How Pandemic-Related Innovation Will Change Everything
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Crowdfunding in Asia
Crowdfunding in Asia May 2018 Introducing the first free directory of crowdfunding platforms across Asia. The data is based on the AlliedCrowds Capital Finder, a database of over 7,000 alternative finance capital providers across emerging markets. Our data has been used by organizations like FSD Asia, UNDP, World Green Economy Organization, GIZ, World Bank, and others in order to provide unique, actionable insights into the world of emerging market alternative finance. This is the latest of our regular reports on alternative finance in emerging markets; you can find all previous reports here. Crowdfunding rose in prominence in the post-financial crisis years (starting in 2012), and for good reason: a global credit crunch limited the amount of funding available to entrepreneurs and small businesses. Since then, crowdfunding has grown rapidly around the world. Crowdfunding is especially consequential in countries where SMEs find it difficult to raise capital to start or grow their businesses. This is the case in many Asian countries; according to the SME Finance Forum, there is a $2.3 trillion MSME credit gap in East Asia and the Pacific. Crowdfunding can help to fill this gap by offering individuals and small businesses an alternative source of capital. This can come in the form of donation-based as well as lending-based (peer-to-peer or peer-to-business) crowdfunding. In order to help entrepreneurs and small business owners to find the crowdfunding platform that’s right for them, we are releasing the first publicly available list of all crowdfunding platforms across Asia. The report is split into two key sections: the first one is an overview of crowdfunding platforms, and how active they are across the largest markets on the continent. -
Powering the Crowd Into the Future
POWERING THE CROWD INTO THE FUTURE KEY LEARNINGS & RECOMMENDATIONS Davinia Cogan, Peter Weston POWERING THE CROWD INTO THE FUTURE KEY LEARNINGS & RECOMMENDATIONS FOR ENERGY ACCESS CROWDFUNDING AND P2P LENDING CONTENTS BIOS 3 EXECUTIVE SUMMARY 4 INTRODUCTION 6 1 STATE OF THE MARKET 8 2 THE 6 CAMPAIGN ARCHETYPES 12 1. PARTNERSHIP MODELS 15 CASE STUDY: TAHUDE FOUNDATION 16 2. ONE-OFF FUNDRAISERS 17 CASE STUDY: RAFODE 19 CASE STUDY: SOLARIS OFFGRID 20 3. MEGA-CAMPAIGNS 22 4. P2P MICROLENDING 23 CASE STUDY: EMERGING COOKING SOLUTIONS 24 5. ONLINE DEBT-BASED SECURITIES 26 CASE STUDY: SIMUSOLAR 27 CASE STUDY: AZURI TECHNOLOGIES 29 5.EQUITY CROWDFUNDING 31 CASE STUDY: TRINE 32 3 INTERVENTIONS TO CATALYSE FUNDING 34 4 CROWD POWER UPDATE 37 CONCLUSION 39 REFERENCES 41 This material has been funded by UK aid from the UK government; however the views expressed do not necessarily reflect the UK government’s official policies. Published December 2018 Design: www.dougdawson.co.uk Front cover by C.Schubert BIOS Davinia Cogan Peter Weston Davinia Cogan is the Programme Peter Weston is the Director of Manager of Crowd Power at Energy Advisory Services at Energy 4 Impact. 4 Impact. She runs the UK aid He manages a team of consultants funded programme, which explores that advises off-grid SMEs in Sub the role of incentives to stimulate Saharan Africa and helps them to donation, reward, debt and equity implement new business models crowdfunding in the off-grid energy and technologies. He is an expert sector in Sub- Saharan Africa and in power, renewables and off- South Asia. -
Trend Analysis the Israeli Unit 8200 an OSINT-Based Study CSS
CSS CYBER DEFENSE PROJECT Trend Analysis The Israeli Unit 8200 An OSINT-based study Zürich, December 2019 Risk and Resilience Team Center for Security Studies (CSS), ETH Zürich Trend analysis: The Israeli Unit 8200 – An OSINT-based study Author: Sean Cordey © 2019 Center for Security Studies (CSS), ETH Zurich Contact: Center for Security Studies Haldeneggsteig 4 ETH Zurich CH-8092 Zurich Switzerland Tel.: +41-44-632 40 25 [email protected] www.css.ethz.ch Analysis prepared by: Center for Security Studies (CSS), ETH Zurich ETH-CSS project management: Tim Prior, Head of the Risk and Resilience Research Group, Myriam Dunn Cavelty, Deputy Head for Research and Teaching; Andreas Wenger, Director of the CSS Disclaimer: The opinions presented in this study exclusively reflect the authors’ views. Please cite as: Cordey, S. (2019). Trend Analysis: The Israeli Unit 8200 – An OSINT-based study. Center for Security Studies (CSS), ETH Zürich. 1 Trend analysis: The Israeli Unit 8200 – An OSINT-based study . Table of Contents 1 Introduction 4 2 Historical Background 5 2.1 Pre-independence intelligence units 5 2.2 Post-independence unit: former capabilities, missions, mandate and techniques 5 2.3 The Yom Kippur War and its consequences 6 3 Operational Background 8 3.1 Unit mandate, activities and capabilities 8 3.2 Attributed and alleged operations 8 3.3 International efforts and cooperation 9 4 Organizational and Cultural Background 10 4.1 Organizational structure 10 Structure and sub-units 10 Infrastructure 11 4.2 Selection and training process 12 Attractiveness and motivation 12 Screening process 12 Selection process 13 Training process 13 Service, reserve and alumni 14 4.3 Internal culture 14 5 Discussion and Analysis 16 5.1 Strengths 16 5.2 Weaknesses 17 6 Conclusion and Recommendations 18 7 Glossary 20 8 Abbreviations 20 9 Bibliography 21 2 Trend analysis: The Israeli Unit 8200 – An OSINT-based study selection tests comprise a psychometric test, rigorous Executive Summary interviews, and an education/skills test. -
