Crowdfunding

The aim of the research is to analyse how digitalization and the opportunities of new media effect film industry and audience by analysing some specific examples of films which are supported financially by crowds. As Mc Luhan and Harold Innis clearly state; the culture is shaped according to the way we communicate. It has been widely accepted that the developments and convergence in new media also have some effects on the methods, the content and the disturbution of movies. In the same vein, Chuck Tryon also argues that film culture is being redefined by digital media. In other words, it can be claimed that audiences and social practises of watching and making films have also changed in recent years. The new audience named as 'prosumers' demands to be eligible to have an influence on the films that are going to be released. Crowdfunding which is a type of crowdsourcing, first described by Jeff Howe as a social revolution, is believed to be a remarkable way to analyse this new audience who wants to have an influence on both the content and the production of films. Some people believe that, using crowdfunding to produce films, is not only a way of getting financial support but also a way of creating communities who support the film during the production and distribution processes. The main question is that; can crowdfunding create an alternative and more independent way of doing films or is it just a new marketing tool for producers? This research attempts to find out the advantages, disadvantages and possible differences of the films that are made by crowdfunding and the ones that are made using the traditional ways of film making. The data will be collected through direct interviews with the producers of the selected films and quantitative analysis will be used to analyse the collected data. While doing the research; Alvin Toffler's definition of prosumer and Pierre Levy's collective intelligence are going to be taken into consideration and also the relation between democracy and new media is going to be discussed according to two different approaches; liberal and critical theory.

L’economia del film è un’area di ricerca relativamente giovane e in espansione dedicata all’industria cinematografica e allo studio delle logiche che governano le sue attività. Il volume analizza i processi di finanziamento, produzione, distribuzione e circolazione dei film, il mercato cinematografico, i protagonisti tradizionali e di più recente comparsa che operano nel settore (come Netflix e Amazon), e la complessa rete di politiche europee, nazionali e locali che regolamentano e sostengono il sistema, soffermandosi di volta in volta a riflettere sulle diverse forme di valore che il film assume per gli stakeholder coinvolti. Il film è infatti un prodotto complesso, su cui convergono interessi pubblici e privati diversificati, istanze artistiche ed economiche, frutto di un processo che si declina in maniera differente a seconda della cultura produttiva di cui è espressione. Questa complessità da una parte articola il ruolo che il film ricopre all’interno del sistema economico e della società contemporanea; dall’altra rende più che mai complesso quantificare e determinare il suo successo.

Obiettivo di questo lavoro è quello di approfondire l’analisi del crowdfunding in Italia, un aspetto in parte inesplorato nella letteratura, facendo riferimento a una piattaforma di recente fondazione (2015) – Laboriusa – specializzata in progetti territoriali e sociali, in modo da fornire alcuni spunti di riflessione sul profilo e sulle motivazioni che spingono i finanziatori alle donazioni. Per La natura induttiva delle domande di ricerca e la sua adeguatezza per affrontare le domande “come” e “perché”, è stato utilizzato un approccio di caso studio.

Much like initial public offerings produce publicly traded securities, Initial Coin Offerings (icos) produce crypto tokens tradeable on crypto exchanges. Despite an apparent need for investor protection the ico and the tokenisation phenomenon have yet to be addressed by legislative action on the EU level. The paper studies the suitability of the EU regulatory framework to capture tokenised financial instruments and utility tokens based on the views of the EU supervisory and national competent authorities. It is argued that EU regulators shall first ensure legal certainty by defining the scope of to-kenised financial instruments subject to MiFID. Further, authorisation and ongoing requirements shall be adapted to address the risks posed by distributed technology and direct global access of investors to crypto markets. Finally, there is no immediate need for a bespoke EU-wide regime governing utility tokens; fragmentation of the market is a positive development providing a testing field for future supranational initiatives.

This paper has as main goal to understand the importance of performance inside a process of crowdfunding, from the video produced by the independent musician Amanda Palmer, for the platform Kickstarter, to promote the project for launching her album, Theater is Evil. One of Kickstarter's main requirements are audiovisual productions that assist in the dissemination of artists and their projects. Such videos seem to be the leading engagement products to attract "backers". However, the hypothesis is that this is not the ultimate persuasion of this model. Resorting to Reception Studies as methodological basis and using internet ethnographic as inspiration, comments relating the video of Palmer's project, present at the Youtube and Kickstarter platforms, were analyzed. Thus, it was possible to observe that not only the audiovisual performance is important to move "backers", but also there's a need of previous knowledge of the artist by these financiers.

