Value proposition as a framework for value co-creation in crowd-funding ecosystem

The present paper suggests that crowd-funding in the arts and cultural sector occurs within a complex service ecosystem, where six categories of value propositions frame eight value co-creation processes, namely through ideation, evaluation, design, testing, launch, financing and authorship. Managerial contributions include the development of a crowd-funding service ecosystem model for arts managers, which offers not only a method of financing or economic value, but which also offers opportunities for strengthening bonds with customers and other stakeholders. Our paper is innovative in that we integrate value propositions categories with the micro – meso and macro contexts and analyse the different kind of co-creation are framed in the crowdfunding contextUniversidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Analysis of Emerging Reputation and Funding Mechanisms in the Context of Open Science 2.0

This report covers the outcomes of two studies funded by JRC IPTS to explore emerging drivers for Open Science 2.0. In general, Open Science 2.0 is associated with themes such as open access to scientific outputs, open data, citizen science and open peer evaluation systems. This study, however, focused on less explored themes, namely on alternative funding mechanisms for scientific research and on emerging reputation mechanisms for scholars resulting from Web 2.0 platforms and applications. It has been demonstrated that both are providing significant new opportunities for researchers to disseminate, share, explore and collaborate with other researchers, but it remains to be seen whether they will be able to bring about more disruptive change in how science and research systems function in the future. They could well do so, especially if related changes being considered by the European Commission on ‘Science 2.0: Science in Transition’ are taken into account.JRC.J.3-Information Societ

An Annotated Bibliography of Recent Literature on Current Developments in Philanthropy

As philanthropic organizations play an increasingly important role in societies around the world, the research on philanthropy – from giving and volunteering practices to regulatory frameworks to digital innovations – has also evolved in recent decades. It is important to develop a thorough overview of the relevant scientific discourses and literature on current developments in philanthropy. This will allow researchers and practitioners to enhance the understanding of philanthropy and to improve its practice worldwide. This report provides new insights on current developments and important changes in the global philanthropic landscape, including trends in global philanthropy and its interaction with other sectors of society

Competition in financial services

In the financial services sector, the failure of a single institution can have a compounding effect on the sector, and on national and global economies. In particular, there is systemic risk from inter-institution lending, and this effect is more complex in Australia due to the small number of major players. In retail banking in Australia, following a similar practice in most developed countries, if an unsecured creditor is a retail depositor, their deposit is insured by the government. That is, if a retail bank fails, the Federal Government will make the depositors whole. The regulatory system, particularly the prudential regulatory system, is designed to protect depositors’ and borrowers’ interests, and this protects the interest of the government. The effect is that regulatory policy on banking has prioritised stability in consideration of the sovereign risk associated with the risk of retail bank failure. However, this approach also creates a policy dilemma. The dilemma concerns the extent to which the retail banking sector can attain the benefits of the vigorous rivalry from effective and efficient competition, without unduly risking stability and the potential of a devastating call on the public purse. Specifically, in the context of effective and efficient competition, there is limited competitiveness in retail banking in Australia. This is reflected in the static state of market share between the four major banks, and very slow and marginal improvements gains even by strong second tier competitors. Furthermore, the retail banking sector’s capacity for product and service innovation is limited. Although the absence of vigorous rivalry is conducive to stability within the retail banking sector, it is likely to detract from the welfare of retail banking consumers. Furthermore, the level of innovation may not be as high as is feasible and barriers, including prudential regulatory barriers to entry or expansion, mean that the extent of rivalry is unlikely to change without some form of promotion of competition. The paper consequently makes a four-point recommendation for the removal of the ‘four pillars’ policy:  The four major banks are protected by an implicit government guarantee that impacts market operation with little observable benefit to consumers, and may be a source of consumer disutility.  The four pillars policy has prompted increased vertical integration within the sector, particularly in the area of mortgage products.  There are sufficient merger protections provided by Part IV of the Competition and Consumer Act 2010 (Cth).  Competition and contestability arise when there are reasonably low barriers to entry and exit from the sector. It is not clear that low barriers to entry exist in Australia, and evidence to support this view comes from the failure of international banks to gain a significant toehold in the retail banking sector in Australia. One deterrent to entry is the regulatory focus on the four pillars. The authors recognise that this position is at odds with the view of the Financial System Inquiry. However, the rationale in the report of the Inquiry was to prevent mergers, and the current competition law achieves this objective. The paper recommends two specific policies to promote competition in retail banking without the structural intervention that would otherwise be required to improve the intensity of competition in the retail banking sector:  Introduce bank account number portability. This would use ‘know your customer’ and central database systems in a similar form to those that have been used for mobile number portability in Australia for the last decade and a half.  Introduce customer access to data held by banks to allow third parties to compare bank offerings across all banks.  Significantly, these two recommendations are consistent with the productivity proposals issued by the UK Government in July 2015. The research paper also examines crowd equity funding as a disruptive force in the banking sector, and recommends that crowd equity funding be permitted with the following safeguards:  ASIC should take an active role in monitoring crowd equity funding and be willing to sue in case of fraudulent action.  Any intermediary online platform should have a financial services licence with limited duty of care.  There should be a cap for business raisings through crowd equity funding of $2 million in a 12-month period.  Crowd equity funding is a social phenomenon. Through its use of social media, it has attracted people who have previously never been interested in investing in companies. Instead of being feared, this interest should be nurtured through the promotion of investors’ financial education

