The crowdfunding business model in Poland and sustainable development – value transfer

Cel – Celem badań jest wykazanie transferu wartości w modelu biznesowym przedsiębiorstw korzystających z crowdfundingu w Polsce w oparciu o ideę zrównoważonego rozwoju w prowadzeniu biznesu. Metoda badań – Przeprowadzono badanie ankietowe na grupie 121 przedsiębiorstw korzystających z crowdfundingu. Badanie to zostało przeprowadzone w oparciu o wartości Nortona i Kaplana. Wyniki badań ankietowych pozwoliły na opracowanie modelu przepływu wartości zgodnie z koncepcją E3 oraz ideą zrównoważonego rozwoju w prowadzeniu biznesu. Wnioski – Przeprowadzone analizy wykazały, że najważniejszą perspektywą wartości crowdfundingu jest perspektywa finansowa i procesowa, zaś biorąc pod uwagę model crowdfundingu w powiązaniu z koncepcją zrównoważonego rozwoju, najważniejsze są wymiary: ekonomiczny i społeczny. Oryginalność / wartość / implikacje / rekomendacje – Wartością dodaną badań jest poznanie modelu biznesowego crowdfundingu i tworzenie wartości w CF dla firmy stosującej model E3 z uwzględnieniem wartości ekonomicznych, społecznych i środowiskowych. Stworzono ponadto nowy model w oparciu o wyniki ankietowe, co wpisuje się w dyskurs naukowy i wypełnia lukę badawczą w tym obszarze. Ponadto model ten pozwala na analizę zarówno wartości oferowanej, jak i wartości uchwyconej – nie tylko dla firm, ale też każdego uczestnika zgodnie w ideą zrównoważonego rozwoju.Purpose – The purpose of the research was to present the transfer of value in the business model of companies using crowdfunding in Poland based on the idea of sustainability in doing business. Research method – A survey was conducted on a group of 121 enterprises using crowdfunding. It used the Norton-Kaplan value map and the value flow model in accordance with the E3 concept and the idea of sustainable development Results – The conducted analyses have shown that the most important perspective of the value of crowdfunding is the financial and procedural perspective, while taking into account the crowdfunding model in conjunction with the concept of sustainable development, the most important are the economic and social dimensions. Originality / value / implications / recommendations – The added value of research is learning about the crowdfunding business model and creating value in CF for a company using the E3 model, taking into account economic, social and environmental values. Moreover, a new model was created based on the survey results, which is in line with the scientific discourse and thus bridges the research gap in this area. In addition, this model allows for the analysis of both the value offered and the value captured, not only for companies, but for each participant in accordance with the idea of sustainable development.Badanie zostało sfinansowane z grantu NCN nr umowy 2017/25/B/HS4/02225.Aneta Ewa Waszkiewicz: [email protected] Kukurba: [email protected] Salwin: [email protected] Wójcik: [email protected] Ewa Waszkiewicz - Szkoła Główna Handlowa w WarszawieMaria Kukurba - Politechnika WarszawskaMariusz Salwin - Politechnika WarszawskaCezary Wójcik - Szkoła Główna Handlowa w WarszawieAdvances in Crowdfunding: Research and Practice, 2020, Shneor R., Zhao L., Flåten B.T. 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Population- and individual-specific regulatory variation in Sardinia

