APAKAH ISI PROSPEKTUS MENENTUKAN KEBERHASILAN EQUITY CROWDFUNDING (ECF)?

Penelitian ini bertujuan untuk menganalisis apakah isi prospektus berkaitan dengan keberhasilan online equity crowdfunding (ECF) di Indonesia. Peneliti menggunakan sampel pada platform 62 bisnis atau penerbit yang listing di platform Santara di tahun 2021. Teknik analisis yang digunakan di dalam penelitian ini adalah regresi berganda. Hasil pengujian menunjukkan bahwa deskripsi bisnis memiliki efek positif pada keberhasilan ECF, sedangkan jumlah gambar dalam prospektus memiliki efek negatif. Di sisi yang lain, penggunaan uang, status proyek, dan deskripsi risiko bisnis tidak berpengaruh pada keberhasilan ECF. Hasil penelitian ini menjadi rekomendasi bagi perusahaan yang ingin menampilkan profilnya di platform ECF untuk meningkatkan kualitas prospektusnya, terutama dalam deskripsi perusahaan di prospektus. Perusahaan juga harus berhati-hati dalam penggunaan gambar yang terlalu banyak di prospektus, karena hal tersebut dapat membuat hilangnya fokus calon investor saat membaca prospektus

Successful Features of Crowdfunding Campaigns: An Analysis of Requests for Coronavirus Food Relief

Crowdfunding is an emerging industry in the past decades, which proliferates and has attracted an enormous population from the public to be involved in various funding projects in multiple fields such as business entrepreneurship, healthcare, and fintech. Meanwhile, charitable crowdfunding platforms such as GoFundMe, Indiegogo, and Kickstarter have allowed internet users to provide help and donation to the fundraisers directly. As the year 2020 is surrounded by the COVID-19 global pandemic spreading out the world, the topic of coronavirus relief has surged. Thus, it is worthy of evaluating the crowdfunding campaign\u27s effectiveness during the coronavirus context by making a connection between fundraising activities and coronavirus relief. This paper aims to investigate the effects of various factors affecting a donation-based crowdfunding campaign for coronavirus relief of food donation in the United States and determine the significant factors affecting the campaign\u27s success rate. To achieve this research purpose, secondary data were extensively collected from the crowdfunding platform GoFundMe for regression analysis. The sample data was derived from crowdfunding campaigns launched from March 1st, 2020, to May 31st, 2020. During this period, the United States was severely affected by the COVID-19 pandemic with an exponentially surged number of confirmed cases. This paper derives the independent variables that have been examined from previous studies and further applies in the coronavirus context to identify whether these factors are significant influencers to the success of crowdfunding campaigns for coronavirus relief of food donation. The factors being examined include target funding amount, the existence of spelling mistakes, the presence of pictures, video, social network sites, project updates, comments between fundraisers and backers, and links to external websites. That the significant factors contributing to a successful funding project are similar, as identified in previous reward-based and equity crowdfunding studies. On the other hand, several independent variables\u27 effectiveness varied between the normal scenario and the coronavirus context, as such variables demonstrate a much compelling role to attract donors for the coronavirus relief activations. The analysis is valuable and worthy of different viewpoints. First, understanding the donor\u27s motivation and the success features of funding projects is valuable for fundraisers to have a strategic mindset for decision-making criteria when initiating funding projects to attract more donors and the amount of money. Second, because of the lack of literature focusing on examining the success features for donation-based crowdfunding campaigns, this study fills the gap and further focus on the crowdfunding activations in the context of coronavirus food relief in the US. Therefore, this study provides significant insight to understand the dynamics of the donation-based crowdfunding campaign and provides a recommendation to develop coronavirus relief more efficiently

The Content Influence Mechanism of the Behavior of Poverty Alleviation Crowdfunding Users: An Empirical Study of A Chinese Crowdfunding Platform

Poverty alleviation crowdfunding is an E-commerce + Agriculture + Crowdfunding innovative mode, which promotes the targeted poverty alleviation and rural economic development in China. Previous researches mainly focus on non-content elements (e.g., the number of comments and praise) while publications are rarely related to content elements. We suggest that content elements (e.g., text of products) also have an important role in helping users to make different decisions (i.e., purchasing or donating). We select antipoverty programs in JD as a sample and adopt the linear regression model to analyze the influence of text type on the behavior of crowdfunding users. Specifically, the experimental results indicate that the emotion text (ET) make users tend to donate while the product text (PT) make users tend to purchase. This study will help project sponsors to achieve better effects on poverty alleviation by adjusting the ratio of ET to PT

