. We assessed 108 projects from 18 platforms in order to measure the use of governance mechanisms and to discover differences between the types of crowdfunding. We find that archetypes of governance mechanisms with influence on the funding success exist and intend to contribute to theory that explains the use of governance mechanisms in crowdfunding

The Pervasive Role of Campaign and Product-Related Uncertainties in Inhibiting Crowdfunding Success

In this research, we study the funding decision in crowdfunding from the perspective of potential backers. We assess whether perceived uncertainty affects the decision to contribute to crowdfunding campaigns. For this purpose, we conduct a 2 × 2 between-subjects experiment with different stages of product development and the perceived innovativeness of products depicted in campaigns. Our findings show that an early development stage positively affects perceived uncertainty, adversely affecting the willingness to contribute. Simultaneously, higher perceived innovativeness elicits higher uncertainty perceptions, negatively influencing the willingness to contribute. Our research furthers an understanding of entrepreneur perspective taking to overcome uncertainty perceptions from the indeterminacy of crowdfunding campaigns

Humor in the entrepreneurial pitch context : the effect of humor, investor regulatory focus and argument quality on pitch evaluations and funding decisions

Conventional wisdom and a small body of empirical research suggests that while humor can sometimes be used for negative purposes, it tends to be "good," and associated with positive outcomes. Many entrepreneurs incorporate humor into their entrepreneurial pitches to appeal to investors. But does the common belief about humor's positive effects really hold true for the entrepreneurial pitch context? To examine the role humor plays in entrepreneurial pitches, an experiment was conducted where humor, argument quality and investor regulatory focus were manipulated either before or during a video-recorded entrepreneurial pitch to predict individuals' perceptions of the pitch and their likelihood of investing in the venture. The data consisted of responses by 186 undergraduate students at a large Midwestern university. The results suggested that humor and argument quality interact to influence pitch perceptions and investment likelihood such that humorous content is appreciated when the arguments are strong (i.e., more positive perceptions and higher investment likelihood), whereas the pitches with humor are penalized when the arguments are weak. The results also suggested that this effect was only observed among individuals who were prompted to be promotion-focused during the pitch (i.e., to be open-minded about the pitch and to consider factors beyond economic interests), and not among those who were prevention-focused (i.e., those who were prompted to focus on the venture's risks). The results indicate that although humor might indeed have an impact on investor perceptions, the question of whether entrepreneurs should use humor is more nuanced than the simple “humor is good” conventional wisdom.Includes biblographical reference