The recently published Communique on Share Based Crowdfunding represents the first secondary legislation regarding crowdfunding in the Turkish capital market law. Unfortunately, fundraisers have to establish stock corporations in order to collect funds under the system outlined by the Communique. However, establishing the startup company in the form of a stock corporation is not necessary to balance the competing interests of the investors and fundraisers. Legal nature of limited liability companies has nothing to exclude limited liability companies from the scope of crowdfunding. Such regulatory policy may not be deemed appropriate. The choice of startup company type should be seen as an economic rather than legal issue, as this is the necessary liberal view supporting the development of the capital market. Accordingly, limited liability companies should be taken into the system of crowdfunding under the Communique by changing the “share based crowdfunding” regulatory approach to an “equity based crowdfunding”.

El crowdfunding es un concepto muy desarrollado en el ámbito actual de las finanzas. En el post siguiente, desarrollo qué es y cómo funciona el micromecenazgo. ¿Qué es el crowdfunding? El crowdfunding es una financiación colectiva, que se lleva a cabo mediante donaciones económicas o de otro tipo, que invierte en un proyecto concreto, a cambio de una recompensa o participación. La mayoría de financiaciones se desarrollan online. El crowdfunding también es conocido como micromecenazgo. Antes de la aparición del crowdfunding, el emprendedor acudía a una entidad bancaria para solicitar un crédito, un préstamo o una subvención. Otros, incluso, solicitaban ayuda a los familiares o amigos. Con la aparición del crowdfunding, se ha abierto una nueva vía para aquellas personas, que inician un proyecto empresarial.

This new book analyses the strategies, usages and wider implications of crowdsourcing and crowdfunding platforms in the culture and communication industries that are reshaping economic, organizational and social logics. Platforms are the object of considerable hype with a growing global presence. Relying on individual contributions coordinated by social media to finance cultural production (and carry out promotional tasks) is a significant shift, especially when supported by morphing public policies, supposedly enhancing cultural diversity and accessibility.

La crisi economica ha avuto ripercussioni anche su quelle politiche pubbliche e sociali che ricadono maggiormente sulla vita del cittadino. Una panoramica sul modello di business del crowdfunding si declina in quello che viene chiamato civic crowdfunding: un finanziamento che da alcuni anni sta riscuotendo successo e potrebbe essere una soluzione alternativa alla tassazione di comunità molto piccole.

Baru mulai tahun 2000-an, metode crowdfunding mulai digunakan oleh para pengusaha dan pemilik proyek dalam mencari anggaran dana demi mewujudkan proyeknya. Crowdfunding menggunakan internet, yakni website yang didesain sedemikian rupa sebagai media untuk mempertemukan antara para pengusaha pemilik proyek yang menginginkan pendanaan dengan para investor yang hendak mencari proyek untuk berinvestasi didalamnya.

This paper analyzed an implementation of academic crowdfunding in the Research Management Centre in Malaysia. It investigated the effectiveness of academic crowdfunding practice, focusing on two important issues namely the most critical hurdle that might challenge the crowdfunding initiative, and an overview of the crowdfunding model which could be the strategy to support the academic research funding. A case study of qualitative research method, including semi-structured interview sessions were conducted. The finding yielded that there were five potential challenges and the fraud in crowdfunding was the most critical challenge. Besides, the most suitable crowdfunding model for Research Management Centre was the donation crowdfunding for this model does not include the claim of ownership and it is more suitable for the Research Management Centre. This study provides guidelines to academic researchers in the implementation of crowdfunding for their research project and some innovative suggestions to creating the successful crowdfunding campaigns. Abstrak Kajian ini membincangkan pelaksanaan pendanaan masyarakat di Pusat Pengurusan Penyelidikan di Malaysia. Untuk mengenalpasti keberkesanan di dalam pedanaan masyarakat ini, penyelidik akan memberikan tumpuan kepada dua isu penting iaitu; halangan yang paling kritical dalam mencabar inisiatif pendanaan masyarakat; dan gambaran keseluruhan dalam model pendanaan masyarakat yang boleh dijadikan sebagai strategi dalam menyokong pembiayaan penyelidikan akademik. Di dalam kajian ini juga, penyelidik akan menjalankan kajian kes melalui kaedah penyelidikan kualitatif iaitu temu bual separa struktur untuk menyiasat kaitan dan kepentingan perlaksanaan pendanaan masyarakat di Pusat Pengurusan Penyelidikan. Seterusnya, kajian ini juga akan mencadangkan beberapa cadangan yang inovatif dan juga amalan yang terbaik bagi meningkatkan keberkesanan pendanaan masyarakat. Kesimpulannya, penyelidik bersetuju bahawa pendanaan masyarakat mungkin menjadi paradigma yang dapat membantu untuk memperolehi dana bagi penyelidikan akademik di Malaysia. Kata kunci: Pendanaan masyarakat, dana penyelidikan akademik, Malaysia

