Harvard Spring 2017
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Equity Crowdfunding: a New Phenomena$
Journal of Business Venturing Insights 5 (2016) 37–49 Contents lists available at ScienceDirect Journal of Business Venturing Insights journal homepage: www.elsevier.com/locate/jbvi Equity crowdfunding: A new phenomena$ Nir Vulkan a,n, Thomas Åstebro b, Manuel Fernandez Sierra c a Said Business School Oxford University, United Kingdom b HEC Paris, France c Economics department Oxford University, United Kingdom article info abstract Article history: Crowdfunding has recently become available for entrepreneurs. Most academic studies Received 1 December 2015 analyse data from rewards-based (pre-selling) campaigns. In contrast, in this paper we Received in revised form analyse 636 campaigns, encompassing 17,188 investors and 64,831 investments between 30 January 2016 2012 and 2015, from one of the leading European equity crowdfunding platforms. We Accepted 4 February 2016 provide descriptive statistics and carry out cross-campaign regression analysis. The de- Available online 4 March 2016 scriptive statistics address its size, growth and geographic distributions in the UK. The Keywords: regressions analyse which factors are associated with the probability of a successful Equity crowdfunding campaign. We find some similarities and some interesting dissimilarities when comparing UK the descriptive statistics and regression results to research on rewards-based crowding. Campaign success The data show that equity crowdfunding will likely pose great challenges to VC and business angel financiers in the near future. We discuss some research challenges and opportunities with these kind of data. & 2016 Elsevier Inc. All rights reserved. 1. Introduction In recent years crowdfunding has emerged as a viable and popular alternative channel for entrepreneurs to fund their early stage businesses. -
Investing in Artists Bay Area Ally Fund Matching Grant Program Donor Interview Questions
INVESTING IN ARTISTS BAY AREA ALLY FUND MATCHING GRANT PROGRAM DONOR INTERVIEW QUESTIONS Introduction Hello. Thank you for taking the time for this call. Before I get started, I’d like to share a brief explanation for this call and the Center for Cultural Innovation’s research. I am _____ (name and title at CCI). CCI supports individual artists, and we are always interested in learning about why and how donors support artists. We recognize that there are generational and technological shifts, namely new online giving platforms, that may be affecting how artists raise money, and to this end, we are talking with donors of artists that are non‐family members to learn about how new environmental factors may (or may not) be influencing your giving. I have 13 questions, and I have planned for this call to take no more than 30 minutes. [Facilitator Note: Do not exceed time allotted. If the interviewee seems to want to go longer, that’s fine. BUT, if you haven’t gotten to the end and time is up, please conclude to stay on time.] Also, please know that CCI will not share your name, your giving amount(s), or to whom you donated in any way with the artist, our funders, or anyone else. Your participation is anonymous and any responses we use will be aggregated without attribution to you. In other words, outside of the artist who referred you, your participation is confidential. Do you have any questions before I start? General Questions 1. In general, how many times a year do you make a charitable donation? (Prompt: None, 1‐2, half a dozen, over a dozen) 2. -
Crowdfunding Platforms: Ecosystem and Evolution Full Text Available At
Full text available at: http://dx.doi.org/10.1561/1700000061 Crowdfunding Platforms: Ecosystem and Evolution Full text available at: http://dx.doi.org/10.1561/1700000061 Other titles in Foundations and Trends® in Marketing Entertainment Marketing Natasha Zhang Foutz ISBN: 978-1-68083-332-4 The Cultural Meaning of Brands Carlos J. Torelli, Maria A. Rodas and Jennifer L. Stoner ISBN: 978-1-68083-286-0 Ethnography for Marketing and Consumer Research Alladi Venkatesh, David Crockett, Samantha Cross and Steven Chen ISBN: 978-1-68083-234-1 The Information-Economics Perspective on Brand Equity Tulin Erdem and Joffre Swait ISBN: 978-1-68083-168-9 Full text available at: http://dx.doi.org/10.1561/1700000061 Crowdfunding Platforms: Ecosystem and Evolution Yee Heng Tan Tokyo International University Japan [email protected] Srinivas K. Reddy Singapore Management University Singapore [email protected] Boston — Delft Full text available at: http://dx.doi.org/10.1561/1700000061 Foundations and Trends® in Marketing Published, sold and distributed by: now Publishers Inc. PO Box 1024 Hanover, MA 02339 United States Tel. +1-781-985-4510 www.nowpublishers.com [email protected] Outside North America: now Publishers Inc. PO Box 179 2600 AD Delft The Netherlands Tel. +31-6-51115274 The preferred citation for this publication is Y. H. Tan and S. K. Reddy. Crowdfunding Platforms: Ecosystem and Evolution. Foundations and Trends® in Marketing, vol. 14, no. 2, pp. 53–172, 2020. ISBN: 978-1-68083-699-8 © 2020 Y. H. Tan and S. K. Reddy All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, mechanical, photocopying, recording or otherwise, without prior written permission of the publishers. -