Open Access eXchange (OAeX): an economic model and platform for fundraising open scholarship services

This article describes the Open Access eXchange (OAeX) project, a pragmatic and comprehensive economic model and fundraising platform for open scholarship initiatives. OAeX connects bidders with funders at scale and right across the open scholarship spectrum through crowdfunding: financial expenditure is regulated by a market of freely competing providers and financial transactions and transparency are assured by a clearing-house entity. Specifically, OAeX seeks to facilitate open access publishing without the barrier of article processing charges (APCs), as well as contribute to solving challenges of transparency and economic sustainability in open scholarship projects in the broader sense

Civic Crowdfunding and Local Government: An Examination into Projects, Scope, and Implications for Local Government

Recently, through the development of online technology, civic crowdfunding has emerged as a way in which to connect citizens to community problems and projects. The growth and early success of the field underscores the importance of better understanding civic crowdfunding, how it works, and how it may impact local government. Through a mixed-methods design, this study investigates the growing field of civic crowdfunding in an effort to better understand what types of projects are proposed, where they are proposed, and why some civic crowdfunding proposals may be successful while others are not. Strengths and challenges of civic crowdfunding are discussed, as well as implications for participants, local government, and the growth of the field. The results highlight several different types of projects being proposed on civic crowdfunding platforms with the most prevalent being sustainability projects. These projects are generally low in cost, non-controversial, and visible within the proposing community. The results further reveal money and engagement to be the most important factors in determining project success. The lower the project goal, the more money raised, and the more individuals participating in a given campaign all have significant impacts on whether a project proposal achieves its funding goal. Finally, implications are discussed and ideas for future research are offered

Fostering Innovation and Entrepreneurship: Shark Tank Shouldn\u27t be the Model

For the past half century, innovation has driven the economic growth that has made the American economy the envy of the world. For most of this period, venture capitalists provided not only the capital that new innovative companies needed, but also the management expertise

Social Entrepreneurship and Impact Investing Report

This report investigates the viability of a range of portfolio interventions designed to leverage new sources of investment finance and to support the growth and investability of new businesses in the Indo-Pacific region, with a particular focus on the development of social enterprises. While some of these interventions are relatively new within the aid sector, others are designed to take a fresh perspective on an existing activity. The report sets out the findings for each of the interventions and while interventions were wide ranging, they all form key components of an entrepreneur’s journey and their ultimate participation in an impact investing marketplace. The study focused on the development of new businesses in the region and considers how early stage enterprises could be funded; how entrepreneurs (and particularly social entrepreneurs) could be incubated and supported to develop their business skills; how new financing structures could be deployed by government to attract more private investment into the sector; and the role of platforms in connecting enterprises and sources of capital in brokering deals

CELEBRITY ENDORSEMENTS IN CROWDFUNDING MANAGEMENT CASE STUDY: YAYASAN KITABISA (Kitabisa.com)

Indonesia merupakan salah satu negara yang cukup dikenal dengan kepadatan penduduknyadan jumlahnya dapat terus bertambah. Pertumbuhan penduduk yang terus meningkat, akanmemunculkan berbagai peluang berupa sumber daya manusia yang bertambah, di satu sisiterdapat tantangan yang harus dihadapi yaitu ketersediaan lapangan kerja dan permasalahansosial. Sebuah program usaha digalakan dengan pencapaian tujuan sosial atau yang lebihdikenal dengan istilah social entrepreneurship. Salah satu bentuk dari socialentrepreneurship adalah online crowdfunding yang merupakan kegiatan penggalangan danasecara daring yang melibatkan masyarakat luas untuk memberikan bantuan dana bagi pihakyang akan membangun unit usaha atau menjalankan proyek tertentu dimana para backers/donator akan memperoleh reward sebagai bentuk imbalan sesuai dengan ketentuan yangberlaku. Meskipun platform crowdfunding memiliki potensi dan peluang yang cukup besar diIndonesia, terdapat tantangan seperti target donasi yang tidak tercapai karena gagalmembangun kepercayaan dari backers. Berkolaborasi dengan pihak-pihak terkemuka sepertiselebriti sebagai juru bicara dalam usaha untuk mengkampanyekan proyek menjadistrateginya. Studi dilakukan pada online crowdfunding di Indonesia, Yayasan Kitabisa(Kitabisa.com) yang sering melakukan penggalangan dana berbentuk donasi danmenggunakan selebriti sebagai endorser dari projects. Tujuan dari penelitian ini adalah untukmembandingkan peran dari selebriti dan bukan selebriti berdasarkan dari hasil donasi yangterkumpul dalam kurun waktu tertentu. Hasil penelitian kecil ini dapat memberikan informasimengenai efektifitas penggunaan selebriti sebagai endorser dalam penggalangan dana sosialdi platform crowdfunding Kitabisa.com