Assessing the Investment Potential of Smes Emerging from Phase 1 and Phase 2 of the SME Instrument
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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. -
I Investigations Into the Structure of Crowdfunding Research
Investigations into the Structure of Crowdfunding Research and the Role of the Content and Linguistic Cues in Risk Disclosure in Crowdfunding Campaigns A thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy Ahmad Ridhuwan Abdullah Master of Science in Finance (Northern University of Malaysia) Bachelor of Business Administration in Finance (MARA University of Technology) School of Economics Finance and Marketing College of Business RMIT University March 2019 i DECLARATION I certify that except where due acknowledgement has been made, the work is that of the author alone; the work has not been submitted previously, in whole or in part, to qualify for any other academic award; the content of the thesis is the result of work which has been carried out since the official commencement date of the approved research program; any editorial work, paid or unpaid, carried out by a third party is acknowledged; and, ethics procedures and guidelines have been followed. Ahmad Ridhuwan Abdullah 25 March 2019 ii ACKNOWLEDGEMENTS First and foremost, I would like to thank my supervisors, Professor Jason Potts, Dr Nthati Rametse, and Dr Joanne Laban for their wisdom and constructive supervision, consistent encouragement, and intellectual commitment in guiding me since the first day of my study and upon finishing writing this thesis. Special thanks to Professor Jason Potts who is kind- hearted enough to allow me to develop my own academic interests. I must thank my family members, especially my wife Siti Salwani Abdullah and my daughter Dhia Alia for their support and encouragement throughout my study. They went through hard times throughout the research process and I am grateful for their patience and understanding. -
Crowdfunding in the UAE – an Opportune Time for Regulatory Certainty Crowdfunding Is the New Kid on the Block in the Franco Grilli Alternative Finance Market
Crowdfunding in the UAE – An Opportune Time For Regulatory Certainty Crowdfunding is the new kid on the block in the Franco Grilli alternative finance market. With access to traditional modes of finance reaching the Partner and Head bottleneck coupled with the sweeping reach of of Corporate and Banking Practice the internet, crowdfunding is globally emerging as Fichte & Co a leading resort for financing to not just startups, innovative companies and small and medium enterprises (SMEs) but also to individuals with an [email protected] exciting project and to non-profits aiming to ramp up their fundraising efforts. Priyasha Corrie In the UAE, the idea of crowdfunding is attracting considerable interest particularly in view of the Associate important role of SMEs in this region – SMEs are Corporate and said to account for over 90% of the business and Banking Practice Fichte & Co workforce in the country, and according to the UAE’s Ministry of Economy, SMEs account for almost 60% of UAE’s GDP. The law is slowly [email protected] catching up to this concept and with crowdfunding involving raising funds from the public at large, it is bound to frequently appear before the regulator’s radar going forward. To fuel the growth of crowdfunding market and to balance it against the need for investor protection, there is a need for a regulatory certainty in the form of an express legal framework to govern the crowdfunding market. In this article, we have provided a general overview of crowdfunding, examined the legal challenges surrounding crowdfunding in the UAE, and outlined the way forward. -
1 the Role of Crowdfunding in Promoting Entrepreneurship Paulo
The Role of Crowdfunding in Promoting Entrepreneurship Paulo Silva Pereira 01/21/2012 The Lisbon MBA International (Catolica | Nova | MIT) Contacts: +351933803759; [email protected] 1 Contents 1. Introduction ..........................................................................................................................4 2. Research Methodology.........................................................................................................7 3. On the Impact of Crowdfunding on Entrepreneurship .........................................................8 3.1. Early model validation from small scale operation onwards........................................8 3.2. Pre‐sales and Pre‐order ..............................................................................................11 3.3. Incremental rounds of funding and equity and control dilution.................................12 3.4. The evolution of the user role and its impact in the entrepreneurial value chain .....17 3.5. Innovation and Entrepreneurship promotion in Crowdfunding .................................20 3.6. Promotion and Marketing in Start‐ups .......................................................................27 3.7. On pricing, entrepreneurship and crowdfunding .......................................................31 4. Discussion and Concluding Remarks...................................................................................36 4.1. Implications and the Future of Crowdfunding ............................................................37 4.2. -
