Equity and Reward Crowdfunding: A Multiple Signal Analysis

This paper aims to analyse the success signals of initiatives through equity and reward crowdfunding, the two typologies most used by start-ups and SMEs. This article discusses and compares these two models, highlighting the main differences and similarities, by analyzing the factors that influence the success of initiatives through crowdfunding, measured both in terms of amount of funding raised and number of investors that funded the initiatives. The focus is on three sets of signals, venture quality (human capital, information about the establishment and the status of the initiatives), the level of information the company provides to reduce the degree of uncertainty and campaign quality. Using two distinct datasets, one of 235 equity-model initiatives and one of 274 reward-model initiatives, in both cases analyzing projects that have reached (or exceeded) the funding goal, it turns out that venture quality affects in both types, though distinctly, in particular in the reward model play an important role the awards, in addition to the rounds and the tutors (the latter two also present in the equity model), which constitute the status information of the company, while the information about the establishment and the human capital affects only the equity model. Equally for the equity model affects the level of information to reduce uncertainty, while campaign quality in both types seems to have a very slight impact

How to Engage the Crowds to Create Value? Evidence from the Pathfinder Arena Case

Reward-based crowdfunding has emerged in recent years as an interesting channel business that can leverage to obtain new financial resources outside the traditional ones. In this study, we explore how the creators of a reward-based crowdfunding campaign have engaged the crowd to create value and co-create knowledge to reduce both financial and market risks. Accordingly, we analyze the case study of the Kickstarter Campaign for Pathfinder Arena, a board game created by Giochi Uniti, an Italian Gaming Company. Through the lens of the social identity theory, we show that backers can generate the feedback processes needed to improve the product, when they want to belong in a community and when they want to interact with the creators. This research could have important implications for both researchers and future creators of reward-based crowdfunding projects, showing them the way to implement some instrument for involving the crowd to generate value

Perspectives of the App Economy: Tenets of the Innovative Phenomenon

The paper aims to explore the App Economy drawing on a configurational multiple-theory perspective (Meyer, Tsui & Hinings 1993; Miller, 1996), using the lens of Transaction Costs Theory, Regulation, Disruptive Innovation Theory and Systemic Approach. These theories are examined in the form of tenets. The choice of these theories as dimensions of our model is the output of two different activities. The first regards an ex-ante analysis of the previous studies in this field in order to find less investigated perspectives and find a connection between the topic of the App Economy and the main management theories; the second refers to a debate with some strategic management scholars in order to identify and choice the main theories for this research. This paper contributes to the existing literature by proposing an original interpretation of the App Economy and it tries to add new knowledge in this emerging research field by adding new tenets. The results of study are the formulation of eight different tenets: two for Transaction Costs Theory, one for Regulation, three for Disruptive Innovation Theory and two for Systemic Approach. These results have confirmed the linked between chosen theories and the new research field of the App Economy. In any case, this paper is a preliminary study to develop a theoretically grounded approach to understanding the emergence of the App Economy and how manage the changes that it brings into the markets. This study has implications for several stakeholders (such as managers, enterprises, institutions, Authorities, app developers, operators, platform managers and other organizations that work in this field), and for several industries being impacted by developments induced by this innovative sharing econom

Preliminary Analysis of a Lightweight and Deployable Soft Robot for Space Applications

The rising interest in soft robotics, combined to the increasing applications in the space industry, leads to the development of novel lightweight and deployable robotic systems, that could be easily contained in a relatively small package to be deployed when required. The main challenges for soft robotic systems are the low force exertion and the control complexity. In this manuscript, a soft manipulator concept, having inflatable links, is introduced to face these issues. A prototype of the inflatable link is manufactured and statically characterized using a pseudo-rigid body model on varying inflation pressure. Moreover, the full robot model and algorithms for the load and pose estimation are presented. Finally, a control strategy, using inverse kinematics and an elastostatic approach, is developed. Experimental results provide input data for the control algorithm, and its validity domain is discussed on the basis of a simulation model. This preliminary analysis puts the basis of future advancements in building the robot prototype and developing dynamic models and robust control

A Practical and Effective Layout for a Safe Human-Robot Collaborative Assembly Task

This work describes a layout to carry out a demonstrative assembly task, during which a collaborative robot performs pick-and-place tasks to supply an operator the parts that he/she has to assemble. In this scenario, the robot and operator share the workspace and a real time collision avoidance algorithm is implemented to modify the planned trajectories of the robot avoiding any collision with the human worker. The movements of the operator are tracked by two Microsoft Kinect v2 sensors to overcome problems related with occlusions and poor perception of a single camera. The data obtained by the two Kinect sensors are combined and then given as input to the collision avoidance algorithm. The experimental results show the effectiveness of the collision avoidance algorithm and the significant gain in terms of task times that the highest level of human-robot collaboration can bring

A deployable and inflatable robotic arm concept for aerospace applications

The interest in soft systems for space missions represents a growing trend in recent years. The development of inflatable robots, combined with the improvement of deployment mechanisms, allows to build novel lightweight and deployable robotic manipulators. In several space applications, the use of soft robots could minimize bulk and mass, reducing space mission costs. The main challenges in soft robotics are the control of the system and the exertion of high forces. In this manuscript, the concept of an inflatable manipulator with two inflatable links and three degrees of freedom is proposed. After a review about the possible materials to be used for the inflatable parts, the robot mechanical structure, the deploying strategy and the pneumatic line are presented. Then, an elastostatic approach is proposed to model the robot with the aim of developing its control. The last section shows preliminary experimental tests performed on the link prototype with the purpose to evaluate a static characterization in relation to the supplied pressure. Results suggest the validity of the adopted approach to model the system and clarify the pressure influence about the system performances. The study puts the basis for the development of the first prototype of the robotic system

Exploring entrepreneurial characteristics, motivations and behaviours in equity crowdfunding: some evidence from Italy

urpose: This study explores entrepreneurial decision-making in the equity crowdfunding (ECF) context, and it aims to shed some light on the relationship among three aspects: entrepreneurial characteristics (i.e. entrepreneurial alertness and entrepreneurial self-efficacy), entrepreneurial motivations (i.e. promotion, improvement of networking and acquisition of product and market knowledge) and entrepreneurial behaviours (i.e. campaign characteristics in terms of communication and offerings). Design/methodology/approach: The hypotheses testing and analysis were conducted using the partial least squares approach to structural equation modelling, and data were collected from the overall population of Italian ECF platforms. Findings: Our results highlight that entrepreneurial characteristics may be central in ECF because of their significant impact on some motivation entrepreneurs have to adopt ECF, which in turn have an impact on meaningful campaign characteristics that can influence ECF performance. Originality/value: The current literature is mainly focused on investors' decisions, while a neglected perspective until now has been that of entrepreneurs. This study is among the first to focus on entrepreneurs in the ECF context, and, to the best of our knowledge, it is the first study to investigate the entrepreneurial decision-making process. The added value of this research lies in the analysis of the entrepreneurial aspects underlying entrepreneurial decisions to use ECF. © 2020, Emerald Publishing Limited