An Eye-Tracking Experiment of Investors’ Visual Attention and Investment Intention Toward Crowdfunding Platforms

Numerous crowdfunding platforms are available on the Web. Such platforms provide access for both profit-making and non-profit organizations. It is worth exploring how to attract investor attention related to viewing fundraising proposals and to assess investment intention on such platforms. The purpose of this study is to explore which one or more elements contained in fundraising proposals presented on the platforms under consideration significantly affect investment intention. In this study, three observable elements were selected based on the development of a business model, where an eye-tracking method was used to capture investors’ visual attention. Six experimental scenarios were developed, and a total of 48 participants were invited to participate. Finally, it was found that the value proposition element obtained the most visual attention, and the key activities element had a significant impact on the participants’ investment intention, especially when the proposal provided adequate details related to the appropriation of funds

Новые инструменты финансирования малого и среднего предпринимательства в России: краудинвестинг

Access to financing is a fundamental factor determining growth opportunities for small and medium enterprises. Along with the state forms of support for the subjects of this business segment, as well as traditional banking products, private investment mechanisms are being developed through the establishment and extension of crowdinvesting platforms. They imply involving funds of population as the most important market agent. The aim of the article is to reveal the key importance of the institutional development of the crowdfunding and crowdinvesting market as a modern tool for supporting small and medium enterprises, reproduction of people’s personal savings and incomes of professional investors. The following scientific methods and approaches were used in the study: observation, comparison, analogies, analysis, synthesis, method of expert assessments, system and structured approach. The authors’ definition of crowdinvesting is given. Three fundamental features of crowdinvesting are defined: collective microfinancing of a project from an alternative set of startups, an intermediate agent in the form of a remote platform, financial retribution. To prove the development of the world and domestic crowdinvesting market, its condition and the performance indicators of well-known crowdinvesting companies are characterized in dynamics. The authors revealed the key advantages of crowdinvesting, factors stimulating of its volume growth in Russia, as well as risks, mainly associated with insufficient regulation of the new and fast-growing institutional mechanism of crowdinvesting. The important perspective of crowdinvesting as an instrument of project financing in Russia is highlighted on the example of specific scopes for investment, multifunctional services of Russian platforms, expanding pool of investors, new financial and technological methods of exchange and support. The study allowed identifying a number of key areas for crowdinvesting development in Russia. The work mainstreams: building an effective regulation system for crowdinvesting platforms, including through developing self-regulation tools, a co-financing program for crowdinvesting projects from development institutions, the work of the regulatory sandbox, legislative consolidation and support for implementing new types of information and economic interaction on crowdinvesting platforms (not only B 2B, P2B, but also G2B, B 2G).Доступ к финансированию — фундаментальный фактор, определяющий возможности роста малого и среднего предпринимательства. Наряду с государственными формами поддержки субъектов данного сегмента бизнеса, а также традиционными банковскими продуктами развиваются механизмы частных инвестиций посредством становления и распространения платформ краудинвестинга. Они предполагают вовлечение средств населения как важнейшего рыночного агента. Цель работы — раскрыть ключевое значение институционального развития рынка краудфинансов и краудинвестинга как современного инструмента поддержки малого и среднего предпринимательства, воспроизводства сбережений населения и доходов профессиональных инвесторов. В исследовании использовались следующие научные методы и подходы: наблюдение, сравнение, аналогии, анализ, обобщение, метод экспертных оценок, системно-структурный подход. Дано авторское определение краудинвестинга. Определены три его основополагающие черты: коллективное микрофинансирование объекта из альтернативного набора стартапов, наличие промежуточного агента в виде удаленной платформы, финансовая возмездность. В доказательство становления мирового и отечественного рынка краудинвестинга охарактеризованы в динамике его состояние, показатели деятельности известных краудинвестинговых компаний. Выявлены ключевые преимущества краудинвестинга, факторы, стимулирующие рост его объемов в России, а также риски, главным образом связанные с недостаточным регулированием нового и быстроразвивающегося институционального механизма краудинвестинга. На примере конкретных сфер приложения капитала, мультифункциональности сервисов российских платформ, расширения круга инвесторов, вовлечения новых финансовых и технологических методов обмена и поддержки обозначена перспективная роль краудинвестинга как инструмента проектного финансирования в России. Предложенное исследование позволило обозначить ряд значимых направлений развития краудинвестинга в России. В работе актуализированы: выстраивание эффективной системы регулирования деятельности краудплатформ, в том числе через развитие инструментов саморегулирования, программы софинансирования краудпроектов со стороны институтов развития, работу регуляторной «песочницы», законодательное закрепление и поддержку реализации новых видов информационного и экономического взаимодействия на краудплатформах (не только в формате B 2B, P2B, но и G2B, B 2G)