Jun Zhang (10742239) Msc
To Which Extend Do Material Incentives Matter? A Study on Backers’ Motivation behind Crowdfunding Behaviour Master Thesis Student: Jun Zhang (10742239) MSc. in Business Administration - Entrepreneurship and Innovation Faculty of Business and Economics of UvA Supervisor: First Supervisor: Dr. G.T. Vinig Second Supervisor: Dr. W. van der Aa Date: 26 Jun 2015 (Final Version) Statement of Originality This document is written by Student Jun Zhang, who declares to take full responsibility for the contents of this document. I declare that the text and the work presented in this document is original and that no sources other than those mentioned in the text and its references have been used in creating it. The Faculty of Economics and Business is responsible solely for the supervision of completion of the work, not for the contents. Page 2 of 91 Contents Acknowledgement ..................................................................................................................... 5 Abstract ...................................................................................................................................... 6 1. Introduction ........................................................................................................................ 7 1.1 Academic Relevance ................................................................................................. 10 1.2 Managerial Relevance ............................................................................................... 11 1.3 Thesis Outline .......................................................................................................... -
Il Modello Predittivo Degli Eventi Futuri Del CRNE - Centro Ricerche Nuove Energie
Il Modello Predittivo degli Eventi Futuri del CRNE - Centro Ricerche Nuove Energie: Analisi GeoPolitiche, Tecnologiche & Smart City Solution - Advice Service CRNE Science & Business Vision Il CRNE Centro Ricerche Nuove Energie nasce nel 1998, e nel 2015 la “Divisione Ricerca e Sviluppo” ha sviluppato “un modello predittivo degli eventi futuri basato sul censimento delle minacce ponderate”. Si tratta di “un servizio di consulenza sulle aspettative future” unico nel suo genere sul panorama nazionale e internazionale, in cui viene esposto in maniera chiara una visuale precisa degli eventi futuri, che noi riteniamo altamente probabili, sia sul breve, che nel medio, che nel lungo periodo. Il Modello Predittivo degli eventi futuri del CRNE è uno strumento prezioso per quanti vogliono avere una visione moderna e all’avanguardia dell’evoluzione degli eventi, per proteggersi nell’immediato futuro dalle minacce ponderate che abbiamo censito, che sono esposte in forma cronologica nel modello predittivo. Sta alla sensibilità del lettore tenere in considerazione per il proprio futuro quanto riportato in questa relazione. CRNE Science & Business Vision is an Advice Service to Avoid Future’s Systemic Crisis These Are Our Areas of Expertise: Geopolitical Analysis and Solutions - Investment in Work & Residential CRNE Concept Outside Italy, called “Smart City Project”, named “Backup Italy” Advice Service for Human Resources & Capital Money Protection - Scientific and Technological Research - Development Service for Start Up, Patent and Prototype for CRNE’s Smart City - International Financial Analysis & Development Performance’s Strategy for Stock Market CRNE leads the way to the future to the best Italians, Serenity is our goal, Choose to live under CRNE wings&vision. -
Can the Crowd Bridge the Cleantech Financing Gap? a Comparative Analysis of Equity Crowdfunding and Venture Capital Returns in the US