The digital age has changed the way we consume information and left organizations struggling to adapt to new technologies and information exchange mechanisms. Civic crowdfunding is one such new technology that has the potential to redefine what local government means from an individual and administrative perspective, but there remains little knowledge about what it is and where it fits in the public space. This research attempts to unravel these questions by providing an overview of the field of civic crowdfunding and explaining what types of projects are undertaken, what projects are successfully funded, and what factors lead to successful projects.

Crowdfunding, an alternative means of raising funds for a business venture or social cause through online platforms, is a multi-billion dollar global industry expected to surpass the size of the global venture capital industry. In the Philippines, however, it is still in its early stages of growth. Despite its low popularity, several projects have been completed successfully, some of which eventually progressed into viable business startups. Using the pattern-matching technique of Robert Yin's multi-case study approach, this paper offers an explanation of what influences a crowdfunding project's success. Drawing on five cases of completed crowdfunding projects in the Philippines, analyzed using Ethan Mollick's crowdfunding success model, this paper suggests that social networks, funding targets, funding duration, platform endorsement and underlying project quality are closely associated with project success in the Philippine context.

A US based company, Sagoon INC collected investment of more than 5 million USD form Nepali community living across the world. Manly in 2017 and 2018, founders of company misguided, lied and made commitments of impossible project development plans, that attracted innocent people to invest. Eventually the fund is misused by the founders and company has serious going concern as no operating fund remains.  However, hiding the reality and showing fake progress data, the founders are still trying the raise investments for common people.     
This is an investigative reporting by Nepali Journalists Prabesh Subedi and Umesh Shrestha for Center for Investigative Journalism, Nepal.

This article presents a review and discussion of Tim Ancev’s article titled ‘Equity crowdfunding in Australia: a regulatory balancing act’ (2015) 33 Company and Securities Law Journal 352. The article discusses the emerging issues surrounding equity crowdfunding and the manner in which technology is presenting new challenges for regulators. Ancev’s article provides a good overview of the topic and recommends an experimental path forward through this uncertain future.

Technology is rapidly is changing the way we think about money. Digital payment has been slow to take off in the United States but is displacing cash in countries as diverse as China, Kenya, and Sweden. In Reimagining Money, Sibel Kusimba describes the rise of M-Pesa, and offers a rich portrait of how this technology changes the economic and social landscape, allowing users to create webs of relationships as they exchange, pool, borrow, lend, and share digital money in user-built networks. These networks, Kusimba argues, will shape the future of financial technologies and their impact on poverty, inclusion, and empowerment. She describes how urban and transnational migrants maintain a presence in rural areas through money gifts; how families use crowdfunding software to assemble donations for emergency medical care; and how new financial groups invest in real estate and fund weddings. The author presents fascinating accounts that challenge accepted wisdom by examining the notion of money as wealth-in-people-an idea long-cultivated in sub-Saharan Africa and now brought to bear on the digital age with homegrown financial

The following report assesses BrewDog’s supply chain, including its supply chain network and main partners. The report also examines the role of logistics within its supply chain, focusing on areas which have been pivotal to the brands success, such as inventory management and warehousing. Lastly, the report discusses how the company has developed its global reach, including its sustainability efforts.

Crowdfunding is an innovative financial measure that is increasingly important in supporting sustainability initiatives. However, little research-based theory has been devoted to crowdfunding in light of the Sustainable Development Goals (SDGs). To bridge this gap, this study utilizes theories of value-attitude-behavior (VAB) model and personality to investigate Korean consumer crowdfunding behavior for sustainability initiatives in relation to the United Nations 17 SDGs. Seven hypotheses related to value, attitude, personal norm, and social norm on sustainability, and participation in sustainability crowdfunding are offered, with personality as a moderator. The findings revealed that value has substantial impacts on attitude, personal norm, and social norm. Attitude, personal norm, and social norm on source are found to have positive impacts on participation. Conscientiousness, extraversion, agreeableness, and neuroticism have partial moderating effects on the VAB model. These results offer theoretical and empirical contributions to sustainability crowdfunding in light of the SDGs.

