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Advances in Crowdfunding Edited by Rotem Shneor Liang Zhao Bjørn-Tore Flåten Advances in Crowdfunding Research and Practice Advances in Crowdfunding Rotem Shneor • Liang Zhao Bjørn-Tore Flåten Editors Advances in Crowdfunding Research and Practice Editors Rotem Shneor Liang Zhao School of Business and Law School of Business and Law University of Agder University of Agder Kristiansand, Norway Kristiansand, Norway Bjørn-Tore Flåten School of Business and Law University of Agder Kristiansand, Norway ISBN 978-3-030-46308-3 ISBN 978-3-030-46309-0 (eBook) https://doi.org/10.1007/978-3-030-46309-0 © The Editor(s) (if applicable) and The Author(s) 2020. This book is an open access publication. Open Access This book is licensed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence and indicate if changes were made. The images or other third party material in this book are included in the book’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the book’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland In loving memory of Prof. Andreas Wyller Falkenberg, an inspirational friend, colleague, and mentor. Acknowledgements The authors are grateful for the support of the University of Agder’s Library grant for Open Access Publications, as well as the management of the University of Agder’s School of Business and Law for their unequivo- cal and generous support in making this book project a reality. vii Contents 1 Introduction: From Fundamentals to Advances in Crowdfunding Research and Practice 1 Rotem Shneor, Liang Zhao, and Bjørn-Tore Flåten Part I The Current State of Crowdfunding 19 2 Crowdfunding Models, Strategies, and Choices Between Them 21 Rotem Shneor 3 The Global Status of the Crowdfunding Industry 43 Tania Ziegler, Rotem Shneor, and Bryan Zheng Zhang 4 Lending Crowdfunding: Principles and Market Development 63 Tania Ziegler and Rotem Shneor ix x Contents 5 Equity Crowdfunding: Principles and Investor Behaviour 93 Anna Lukkarinen 6 Reward-Based Crowdfunding Research and Practice 119 Liang Zhao and Sunghan Ryu 7 Donation Crowdfunding: Principles and Donor Behaviour 145 Liang Zhao and Rotem Shneor 8 Ethical Considerations in Crowdfunding 161 Rotem Shneor and Stina Torjesen 9 Legal Institutions, Social Capital, and Financial Crowdfunding: A Multilevel Perspective 183 Wanxiang Cai, Friedemann Polzin, and Erik Stam Part II Crowdfunding in Historical Context 207 10 History of Crowdfunding in the Context of Ever-Changing Modern Financial Markets 209 Aki Kallio and Lasse Vuola 11 The FinTech Industry: Crowdfunding in Context 241 Paul Griffiths Part III Crowdfunding in Geographic Context 271 12 Crowdfunding in China: Turmoil of Global Leadership 273 Liang Zhao and Yuanqing Li Contents xi 13 Crowdfunding Prospects in New Emerging Markets: The Cases of India and Bangladesh 297 Krishnamurthy Suresh, Stine Øyna, and Ziaul Haque Munim 14 Crowdfunding in Africa: Opportunities and Challenges 319 Emmanuel James Chao, Priscilla Serwaah, Prince Baah-Peprah, and Rotem Shneor 15 Israeli Crowdfunding: A Reflection of Its Entrepreneurial Culture 341 Kalanit Efrat, Shaked Gilboa, and Daniel Berliner 16 Crowdfunding in Europe: Between Fragmentation and Harmonization 373 Karsten Wenzlaff, Ana Odorović, Tania Ziegler, and Rotem Shneor Part IV Crowdfunding in Sectoral Context 391 17 Crowdfunding Sustainability 393 Natalia Maehle, Pia Piroschka Otte, and Natalia Drozdova 18 Crowdfunding in the Cultural Industries 423 Anders Rykkja, Natalia Maehle, Ziaul Haque Munim, and Rotem Shneor 19 Civic Crowdfunding: Four Perspectives on the Definition of Civic Crowdfunding 441 Karsten Wenzlaff xii Contents Part V The Future of Crowdfunding 473 20 Crowdfunding Education: Objectives, Content, Pedagogy, and Assessment 475 Rotem Shneor and Bjørn-Tore Flåten 21 The Future of Crowdfunding Research and Practice 499 Rotem Shneor, Bjørn-Tore Flåten, and Liang Zhao Index 521 Notes on Contributors Prince Baah-Peprah is a doctoral research fellow at the University of Agder’s (UiA) School of Business and Law and a member of the Crowdfunding Research Centre at UiA. He holds a master’s degree in International Management from UiA. His research interests lie in mar- keting strategies in crowdfunding while examining regional and contex- tual heterogeneities. He currently focuses on how the involvement of experts in the development stage of crowdfunding campaigns reduces risk and enhance project success. Based on his background in manage- ment, accounting and finance, he has previously researched entrepre- neurial financing and private equity investment in emerging markets. Daniel Berliner is a doctoral research fellow at the Crowdfunding Research Centre at the University of Agder, Norway. His research inter- ests include investor decisions, crowdfunding and alternative financing, especially in the context of high-technology new ventures. His PhD research focuses on entrepreneurship and alternative financing models. Previous to his PhD studies, he acquired extensive experience working with various high-technology Israeli ventures in the field of branding and strategy. Wanxiang Cai is a doctoral research fellow at Utrecht University School of Economics (U.S.E.). He holds an MSc in Business Administration xiii xiv Notes on Contributors from Chongqing University (CQU), School of Economics and Business Administration. In his research Wanxiang analyses to what extent and how social capital and formal institutions affect individual crowdfunding campaigns, transaction volumes on platforms and the development of the financial crowdfunding market. Wanxiang is also affiliated with the European Centre for Alternative Finance. His work has been presented at leading conferences in the field of entrepreneurial finance. Emmanuel James Chao is currently a senior lecturer and a head of resource and incubation centre at Mzumbe University-Tanzania. Further, he is the founder and chair of the annual International Conference of Business and Management in Emerging Markets (ICBMEM) and an associate researcher at the Centre for Crowdfunding Research at the University of Agder. He holds a PhD in International Management and MSc in International Business from the University of Agder in Norway. He has published in a wide variety of international outlets such as International Business Research, Journal of Global Marketing, Journal of Business to Business Relations, Journal of Knowledge Management and Practice among others. Natalia Drozdova is a doctoral research fellow at NHH, Norwegian School of Economics, where she earlier graduated with a master’s degree in International Business. Natalia’s research interests include crowdfund- ing, sharing economy, collaborative consumption and online movements. Kalanit Efrat is Senior Lecturer of International Business, Marketing and Entrepreneurship at the Ruppin Academic Centre, Israel. Her research interests include international small and medium enterprises (SMEs), collaborative strategies, information and knowledge-based capa- bilities and crowdfunding. Her articles were published in the Journal of World Business, Technovation, International Marketing Review, International Business Review and Journal of Business Research among others. Bjørn-Tore Flåten is an associate professor at the University of Agder School of Business and Law. He holds a PhD in International Management from UiA and an MSc from the Norwegian School of Economics. His research interests revolve around strategic management of knowledge work and entrepreneurship, with focus on knowledge sharing and Notes on Contributors xv internet-­enabled collaboration within and beyond the boundaries of the firm. Flåten has contributed with book chapters to research-focused edited books, as well as published in journals such as Information and Organization, Journal of e-Business and the Norwegian Journal of Geography. Currently, Flåten is serving as the head of Department of Management and as the Vice Dean of the School of Business and Law. Flåten is also heading the university’s Centre for Entrepreneurship. Through the cen- tre, Flåten has also launched UiA Innovation, whose objective is com- mercialization of research
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