Here Too the Gods Are Present Ethos Building on Patreon.Com
Örebro University School of Humanities, Education and Social Sciences Here too the gods are present Ethos building on patreon.com Independent project Rhetoric Spring semester 2017 Supervisor: Anders Eriksson Author: Marcus Schmidt Abstract This essay studies the rhetorical situation of the crowdfunding site Patreon.com, with a particular focus on the construction of ethos. Taking off from the conception of ethos as a discursive dwelling place, the study analyzes five Patreon pages and the self-promotional practices associated with each page. It concludes that there are different ways of negotiating the implicit and explicit expectations that go along with setting up and maintaining a presence on a crowdfunding site – not least with regards to the relationship between ethos and ethics. Keywords Rhetoric, crowdfunding, Patreon, ethos, online spaces Contents 1. Introduction .............................................................................................................................................. 1 2. Research questions ................................................................................................................................... 2 3. Background ............................................................................................................................................... 2 4. Research overview .................................................................................................................................... 3 5. Theory ...................................................................................................................................................... -
Raising Capital from the Community Alternative Capital Development Through Crowdfunding
Raising Capital from the Community Alternative Capital Development through Crowdfunding November 2013 Green For All - Business Accelerator Program greenforall.org/resources Acknowledgments © Green For All 2013 Written by Jessica Leigh Green for All would like to thank the following individuals and organizations for their contributions to this guide: Jenny Kassan, Cutting Edge Capital; Brahm Ahmadi, People’s Community Market; Justin Renfro, Kiva Zip; Joanna De Leon, Triple Green Custom Print Developers; Ben Bateman, Indi- egogo; Lisa Curtis, Kuli Kuli; Erin Barnes, ioby; Helen Ho, Biking Public Project, Recycle-a-Bicycle Other parties that helped in the preparation of this report: Jeremy Hays and Khary Dvorak-Ewell RAISING CAPITAL FROM THE COMMUNITY Green For All Business Accelerator Program Introduction Community Capital Today’s economy brings new capital development challenges for the small businesses that drive green innova- tion and strengthen our neighborhoods. Obtaining traditional financing from banks has become increasingly prohibitive. Venture capital funds and angel investors seek businesses that provide fast growth and high re- turns. Cultivating a sustainable small business that prioritizes people and the environment generally does not lend itself to these conditions. A recent survey by the National Small Business Association (NSBA) found that nearly half of small-business respondents said they needed funds and were unable to find any willing sources, be it loans, credit cards or investors.1 Additionally, the novelty of small green businesses makes them more risky and less appealing for traditional sources of capital. Environmentally focused entrepreneurs often have little choice but to compromise their mission or the direction of their company in an attempt to secure financing. -
COVID-19 Content Resource Guide for Artists
COVID-19 Content Resource Guide for Artists Ever resourceful and creative, artists are experimenting with new ways of generating income during the COVID-19 pandemic, which is having a great impact on the arts industry. We expect more resources, innovations, and strategies will emerge as the situation evolves. At present, the most common and accessible strategies we see artists using to connect with audiences and generate income are (1) producing virtual concerts and lessons that audiences can tip or buy a “virtual ticket” to experience; (2) establishing subscription-based services on such platforms as Patreon; and (3) establishing online stores through their own website or online marketplaces such sources as Etsy. This resource guide contains tips and tricks for DIY video recording and some of the options available to artists interested in using these strategies during the COVID-19 pandemic. 1 TABLE OF CONTENTS Video Recording 101 ........................................................... 3 Smart Phone Video Recording 101: Tips and Tricks ........................... 4 Content Strategies ............................................................. 8 The Subscription Model ..................................................... 9 Facebook / YouTube / Instagram Livestreams ............................... 10 Livestreaming 101 .............................................................. 11 Streaming Applications .................................................... 12 Payment ................................................................... 13 A Note on Collaboration and Community ................................. 14 2 VIDEO RECORDING 101 Recording video is an art form of its own, and one that can take years of training and practice to perfect, but this handy guide will give you some easy ways to make sure your home-recorded video is high-enough quality to share with your fans! SMART PHONE VIDEO RECORDING 101: TIPS AND TRICKS Your guide to recording video on your smart phone GETTING STARTED Phones can shoot all types of file sizes and frame rates. -