Genetic studies of complex traits have mainly identified associations with noncoding variants. To further determine the contribution of regulatory variation, we combined whole-genome and transcriptome data for 624 individuals from Sardinia to identify common and rare variants that influence gene expression and splicing. We identified 21,183 expression quantitative trait loci (eQTLs) and 6,768 splicing quantitative trait loci (sQTLs), including 619 new QTLs. We identified high-frequency QTLs and found evidence of selection near genes involved in malarial resistance and increased multiple sclerosis risk, reflecting the epidemiological history of Sardinia. Using family relationships, we identified 809 segregating expression outliers (median z score of 2.97), averaging 13.3 genes per individual. Outlier genes were enriched for proximal rare variants, providing a new approach to study large-effect regulatory variants and their relevance to traits. Our results provide insight into the effects of regulatory variants and their relationship to population history and individual genetic risk.M.P. is supported by the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement 633964 (ImmunoAgeing). Z.Z. is supported by the National Science Foundation (NSF) GRFP (DGE- 114747) and by the Stanford Center for Computational, Evolutionary, and Human Genomics (CEHG). Z.Z., J.R.D., and G.T.H. also acknowledge support from the Stanford Genome Training Program (SGTP; NIH/NHGRI T32HG000044). J.R.D. is supported by the Stanford Graduate Fellowship. K.R.K. is supported by Department of Defense, Air Force Office of Scientific Research, National Defense Science and Engineering Graduate (NDSEQ) Fellowship 32 CFR 168a. S.J.S. is supported by the NIHR Cambridge Biomedical Research Centre. The SardiNIA project is supported in part by the intramural program of the National Institute on Aging through contract HHSN271201100005C to the Consiglio Nazionale delle Ricerche of Italy. The RNA sequencing was supported by the PB05 InterOmics MIUR Flagship grant; by the FaReBio2011 “Farmaci e Reti Biotecnologiche di Qualità” grant; and by Sardinian Autonomous Region (L.R. no. 7/2009) grant cRP3-154 to F. Cucca, who is also supported by the Italian Foundation for Multiple Sclerosis (FISM 2015/R/09) and by the Fondazione di Sardegna (ex Fondazione Banco di Sardegna, Prot. U1301.2015/AI.1157.BE Prat. 2015-1651). S.B.M. is supported by the US National Institutes of Health through R01HG008150, R01MH101814, U01HG007436, and U01HG009080. All of the authors would like to thank the CRS4 and the SCGPM for the computational infrastructure supporting this project

Walutowe i procentowe transakcje zamiany - podstawy mechanizmu działania

 This article describes the derivatives OTC market in Poland. The reports of the National Bank of Poland and literature review form the base for the analysis. The main objectives are to identify principal derivatives of the Polish OTC market after 2004 and explain the purpose of swap contracts. The principle conclusion of the article states that after 2004 Polish OTC market was still developing and that main financial instruments traded on this market are currency swaps, IRS and CIRS

Crowdfunding a modele systemu finansowego

The subject of the analysis is the relationship between the development of crowdfunding and the model and development of the financial system. The research goal is an attempt to answer the question: does the dynamic development of crowdfunding as a radical financial innovation result from the model of the financial system and its structure, or the level of its innovation and digitization, or do these factors not play a significant role. Literature analysis, statistical and descriptive analysis and ranking method were used as the research method. Based on the results, it should be stated that there is no clear division of financial systems into a market or bank-based model among Western European countries, while financial systems are increasingly divided into those innovative and traditional. The development of the financial market, combined with a high level of innovation and digitization of the economy, favours the development of financial innovation in the form of crowdfunding.Przedmiotem analizy jest zależność między rozwojem crowdfundingu a modelem i rozwojem systemu finansowego. Cel badania stanowi próba odpowiedzi na pytanie, czy dynamiczny rozwój crowdfundingu, jako radyklanej innowacji finansowej, w wybranych krajach europejskich wynika z przyjętego modelu systemu finansowego i jego struktury, poziomu innowacyjności, czy też wskazane czynniki nie odgrywają istotnej roli, a crowdfunding należy analizować w perspektywie zmian społecznych. Jako metody badawcze zastosowano analizę literatury, analizę statystyczno-opisową oraz metodę rangowania. Na podstawie otrzymanych wyników należy stwierdzić, że nie ma wyraźnego podziału systemów finansowych na model rynkowy lub bankowy wśród krajów Europy Zachodniej, natomiast systemy finansowe dzielą się na te innowacyjne i tradycyjne. Rozwój rynku finansowego, połączony z wysokim poziomem innowacji i cyfryzacji gospodarki, sprzyja rozwojowi alternatywnych źródeł finansowania, jakim jest crowdfunding