The rise of disruptive digital technologies for financial services, like peer-to-peer (P2P) crowdfunding, indicates new ways to access alternative financing over traditional financing. This research contributes to the nascent literature on digital finance in real estate crowdfunding, and its potential of being applied to public housing. The idea of such a platform on the blockchain is this paper’s second conceptual innovation. The rationale is to illustrate the significance of crowdfunding to alternative financing even for the public sector, and how blockchain technology might improve the weaknesses of crowdfunding. The real estate industry needs to embrace new solutions, capable of dealing with its traditional problems and to increase efficiency, sustainability,  accountability and prevent market failures within the economy. In this new market environment, we review real estate crowdfunding acceptance in the US, Europe and Asia as well as conceptualize tech-enhanced platform that adopts the blockchain to improve the crowdfunding process for real estate public housing. This can be achieved by exploring new peer-to-peer (P2P) opportunities with better management of information and reduction in origination costs.

Many countries are exploring the role that crowdfunding can play in their strategies to create jobs, expand entrepreneurship and drive innovation. This was why the Chilean Ministry of Economy, Development and Tourism and the Multilateral Investment Fund (MIF), a member of the International Development Bank Group, sought the assistance of Crowdfund Capital Advisors (CCA).

The report was presented at the Faculty of Business and Economics at the University of Chile on July 13, 2015. The report delivers actionable strategies to drive job creation, innovation and entrepreneurship.

The recommendations leverage CCA’s research methodology that included face-to-face interviews with over 50 startup/SME ecosystem stakeholders, surveys, research and analysis. The research mapped the current ecosystem, identified challenges and gaps in funding and identified opportunities for increasing GDP growth that are tied to job creation, innovation and entrepreneurship. Based on the analysis, detailed recommendations were made for all parts of the ecosystem: startups/SMEs, professional investors, government agencies, regulators, the Chilean crowdfunding industry, accelerators, incubators, universities, and the general public.

While Chile has been a global leader in the promotion of entrepreneurs via Start-Up Chile and its very active, pro-entrepreneurial government agency, Corfo, challenges remain. These include the current gaps in investing in startups and SMEs, the departure from Chile of promising companies in search of follow-on capital (taking with them both intellectual property and jobs), and the challenge that even successful companies may face in securing financing from the banking sector.

In an opening statement at the event, Koldo Echevarria, the IDB Country Representative in Chile, discussed the importance of entrepreneurship, innovation and job creation as the hallmark of a strong economy. The Minister of Economy, Development and Tourism, Luis Felipe Céspedes, reiterated that thought by saying, “In order for a country to be productive and grow, it must create and fund new ideas.” Crowdfunding has proven, both in Chile and in a number of other countries, that it can accomplish these tasks.

CCA performed a Crowdfund Readiness SurveyTM (CRS) that analyzed cultural, social, technological, and regulatory variables necessary for crowdfunding to succeed. It revealed that Chile has 86% of the variables required for a successful crowdfunding ecosystem – a very positive sign. The report proposes a regulatory framework for crowdfunding in Chile. Specific recommendations include the establishment of securities-based crowdfunding to build regulatory capacity, enhance entrepreneur capacity and to raise investor awareness through education and training.

Like many nations CCA works with, Chile has a culture with low risk tolerance and low trust in business transactions. The report discusses how technology and a structured implementation approach can be used to facilitate trust and transparency and mitigate risk.

CCA met with the nation’s platforms while in Chile to discuss its recommendations and to support a vibrant industry association. The Chilean Crowdfunding Association must play an important role as the market grows. It also includes recommendations for co-investment programs to engage traditional players with the crowd. While these changes cannot happen overnight, we believe that with careful implementation of a structured approach, the ability to trust can be increased, and institutions and individuals can learn methodologies to expand their ability to risk.