Equity Crowdfunding a New Phenomena
Journal of Business Venturing Insights 5 (2016) 37–49 Contents lists available at ScienceDirect Journal of Business Venturing Insights journal homepage: www.elsevier.com/locate/jbvi Equity crowdfunding: A new phenomena$ Nir Vulkan a,n, Thomas Åstebro b, Manuel Fernandez Sierra c a Said Business School Oxford University, United Kingdom b HEC Paris, France c Economics department Oxford University, United Kingdom article info abstract Article history: Crowdfunding has recently become available for entrepreneurs. Most academic studies Received 1 December 2015 analyse data from rewards-based (pre-selling) campaigns. In contrast, in this paper we Received in revised form analyse 636 campaigns, encompassing 17,188 investors and 64,831 investments between 30 January 2016 2012 and 2015, from one of the leading European equity crowdfunding platforms. We Accepted 4 February 2016 provide descriptive statistics and carry out cross-campaign regression analysis. The de- Available online 4 March 2016 scriptive statistics address its size, growth and geographic distributions in the UK. The Keywords: regressions analyse which factors are associated with the probability of a successful Equity crowdfunding campaign. We find some similarities and some interesting dissimilarities when comparing UK the descriptive statistics and regression results to research on rewards-based crowding. Campaign success The data show that equity crowdfunding will likely pose great challenges to VC and business angel financiers in the near future. We discuss some research challenges and opportunities with these kind of data. & 2016 Elsevier Inc. All rights reserved. 1. Introduction In recent years crowdfunding has emerged as a viable and popular alternative channel for entrepreneurs to fund their early stage businesses. -
Innovative Financing of Creative Projects on the Kickstarter Platform: Ukrainian and Polish Experience
E3S Web of Conferences 166, 13019 (2020) https://doi.org/10.1051/e3sconf/202016613019 ICSF 2020 Innovative financing of creative projects on the Kickstarter platform: Ukrainian and Polish experience Iuliia Gernego1,*, Liudmyla Petrenko2, Mykhailo Dyba1, and Vitalii Tsarov2 1Kyiv National Economic University named after Vadym Hetman, Corporate Finance and Controlling Department, 54/1 Peremohy Ave., Kyiv, 03057, Ukraine 2Kyiv National Economic University named after Vadym Hetman, Business Economics and Entrepreneurship Department, 54/1 Peremohy Ave., Kyiv, 03057, Ukraine Abstract. In the era of digital economy, the crowdfunding platforms provide the background to mitigate cross-country differences within project financing. In particular, creative projects are important as a vital driver in maintaining business and social sector competitive. Thereby, research problem lays upon the potential of providing crowdfunding support to overcome the creative project divide in different countries. The paper aims to provide scientific support on creative projects innovative financing in Ukraine and Poland within Kickstarter. The research methodology is based on Kickstarter data (10 years; 83 industries and 898 projects) processed by statistical analysis. The Concentration Ratio (CR) was modified to measure the concentration of efforts, considering the largest creative industries within Kickstarter platform. The results section represents high rates of concentration of efforts for Ukrainian creative projects that commercialize tangible physical goods: Product Design and Gadgets. At the same time, in Poland the main concentration of efforts is in the field of intangible intellectual products: Tabletop Games and Video Games. Thus, digital platform is a reflection of interrelations between intangible and tangible values in economies. The study results can be used within national programs of creative innovative projects financial support. -
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 .......................................................................................................................................................... -
Dare to Venture: Data Science Perspective on Crowdfunding Ruhaab Markas Southern Methodist University, [email protected]