HIGHLIGHTS and SUMMARY the Startup World Gathered in Jerusalem During the First Week of March for 600 the 2019 Ourcrowd Global Investor Summit
18,000+ Registered to attend from 189 countries 1,200 Entrepreneurs HIGHLIGHTS AND SUMMARY The startup world gathered in Jerusalem during the first week of March for 600 the 2019 OurCrowd Global Investor Summit. Over 18,000 people registered to attend from 189 countries. Entrepreneurs, venture capitalists, corporate Multinational corporate representatives, investors, government officials, and press engaged in a packed representatives week of activities, including tech and press tours, corporate meetups, VC forums, insider access to accelerators, labs, and startups – and of course, some great partying. 470 Venture capitalists The Summit has become one of the largest and most important tech events in the world and the biggest business event in Israel’s history, taking over the iconic International Convention Center in Jerusalem, as well as other venues in both Jerusalem and Tel Aviv. 210 The programming was incredibly diverse, with some 80 different sessions and over 200 Speakers speakers, providing unprecedented insight into the world of startup venture capital. On Summit Day, March 7, almost every hall was at or over capacity. 215 The 103 exhibitors and 65 sponsors broke records, as did the number of accredited Delegations investors, VCs, and multinational corporations represented. Attendees were plunged from 140 countries into a sensory experience of hands-on interaction with breakthrough technologies, insights from industry leaders, doers, and thinkers, and the shoulder-to-shoulder all-day networking that is unique to the Summit. 1,000+ Summit Week, with a record 24 events, has now become an institution in Israel. Scheduled Highlights were the new OurCrowd Advisory Forums, which harness the extensive networking knowledge and experience held by OurCrowd’s top-tier investors and corporate meetings partners, as well as the OurCrowd Pre-Summit Leaders Forum, an all-business event for the elite of the ecosystem, oversubscribed with 800 attendees. -
Entrepreneurial Finance and Productivity in Different Institutional Contexts: Lessons from Equity Crowdfunding
CHAPTER 8 Entrepreneurial Finance and Productivity in Different Institutional Contexts: Lessons from Equity Crowdfunding Douglas Cumming and Sofia Johan To finance growth, entrepreneurial firms need external financing. While bank finance is the most common for entrepreneurial firms,34 many firms do not have sufficient collateral and/or stable cash flows to enable them to obtain or maintain debt finance. Equity finance has traditionally been available from angel investors and venture capitalists (VCs). But the pres- ence of angels and VCs does not imply that the market for entrepreneurial finance is complete or without gaps of underserved entrepreneurs with good ideas and scant capital. In most countries around the world over the last decade, the biggest change to the landscape of equity finance for entrepreneurs has been the introduction of equity crowdfunding (Cum- ming and Johan, 2019). There is substantial evidence consistent with the view that equity crowdfunding facilitates productivity growth. Equity crowdfunding deep- ens capital markets for startups, particularly at the most nascent stage of entrepreneurial firm development, thereby lowering costs of entry for startups. As such, equity crowdfunding is an important instrument for introducing and spreading new technology, which improves productivity. Empirical evidence is supportive. For example, large sample evidence is consistent with the view that crowdfunding improves small firm growth (Eldridge, Nisar, and Torchia, 2019; Stevenson, Kuratko, and Eutsler, 2019), enables the development of smart cities (Carè, Trotta, Carè, and Rizzello, 34 See Cosh et al. (2009) for UK evidence, and Robb and Robinson (2014) for US evidence. fraserinstitute.org / 69 70 / Achieving the 4-Day Work Week: Essays on Improving Productivity Growth in Canada 2018), and enables firms to get to the next level in subsequent capital raises (Signoria and Vismara, 2018).35 Given the importance of equity crowdfunding to entrepreneurial finance and productivity, in this chapter we address two interrelated ques- tions. -
Resources for Startups and Entrepreneurs Microwork