Can the Crowd Bridge the Cleantech Financing Gap? A comparative analysis of Equity Crowdfunding and Venture Capital returns in the US Harvard Extension School ALM in Extension Studies, Field: Sustainability Student Name: Seif Belhani HUID: 91171260 May 2019 Can the Crowd Bridge the Cleantech Financing Gap? ii Abstract Sustainability has become one of the most discussed topics on the social, economic and political stages. While many experts and policymakers acknowledge the need for funneling more capital towards clean technologies (Cleantech) in order to achieve a genuine transition to a more sustainable economy, there is growing evidence that the current efforts are not only insufficient but that investments in the green sector are, in fact, decreasing. This is particularly true for the early stages of Cleantech innovation. This paper explores new private capital models which can help bridge some of that financing gap. Specifically, the central question asked in this project is whether Equity Crowdfunding can be a viable alternative, as an investment vehicle, for investors interested in Cleantech as well as a source of reliable funding for entrepreneurs. The United States provides the geographic focus of this research. From 2012, the US JOBS Act opened the privilege previously reserved to professional investors, such as venture capitalists, by allowing “non-accredited” investors to acquire equity shares in startups through licensed crowdfunding platforms. In terms of methodology, this capstone is based on a comparative analysis of the financial returns of three financial protagonists; Equity Crowdfunding, Cleantech-focused Venture Capital (VC) and diversified VC. Drawing on the pioneering work of Signori (2017) and Gaddy (2016), the results of this analysis show that, although Cleantech Equity Crowdfunding lags behind diversified VC, it has performed significantly better than Cleantech VC over the same investment horizon. -
Crowdfunding and the Role of Managers in Ensuring the Sustainability of Crowdfunding Platforms; Iv
Crowdfunding and the Role of Managers in Ensuring the Sustainability of Crowdfunding Platforms Author: Javier Ramos, Instituto Complutense de Estudios Internacionales (ICEI) Third Main Title Line Third Line Editor: James Stewart, Institute for Prospective Technological Studies (JRC-IPTS) 2 0 1 4 Report EUR 26596 EN European Commission Joint Research Centre Institute for Prospective Technological Studies Contact information Address: Edificio Expo. c/ Inca Garcilaso, 3. E-41092 Seville (Spain) E-mail: [email protected] Tel.: +34 954488318 Fax: +34 954488300 http://ipts.jrc.ec.europa.eu http://www.jrc.ec.europa.eu Legal Notice Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use which might be made of this publication. Europe Direct is a service to help you find answers to your questions about the European Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) Certain mobile telephone operators do not allow access to 00 800 numbers or these calls may be billed. A great deal of additional information on the European Union is available on the Internet. It can be accessed through the Europa server http://europa.eu/. JRC85752 EUR 26596 EN ISBN 978-92-79-37727-3 (pdf) ISSN 1831-9424 (online) doi:10.2791/76003 Luxembourg: Publications Office of the European Union, 2014 © European Union, 2014 Reproduction is authorised provided the source is acknowledged. Printed in Spain About the Author Javier is currently working as a Research Associate at the Zentrum für Demokratie Aarau (ZDA), University of Zurich and at the Instituto Complutense de Estudios Internacionales (ICEI), Universidad Complutense de Madrid. -
A Case Study of Qualitative Factors in Making Venture Capital Investment
A CASE STUDY OF QUALITATIVE FACTORS IN MAKING VENTURE CAPITAL INVESTMENT DECISIONS by Frances Brunner, B.B.A. A thesis submitted to the Graduate Council of Texas State University in partial fulfillment of the requirements for the degree of Master of Business Administration with a Major in Business Administration May 2017 Committee Members: Alexis Stokes, Chair Jana Minifie Matthew Hood COPYRIGHT by Frances Brunner 2017 FAIR USE AND AUTHOR’S PERMISSION STATEMENT Fair Use This work is protected by the Copyright Laws of the United States (Public Law 94-553, section 107). Consistent with fair use as defined in the Copyright Laws, brief quotations from this material are allowed with proper acknowledgement. Use of this material for financial gain without the author’s express written permission is not allowed. Duplication Permission As the copyright holder of this work I, Frances Brunner, authorize duplication of this work, in whole or in part, for educational or scholarly purposes only. DEDICATION I am dedicating this thesis to my children Ashton, Saffron, Cinnamon, Collin, and Sage, that they may take this as an inspiration to overcome fears and challenges, to push past perceived boundaries and reach great things in life. ACKNOWLEDGEMENTS I would like to thank my husband, Stefan, who supported my decision to take a break from the corporate world to pursue my dream of earning a Master in Business Administration. I would like to thank my children Sage, Collin, Cinnamon, Saffron, and Ashton who were patient and endured long hours waiting for me to finish interviewing, researching, and writing. I especially would like to thank my chair Dr. -