“Like many countries, Chilean finance and technology pioneers are already utilizing securities crowdfunding even though its legality has been questioned,” says CCA principal Sherwood Neiss. “These platforms are highly motivated to create a transparent, efficient, and collaborative industry that works with the Chilean government to create balanced regulation and a successful crowdfunding marketplace.” Jason Best, CCA Principal added, “By utilizing The CCA Balanced Stakeholder Framework™, Chile can create regulation that addresses issues that currently inhibit early-stage funding and craft a regulated framework that seeks to provide investor protection, capital for SMEs, and transparency for regulators, in order to foster the proliferation of crowdfunding platforms.”

This research paper aims to shed light on the risks associated with reward-based crowdfunding by investigating the impact reward delivery delays have on both those that seek funds (project creators) and those that fund projects (funders). The ways by which individuals in the crowd make their funding decisions and the factors that cause delivery delays were also investigated. 
Data was collected from the two populations that make up the crowdfunding community – funders and project creators. For project creators, semi-structured interviews were conducted while a self-administered web based questionnaire was used to retrieve data from funders.
The findings reveal that: - delivery delays have various impacts on funders some of which may be detrimental to the sustainability and growth of crowdfunding; the advantages of crowdfunding outweigh the risks for project creators; the crowd employs various best practices before funding a project; and majority of funders feel that crowdfunding platforms need to take a more active role in protecting them.
The paper then concludes with implications and recommendations for project creators and crowdfunding platforms.

Crowd funding is an online money-raising strategy that began as a way for the public to donate small amounts of money to help creative people finance their projects. Through crowdfunding, individuals are able to invest in entrepreneurial start-ups through an intermediary, such as a broker-dealer. The problem with the current sites is they don't provide the Donor Guarantee Policy and they don't have control over the money they donated. This paper is to propose crowdfunding using blockchain technology. Through this, we can provide a safe, secure and transparent way for crowdfunding. This work of this paper is to provide interactive forms for campaign creation, donation and request approval through which both campaign creators and donors can easily create and fund the campaigns. The Donor can able to track the money that they were sent. The Blockchain will record all the transaction and store as a block.

Crowdfunding is regarded as a novel way of collecting money for innovators to introduce products or services they ultimately wish to launch. The question arises, however, of what makes funding projects on these online platforms, with their different features of project evaluation and risk management, more successful than traditional fundraising approaches. We examine this question in the context of a preordering model, which is also known as the reward-based crowdfunding model. A large-sample data analysis based on 116,956 crowdfunding projects on Kickstarter showed that most founder (i.e., identity disclosure and prior experience) and project (i.e., comments, updates, description elaborateness, and campaign duration) features have a positive effect on successful crowd fundraising. We also found a negative relationship between the funding goal amount and successful fundraising. Our findings may contribute not only to knowledge accumulation in crowdfunding research, but also to founders by offering evidence-based guidelines on the design of successful crowdfunding projects in an online fundraising platform.

This book is a practical guide to collecting contemporary art using the tools available online and on any smartphone or tablet, with a special focus on digital art and the particular advantages and challenges it presents to collectors. The guide is intended for anyone who would like to collect art, regardless of their knowledge of the art market—or their budget.
The volume is divided into three parts: two separate (but related) manuals and a troubleshooting guide for collectors of digital art.

This excerpt includes the first chapter from each part of the book.

Published by Printer Fault Press in Frankfurt
Language: English
Size: 21,8 x 15 x 3,5 cm
Pages: 416
ISBN: 978-84-09-23382-3