Co-Created Values in Crowdfunding for Sustainable Development of Enterprises

Crowdfunding (CF) is considered to be an innovative source of funding, and research into its effects on CF participants is being conducted from many different angles. In our article, we propose a qualitative analysis of CF’s impact on creating added value for small and medium enterprises (SMEs). This paper is a conceptual study based on the theory of value co-creation, the Norton–Kaplan value model, and the concept of economic value added (EVA) to identify the areas (perspectives) of business activity where crowdfunding may stimulate the growth of company value. Based on the map of co-relations in crowdfunding that we have created, we propose a new model of crowdfunding value analysis from the entrepreneur’s point of view. Our research demonstrates that crowdfunding not only presents an alternative financing option, but also affects all perspectives relevant to value creation. As compared to the existing literature, this analysis is the most comprehensive take on the importance of crowdfunding for increasing the value of small and medium enterprises to date, thus offering a material contribution to the fuller understanding of crowdfunding from the financial standpoint, as well as pointing to the importance of crowdfunding as a financing method influencing sustainable decision-making by small and medium enterprises (SMEs). The added value of the study is the proposed method of analysing the impact of CF on the value of enterprises by using the Norton–Kaplan model and EVA

Startup Accelerators

Accelerators have been becoming increasingly popular among young entrepreneurs interested in developing products, attracting investors, or establishing relations with industry represented by large companies

Start-Up Accelerators and Their Impact on Sustainability: Literature Analysis and Case Studies from the Energy Sector

Start-up accelerators are units supporting entrepreneurs (substantively, financially, legally, and organizationally) in establishing and running young and innovative companies such as start-ups. The commencing energy crisis has led to the need for energy savings, as well as the need to change energy policies and implement energy transformation, creating a wide field for start-ups and start-up accelerators. Making full use of potentially innovative solutions developed by start-ups is, in turn, essential for energy giants and related accelerators in the market. This has created the need for specific research in this direction. Therefore, in this paper we review the literature for 2011–2021 with respect to the role of accelerators supporting start-ups. A survey based on the Scopus database resulted in the identification of 76 papers on accelerators. Particular attention was paid to aspects of sustainable development (economic, social, and environmental). The analysis indicated that 75 works dealt with the economic aspects, 35 focused on social aspects, and only 5 focused on environmental aspects. Due to the perceived gap related to the small number of works dealing with environmental aspects, a decision was made to analyse the energy sector and the methods of operation of accelerators in this sector. Three models found in the market that were used by energy companies to cooperate with start-ups were characterized, along with their goals, in an attempt to enable an improved understanding as to which acceleration model best fits a manager’s organization. The models were supported by case studies—a model of commercial cooperation between a corporation and an external accelerator, a model of creating a corporate accelerator within an internal structure, and a hybrid model

The landscape of genomic imprinting across diverse adult human tissues

Genomic imprinting is an important regulatory mechanism that silences one of the parental copies of a gene. To systematically characterize this phenomenon, we analyze tissue specificity of imprinting from allelic expression data in 1582 primary tissue samples from 178 individuals from the Genotype-Tissue Expression (GTEx) project. We characterize imprinting in 42 genes, including both novel and previously identified genes. Tissue specificity of imprinting is widespread, and gender-specific effects are revealed in a small number of genes in muscle with stronger imprinting in males. IGF2 shows maternal expression in the brain instead of the canonical paternal expression elsewhere. Imprinting appears to have only a subtle impact on tissue-specific expression levels, with genes lacking a systematic expression difference between tissues with imprinted and biallelic expression. In summary, our systematic characterization of imprinting in adult tissues highlights variation in imprinting between genes, individuals, and tissues