Cesifo Working Paper No. 9197
9197 2021 July 2021 Do Retail Investors Value Environmental Impact? A Lab-in-the-Field Experiment with Crowdfunders Christoph Siemroth, Lars Hornuf Impressum: CESifo Working Papers ISSN 2364-1428 (electronic version) Publisher and distributor: Munich Society for the Promotion of Economic Research - CESifo GmbH The international platform of Ludwigs-Maximilians University’s Center for Economic Studies and the ifo Institute Poschingerstr. 5, 81679 Munich, Germany Telephone +49 (0)89 2180-2740, Telefax +49 (0)89 2180-17845, email [email protected] Editor: Clemens Fuest https://www.cesifo.org/en/wp An electronic version of the paper may be downloaded · from the SSRN website: www.SSRN.com · from the RePEc website: www.RePEc.org · from the CESifo website: https://www.cesifo.org/en/wp CESifo Working Paper No. 9197 Do Retail Investors Value Environmental Impact? A Lab-in-the-Field Experiment with Crowdfunders Abstract Are investors willing to give up a higher return if the investment generates positive environmental impact? We investigate this question with a decision experiment among crowdfunders, where they choose between a higher return or environmental impact. Overall, 65% of investors choose environmental impact at the expense of a higher return for sufficiently large impact, 14% choose impact independent of the magnitude of impact, while 21% choose the higher return independent of impact. Combining the experimental data with historical investments, we find that investors allocate a larger share of funds to green projects if they value environmental impact more, and if they expect green projects to be more profitable. These findings suggest that investors have a preference for positive environmental impact, and satisfy it by investing in green projects. -
Crowdfunding's Potential for the Developing World
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Crowdfunding’s Potential for Potential Crowdfunding’s the Developing World theDeveloping Copyright © 2013 Information for Development Program (infoDev)/The World Bank 1818 H Street NW Washington DC 20433 Internet: www.infoDev.org Email: [email protected] All rights reserved Disclaimers infoDev/The World Bank: The findings, interpretations and conclusions expressed herein are entirely those of the author(s) and do not necessarily reflect the view ofinfo Dev, the Donors of infoDev, the International Bank for Recon- struction and Development/The World Bank and its affiliated organizations, the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permis- sion may be a violation of applicable law. The International Bank for Reconstruction and Development/The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. To cite this publication: Crowdfunding’s Potential for the Developing World. 2013. infoDev, Finance and Private Sector Development Depart- ment. Washington, DC: World Bank. TABLE OF Contents Foreword 4 Acknowledgements 6 Abbreviations and Acronyms 7 Executive Summary 8 1. -
The Ocean Finance Handbook
The Ocean Finance Handbook Increasing finance for a healthy ocean Co-Chairs’ foreword The ocean covers two-thirds of the Earth’s surface, and provides great economic, social and cultural value to the lives of billions of people. At the same time, human activity is causing a clear decline in the health of the ocean, with concurrent loss of the existing and potential value of the services and resources we derive from it. That decline is due to the unconscionable levels of pollution we subject the ocean to, our harmful fisheries practices, our unsustainable extraction of its resources, along with human destruction of its habitats and ecosystems. Meanwhile our greenhouse gas emissions continue to escalate, causing rising levels of ocean acidification, deoxygenation and warming, with their attendant problems for life in and around the ocean. Where there are major challenges, so too are there great opportunities. The ocean has remarkable resilience, with the recovery of whale numbers demonstrating that if we are prepared to change our destructive ways, the ocean’s rich environment allows a positive response. We at the Friends of Ocean Action are dedicated to reversing the cycle of decline in which the ocean has been caught. Our activities include championing the sustainable blue economy, believing that if we treat the ocean with respect, it will provide humanity with all the energy, sustenance and health resources required for a secure human future upon this planet. A blue economy ruled by the principle of sustainability stands against the development of yet another round of linear exploitation of finite planetary resources.