دانلود رایگان مقاله انگلیسی جمعیت به معنای کسب و کار - تحلیل سرمایه گذاری جمعی مبتنی بر پاداش به عنوان منبع مالی برای استارت آپ ها - امرالد 2017

Abstract

Purpose – The purpose of this paper is to investigate the extent to which rewards-based crowdfunding really does provide financial support for start-ups and small businesses relative to other types of activity such as creative and cultural projects. Design/methodology/approach – The paper reports findings from a series of multiple regression on a unique data set covering around 205,000 rewards-based crowdfunding projects across a number of leading platforms in the USA, the UK and Canada. Findings – The authors report two main findings. First, rewards-based crowdfunding is highly inequitably distributed and that success is concentrated within a relatively small number of platforms and campaigns. Second, crowdfunding campaigns explicitly related to business perform relatively poorly compared with those in other categories; particularly those in creative areas such as music and dance. Originality/value – These findings call into question the extent to which rewards-based crowdfunding really is a means by which significant numbers of start-ups can bridge gaps in the provision of finance.

6. Discussion

Managerial and practical implications

The findings outlined in the previous section suggest that reward-based crowdfunding campaigns in the “Business” category meet with little success compared to other types of campaign, most notably those relating to creative fields such as “Music” and “Dance”. Specifically, we show that only 4-5 per cent of business-related reward-based crowdfunding campaigns successfully achieve their funding goals. Indeed, this proportion is broadly comparable to the 3 per cent of entrepreneurs that successfully acquire funding via angel investors (Pope, 2011). In addition to the relatively low rates of success compared to campaigns in other categories, the monetary amounts raised are also comparatively low compared to other funding sources traditionally used by small businesses. The average of $10,000 raised by successful projects is significantly lower than the average sums obtained by entrepreneurs from their own capital ($100,000), family and friends ($250,000) and angel investors ($500,000) (Cumming and Johan, 2009, pp. 8-9).