Exploring the Nudging and Counter-Nudging Effects of Campaign Updates in Crowdfunding

Crowdfunding has emerged as a vital financing avenue for entrepreneurs to realize their ventures. With limited information availability, crowd-funders may choose to first follow the progress of interested crowdfunding campaigns, such as monitoring project updates to acquire more information for justifying investment decision, before making pledges. Although campaign updates have been touted to be a salient driver of fundraising success, the underlying mechanism for this relationship remains unclear. Subscribing to nudge theory, we strive to shed light on how update strategies, such as frequency and message length, can serve as nudges to convert project followers to actual funders. Specifically, we posit a dual-role of campaign updates whereby an over-zealous update strategy may induce a counter-nudging effect that deters prospective funders, what we labelled as ‘over-nudging’. This study advances a model to account for both the nudging and counter-nudging effects of campaign updates in crowdfunding, which could yield insights for fundraisers to optimize their update strategy and in turn, get their business off the ground

The Role of Investment-Based Islamic Crowdfunding for Halal MSMEs: Evidence from Indonesia

Investment-based crowdfunding can be used as an alternative financing tool for Micro, Small and Medium Enterprises in Indonesia. Since the population in Indonesia is dominated by Muslim, Islamic financial technology companies that provide crowdfunding services are continue to emerge and develop. The development of these services also encourages the progress of the halal industry because both have integrated relationships. However, not all funding campaigns for crowdfunding services are successful. This study aims to analyze the development of Islamic crowdfunding business in Indonesia and factors affecting the success of funding campaigns in these services using multiple linear regression methods. Primary data obtained through interviews and literature review while secondary data is collected from 39 funding campaigns in 4 Islamic crowdfunding online services. It was found that the regulation of Islamic financial technology did not yet exist though in practice it was already widely found. On the other hand, crowdfunding models in Indonesia still need improvement in its scheme. By using a quantitative approach, it was found that funding target, campaign duration, payback periods and rate of return have a positive effect on campaign success, while a minimum amount of investment has a negative effect which means the minimum amount of investment available in the crowdfunding service is appropriate. After conducting research with a qualitative and quantitative approach, SWOT analysis was conducted at the end of the study to find out the challenges and opportunities for the halal industry in utilizing such Islamic crowdfunding service

Embrace Indonesia: a Collaborative Digital Platform Between Creative Industry Actors and Non-Governmental Organizations

Indonesia’s economic growth had shown a positive trend in the span of 2015-2020. On the other hand, Indonesia’s economic growth affected the inequality in a negative way. Ideally, the economic growth must be followed by social development actions. Researcher designed a digital platform which was formed as a combination of marketplace and crowdfunding model. This research aimed (1) to analyze consumer interests and problems in shopping and donating online (2) to formulate appropriate features and services to answer consumer interests and problems in shopping and donating online, (3) to develop verified business models and to design Embrace Indonesia prototypes according to consumer preferences. This research was conducted based on the stages of customer discovery in the customer development method to identify problems and generate business models to be a solution to the problem of shopping and donating online. The results of the research identifed 10 problems and their solutions in shopping and donating online by providing 6 features on the prototype, as well as a verified business model for Embrace Indonesia. The results of found that Embrace Indonesia's features as a digital platform can be a solution for customers in shopping and donating online. Keywords: inequality, digital platform, business model canvas, marketplace, crowdfundin

Understanding the Success of Sharing Economy Startups: A Necessary Condition Analysis

Sharing economy businesses such as Uber and AirBnB have disrupted the traditional business models and drawn considerable attention from researchers. While many sharing economy startups are found, a majority of them go unnoticed and fail to reach a critical mass for survival. Prior studies have mostly focused on consumer engagement as success factors for sharing economy businesses. Yet, there is a scarcity of research on success factors at the entry level of sharing economy businesses, namely, the fundraising rounds. This study uses a Necessary Condition Analysis (NCA) on 99 sharing economy startups to explore how human capital, innovativeness, and entrepreneurial footprint impact their fundraising success. Our findings show a large necessary effect for human capital and entrepreneurial footprint, and a medium effect for innovativeness on fundraising success. Additionally, firms only need a range of 30% to 40% level of three factors to achieve at least 40% level of fundraising success