Resources for Startups and Entrepreneurs 1. Microwork 2. Sharing Economy 3. The Investment Cycle 4. EU SME and Startup Funds 5. Microlending, Microfinancing, and Microcredit 6. Crowdfunding (P2P Financing) 7. Alternative Lending 8. Vendor/PO Financing and Online Factoring 9. Other Sources of Financing 10 Resources Microwork (get paid for fulfilling tasks online) Amazon Mechanical Turk LiveOps InnoCentive Samasource Paid online survey sites Kindle Direct Publishing (self-publishing) Craiglist (classified ads) Monster (find a job) Newsy or CNN iReport (citizen journalism) YouTube Partner (share ad revenues) CCNow (accept credit cards and PayPal payments) Amazon Associates (get a commission on referred sales) EBay or Etsy or Alibaba (sell things, including handicrafts) Shareconomy (Sharing Economy) View introductory video AirBnB or Couchsurfing (share your home for a fee) Eatwith or Kitchensurfing (host a meal and get paid) Vayable (become a tour guide) Uber or Lyft or Sidecar (give rides in your car) BorrowedBling or Girl Meets Dress or Rent the Runway (lend your jewelry and haute couture for a fee) Yerdle or Snap Goods (Simplist) or Open Shed (swap, rent, or borrow things) Relay Rides or Getaround (rent out your car) Favor Delivery (get deliveries – or deliver) Task Rabbit (handyman services) Waze (community rides) The Investment Cycle Register firm in target market Doing Business Equity structure Common stock Stock options Convertible debt Series A Preferred Stock (convertible to common stock on IPO/sale) Investment Cycle - Overview Seed -
Crowd Power – Success & Failure, the Key to a Winning Campaign
CROWD POWER Success & Failure: The Key to a Winning Campaign Davinia Cogan and Simon Collings 1 CONTENTS 1.0 Executive Summary ...................................................................................................................................3 2.0 Introduction ....................................................................................................................................................5 3.0 The Layers of Success ..............................................................................................................................7 3.1 Donation .........................................................................................................................................................11 3.1.1 Choosing the Right Platform....................................................................................................................................................................11 3.1.2 The Campaign Period ..................................................................................................................................................................................13 3.1.3 Implementing Campaign Goals & Success into the Future .......................................................................................16 3.1.4 Q&A – Kenya Green Supply ..............................................................................................................................................18 3.2 Reward .......................................................................................................................................................... -
FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV. -
Gender Dynamics in Crowdfunding
Downloaded from https://academic.oup.com/rof/advance-article/doi/10.1093/rof/rfaa041/6039186 by Kungl Tekniska Hogskolan Biblioteket user on 10 February 2021 Review of Finance, 2021, 1–40 doi: 10.1093/rof/rfaa041 Advance Access Publication Date: 16 December 2020 Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Backers, and Taste-Based Discrimination* Hadar Gafni1,2, Dan Marom3, Alicia Robb4, and Orly Sade3 1Department of Strategy and Innovation, Copenhagen Business School, 2KTH Royal Institute of Technology, 3The Hebrew University of Jerusalem, and 4University of Colorado at Boulder Abstract This study focuses on the launch phase of the leading reward-based crowdfunding market—Kickstarter. It documents the behavior of male and female entrepreneurs in raising early stage capital. We find that women share as entrepreneurs in the plat- form (34.7%) does not equal to their share in the overall population, and they are concentrated in stereotyped sectors, both as entrepreneurs and as backers. We also find that women do not set lower funding goals than men, they enjoy higher rates of success than men, even after controlling for project categories and funding goals, and that backers of both genders have a tendency to fund entrepreneurs of their own gender. Our survey of Kickstarter backers finds evidence of taste-based dis- crimination by male backers. JEL classification: G29, G41, L26, J16 Keywords: Crowdfunding, Discrimination, Gender, Early stage financing Received November 11, 2020; accepted November 24, 2020 by Editor -
Success Drivers of Online Equity Crowdfunding Campaigns