SMU Data Science Review Volume 2 | Number 1 Article 19 2019 Dare to Venture: Data Science Perspective on Crowdfunding Ruhaab Markas Southern Methodist University, [email protected] Yisha Wang Southern Methodist University, [email protected] Follow this and additional works at: https://scholar.smu.edu/datasciencereview Part of the Entrepreneurial and Small Business Operations Commons Recommended Citation Markas, Ruhaab and Wang, Yisha (2019) "Dare to Venture: Data Science Perspective on Crowdfunding," SMU Data Science Review: Vol. 2 : No. 1 , Article 19. Available at: https://scholar.smu.edu/datasciencereview/vol2/iss1/19 This Article is brought to you for free and open access by SMU Scholar. It has been accepted for inclusion in SMU Data Science Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. Markas and Wang: Data Science Perspective on Crowdfunding Dare to Venture: Data Science Perspective on Crowdfunding Ruhaab Markas1, Yisha Wang1, John Tseng2 1Master of Science in Data Science, Southern Methodist University, Dallas, TX 75275 USA 2Independant Consultant Dallas, TX 75275 USA {Rmarkas, YishaW}@smu.edu, [email protected] Abstract. Crowdfunding is an emerging segment of the financial sectors. Entrepreneurs are now able to seek funds from the online community through the use of online crowdfunding platforms. Entrepreneurs seek to understand attributes that play into a successful crowdfunding project (commonly known as campaign). In this paper we seek so understand the field of crowdfunding and various factors that contribute to the success of a campaign. We aim to use traditional modeling techniques to predict successful campaigns for Kickstarter. -
Crowdfunding and Crowdsourcing
Crowdfunding and Crowdsourcing Drew Tulchin July 13, 2016 Training Objec-ves • Understand possibili-es, limitaons of crowdfunding & crowdsourcing • Explore different types of crowdfunding models; when each appropriate • Gain familiarity with some online plaorms • Learn best prac-ces • Check out case studies Have fun! Please ask ques/ons at any /me About UpSpring www.upspringassociates.com Network of seasoned consultants for impact investment and development to help businesses, organizations, foundations and governments "Do well by doing good" • Certified HubZone Small Business • ‘B Corporation’ since 2010, the first in New Mexico • Honors: 2015, ‘14 & ‘11 “One of the Best for the World” One of 119 companies from 20 countries 2012 Honoree NM Sustainable Business of the Year Drew Tulchin, MBA, Managing Partner 16 years experience building start-ups and growing organizaons. Specializing in the 'triple boOom line,’ focus is market driven business success that generates social, community, and environmental value Consul-ng experience with numerous Nave American Tribes and in 40+ countries from A (Afghanistan) to Z (Zambia) Recent capital raises: Ohkay Owingeh Housing Authority in NM, US MFI from the U.S. Dept. of Treasury, Koolkids in Vietnam, Solar and Energy Loan Fund (SELF) in Florida, and Sea2Table in NY 100+ publicaons and presentaons on these topics 100+ strategic and business plans Efforts >$100 mil in socially mo-vated capital Biz plan winner, Global Social Venture Comp; Prisma Microfinance raised venture $1.2 mil Helped raise $2.7 mil -
Case Study - Patreon.Com Case: Patreon.Com Is a Website That Enables Artists to Connect with Their Fans to Get Support
Case study - patreon.com Case: Patreon.com is a website that enables artists to connect with their fans to get support. The main idea is that fans pledge to sponsor their favourite artists with a given amount of money per created work. Therefore, the site aims at building longer relationships between artists and fans and allow artists to have a stable income over the long-term. Task: First read about your case using the provided links. Please use your devices to contribute to the group work. Once you have a good understanding of your case, analyse it using the following guiding questions: • What problem/need does the case address? • What community, values and norms does it build on? Is it creating a new community or building on a pre-existing one? • What resources is it dealing with? • How is management organised? Are democratic structures in place? • Is the distribution of resources and responsibilities fair? • Is the production, distribution and management efficient? • Is the commons organised in a sustainable manner? Can the project survive in the long term? You should present your conclusions in the form of a theatre/short play. Anything is possible, you can make a reportage, interview, a press release or conference, or anything else you come up with. Be creative, your presentation may be filmed ;). You have 50 minutes for this task. Further Information: • https://www.patreon.com/ • https://en.wikipedia.org/wiki/Patreon • http://www.forbes.com/sites/sarahmckinney/2014/04/10/patreon-a-fast-growing- marketplace-for-creators-and-patrons-of-the-arts/ • http://www.theguardian.com/technology/2014/nov/19/crowdfunding-patreon-creators- musicians-youtube • http://www.cnbc.com/id/102541179 Case study - free and open source software Case: Free and open source software (FOSS) was the spark that got the free culture movement going, remember Linux? FOSS can be used for free by anyone, changed by anyone and copied by anyone.