La profonda recessione e lo sviluppo della tecnologia Web 2.0, hanno rappresentato
il terreno fertile per la nascita del Crowdfunding. Il termine, che letteralmente
indica “finanziamento dalla folla”, definisce lo sforzo comune di un gruppo di
individui, facenti parte di una comunità virtuale, di sostenere e rendere realizzabili,
con piccoli ma preziosi contributi, progetti e/o iniziative di persone e di
organizzazioni. Laddove il concetto di colletta non è di certo nuovo, ciò che rende
il Crowdfunding una vera innovazione è la sua ineguagliabile forza di aggregare,
non solo idee, ma soprattutto persone superando i confini geografici.
Sebbene le prime esperienze di colletta on-line si riscontrino soprattutto in ordine
a progetti ed iniziative essenzialmente culturali o a sfondo sociale, ad oggi il fenomeno del Crowdfunding ha assunto una dimensione economica tale da farlo assurgere ad asset di sviluppo e di ripresa del sistema economico. Difatti, mentre i
sistemi di credito tradizionali non sono più in grado di accogliere o recepire il valore
di un’iniziativa, il finanziamento dal basso si pone come una effettiva modalità di
raccolta di capitali preziosi, utili sia al finanziamento che allo sviluppo di realtà
imprenditoriali. Si tratta di una possibilità concreta, il cui riscontro non è solo
auspicato ma ampiamente confermato dalla continua diffusione e declinazione del
fenomeno in diversi modelli, tendenza che mostra la capacità di questo nuovo
strumento di sostenere fattivamente i vari settori dell’economia, dal no-profit alle
imprese business-oriented.
In tema di Crowdfunding l’Italia vanta un importante primato. Il Bel Paese è stato il
primo a livello mondiale a dotarsi di una regolamentazione ad hoc per l’equity
crowdfunding. L’impegno del legislatore a legittimare questo nuovo strumento a
servizio delle imprese rappresenta un primo, si auspica non l’ultimo, grande passo
verso la definizione e l’adozione di regolamenti e modelli in grado di sostenere lo
sviluppo economico e, contemporaneamente, contribuire a generare un ambiente
non ostile alla nascita e alla ideazione di progetti ad alto valore innovativo. A valle di tali considerazioni il lavoro di tesi intende svolgere un’analisi accurata e dettagliata dello state dell’arte in Italia. Il Crowdfunding è un fenomeno relativamente nuovo, uno strumento dalle diverse potenzialità e implicazioni, dunque, l’obiettivo è individuare i molteplici vantaggi che esso può offrire, nonché, evidenziare le varie criticità che questo strumento può porre. L’analisi verte sulle dinamiche che governano il fenomeno, al fine di individuare modelli in grado di indirizzare promotori ed organizzazioni nell'utilizzo di questo strumento innovativo.
Il lavoro di tesi proposto vuole offrire, dunque, un indirizzo alla istituzioni e al
tessuto imprenditoriale per comprendere e cogliere le possibilità offerte dal
Crowdfunding.  Nel primo capitolo verranno affrontati gli aspetti definitori, l’origine ed evoluzione del fenomeno, nonché i diversi modelli sin oggi riscontrati. Inoltre saranno
identificati gli attori coinvolti nel processo di finanziamento dal basso ed il loro
ruolo. Il secondo capitolo si caratterizza per la specificità con cui ogni singola fase del
processo di finanziamento dal basso viene analizzata. Lo scopo principale è costruire
una finestra di discussione sui principali aspetti qualitativi e quantitativi del
fenomeno, al fine di identificare un modello di governo delle relazioni e dell’aspetto
finanziario, finalizzato ad un impiego adeguato del Crowdfunding. Alla SWOT
Analysis seguirà l’identificazione delle varie fasi del processo di finanziamento. Ogni
fase richiede di essere valutata ed analizzata alla luce delle aspettative, dei benefici
e delle modalità d’interazione tra i vari attori. Con il sostegno della teoria economica
si valuterà, inoltre, l’effetto delle asimmetrie informative, si cercheranno di
identificare i fattori key factor che, grazie al successo di campagne nazionali ed
internazionali, possono essere osservati in maniera più o meno determinante.
Saranno analizzate le forti implicazioni relazionali e la centralità del capitale sociale
dei proponenti, che nel processo di raccolta di finanziamenti dal basso si arricchisce
delle relazioni instaurate con i crowdfunders.
Infine, si esplorerà la correlazione tra il crowdfunding e la finanza etica, un connubio
in grado di rendere sostenibili le nostre economie, troppo spesso malate.
Dopo aver illustrato il meccanismo di funzionamento del Crowdfunding, le
opportunità che esso riserva e, chiaramente, le relative minacce, la nostra attenzione
si concentrerà sulle imprese business-oriented. La cronica difficoltà delle imprese,
soprattutto di piccole-medie dimensioni, di ottenere finanziamenti dal sistema
bancario o di catalizzare l’attenzione di Venture Capital e Business Angel, viene colta
nel Crowdfunding come un’opportunità. I modelli equity e reward, anche se con
modalità differenti di funzionamento, si stanno gradualmente affermando quali
strumenti di sostegno dello sviluppo d’impresa, e appaiono legittimati a divenire a
breve parte integrante delle fonti cui le imprese attingono normalmente per il loro
sviluppo. Attraverso l’equity e il reward potremmo osservare come progetti
destinati, a causa delle attuali condizioni del sistema creditizio, a rimanere in stato
embrionale si siano invece presentati alle folle riuscendo ad emergere con buone
9 | P a g .
possibilità di sviluppo e crescita. Il Crowdfunding potrebbe divenire l’antidoto
contro l’elevato tasso di mortalità delle start-up (innovative e non) italiane. Nel terzo
capitolo verranno, dunque, illustrati i due modelli ponendo l’enfasi sul loro ruolo
nella creazione e nella definizione di strategie di crescita aziendale. Verranno inoltre
discussi gli interventi normativi del legislatore e delle Autorità di settore, nonché gli
indirizzi della Commissione Europea, cercando di porre in evidenza la matrice di
vantaggi e svantaggi che da tale disciplina potrebbero derivare per il tessuto
economico italiano.
Dopo aver inquadrato il fenomeno a livello teorico il lavoro di tesi si conclude con
una indagine conoscitiva sul mercato del Crowdfunding in Italia. L’analisi, finalizzata
alla comprensione delle dinamiche e delle prospettive di sviluppo del finanziamento
dal basso, intende offrire una chiave di lettura delle principali dinamiche quali-quantitative
che governano il fenomeno a livello nazionale. Il lavoro di tesi proposto
apre una finestra di discussione sullo stadio dell’arte in Italia, tracciando possibili
scenari d’indagine futuri, fornendo al contempo, ad istituzioni e operatori del
settore, un quadro sistemico delle possibilità e criticità che a livello nazionale
vengono prospettandosi nel mercato del Crowdfunding.