DECSUP-12711; No of Pages 13 Decision Support Systems xxx (2016) xxx–xxx Contents lists available at ScienceDirect Decision Support Systems journal homepage: www.elsevier.com/locate/dss Success drivers of online equity crowdfunding campaigns Anna Lukkarinen a,1, Jeffrey E. Teich b,2, Hannele Wallenius c,3, Jyrki Wallenius a,⁎ a School of Business, Aalto University, P.O. Box 21220, 00076 Aalto, Finland b College of Business, New Mexico State University, MSC 3DJ, P.O. Box 30001, Las Cruces, NM 88003-8001, USA c School of Science, Aalto University, P.O. Box 15500, 00076 Aalto, Finland article info abstract Article history: While equity crowdfunding provides ventures with an opportunity to collect funding from a large base of inves- Received 30 September 2015 tors, many campaigns tend to remain unsuccessful. We draw from two fields of financing adjacent to equity Received in revised form 31 March 2016 crowdfunding, venture capital (VC) and angel investing, as well as rewards-based crowdfunding, to develop an Accepted 25 April 2016 understanding of the drivers of investment decisions in equity crowdfunding. Using data from a leading equity Available online xxxx crowdfunding platform in Northern Europe, we explore factors that drive the number of investors and amount of funding attracted by equity crowdfunding campaigns. The results suggest that the investment decision criteria Keywords: Equity crowdfunding traditionally used by VCs or business angels are not of prime importance for success in equity crowdfunding. In- Online platforms stead, success is related to pre-selected crowdfunding campaign characteristics and the utilization of private and Entrepreneurial finance public networks. -
The Role of Venture Capital in the Emerging Entrepreneurial Finance Ecosystem: Future Threats and Opportunities
Venture Capital An International Journal of Entrepreneurial Finance ISSN: 1369-1066 (Print) 1464-5343 (Online) Journal homepage: https://www.tandfonline.com/loi/tvec20 The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities Stefano Bonini & Vincenzo Capizzi To cite this article: Stefano Bonini & Vincenzo Capizzi (2019) The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities, Venture Capital, 21:2-3, 137-175, DOI: 10.1080/13691066.2019.1608697 To link to this article: https://doi.org/10.1080/13691066.2019.1608697 Published online: 29 May 2019. Submit your article to this journal View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=tvec20 VENTURE CAPITAL 2019, VOL. 21, NOS. 2–3, 137–175 https://doi.org/10.1080/13691066.2019.1608697 The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities Stefano Bonini a and Vincenzo Capizzi b,c aSchool of Business, Stevens Institute of Technology, Hoboken, NJ, USA; bDepartment of Economics and Business Studies, Università del Piemonte Orientale, Novara, Italy; cSDA Bocconi School of Management, Milano, Italy ABSTRACT ARTICLE HISTORY The last decade has seen the emergence of alternative sources of Received 10 November 2018 early-stage finance, which are radically changing and reshaping the Accepted 3 April 2019 start-up eco-system. These include incubators, accelerators, science KEYWORDS ffi and technology parks, university-a liated seed funds, corporate Venture capital; business seed funds, business angels – including “super-angels”,angel angels; equity groups, business angel networks and angel investment funds – crowdfunding; startup and both equity- and debt-based crowdfunding platforms. -
Portfolio Leadership
OurCrowd First is OurCrowd’s early-stage seed fund, based in Israel, with a global reach. A strong leadership of entrepreneur-investors vets, invests in, and mentors new, young or emerging companies with disruptive potential. Providing OurCrowd’s investor community with a risk-balanced approach to seed-stage investment, OurCrowd First allows investors to build a highly diversified portfolio with as little as $50k. As an OurCrowd initiative, OurCrowd First has access to broader dealflow; thousands of companies are vetted every year by OurCrowd’s experienced Investment Team. With this access, OurCrowd First expands the opportunity to invest, enabling angel investors to get involved in companies earlier. Portfolio Leadership Eduardo Shoval | OurCrowd First General Partner [email protected] Eduardo Shoval has over 25 years of experience as a serial entrepreneur, angel investor and mentor in high- tech management. Eduardo co-founded seven high-tech companies (Optibase, Vcon, Accord, Lasercomm, Big Band, Sirica, Accels) with five successful exits, four of them with valuations in excess of $400 million and total revenues of billions of dollars. Eduardo has a proven track record steering companies through the challenging stages of rapid growth. Yori Nelken | OurCrowd First General Partner [email protected] Yori Nelken is a serial entrepreneur and investor bringing to OurCrowd First over 18 years of leadership experience driving startup companies from concept to success. With his deep experience in the trenches, building businesses including Banter, TimeBridge, and Local Sciences from the ground up and through their exits, Yori has emerged as a highly sought-after CEO coach, mentor, advisor and angel investor.