Malgré les critiques dont « l’économie collaborative » a été récemment la cible, le crowdfunding continue de véhiculer la positivité des valeurs de la participation, du partage et de l’empowerment des utilisateurs qui ont encadré le développement de la « nouvelle économie ». Pour tant, les mutations idéologiques du capitalisme contemporain incitent à reconsidérer ces modèles de financement dits « alternatifs » ou « disruptifs » à la lumière des affinités électives qu’ils entretiennent avec elles.

This is a case study of Spotify's related artist network of Dutch drum and bass artist Noisia, incorporating a critical perspective of data and streaming platforms, it argues that network theory can help deal with the deluge of online data by showing artists and music business professionals how to see relationships instead of mere isolated events. The case study applies network theory and methods within a datacritical context. Three core measures are employed to determine different kinds of powerful actors (as in artists on Spotify) in a particular network. The analysis uncovers how each actor is embedded in networked structures of relationships that provide opportunities, constraints, coalitions, and workarounds. The consequence of the network being algorithm-generated is also considered, as it was found that this creates a situation that differs from regular social networks.

This paper examines the performance of cryptocurrencies issued in initial coin offerings (ICOs) over a three-year period after the initial exchange listing. Average (median) ICO underpricing amounts to 15% (3%), even though 4 out of 10 ICOs destroy value on the first trading day. Liquidity, market capitalization, and high-low price ratios predict returns. Long-run buy-and-hold returns are positive for the mean and negative for the median. For holding periods between one and twenty-four months, the median ICO depreciates by 30%. Evidently, there is substantial positive skewness in the cryptocurrency market. Further, a size effect emerges from the data as an empirical regularity: Large ICOs are more often overpriced and underperform in the long run. JEL classification: G24, G32, K22, L26.

Yatırımın ve girişimci olunmasının önemine binaen istisnasız tüm ülkeler çalışmalar yapmaktadır. Ülke yönetimleri tarafından halklara telkinlerde bulunulmakta ve gerektiği hallerde teşvikler sağlanmaktadır. Tüm bu olumlu temayüle rağmen yatırımcıların veya girişimcilerin karşılaştığı en büyük problem hâlâ sermaye yetersizliği veya sermayeye erişim olarak karşımıza çıkmaktadır.
Türkiye finansal sisteminde yatırımcıların yararlanabileceği birçok borçlanma aracı bulunmaktadır. Lakin bu araçların büyük bir yekûnu Müslüman Türk toplumunun faiz hassasiyeti yani faizin haram oluşu (Bakara, 275) vesilesiyle kullanabileceği araçlar olmamaktadır. Türk bankacılık sisteminin %5’ine sahip (Canbaz, 2016, s.207) olan İslami bankaların (Katılım Bankaları) bu konuda belirli bir boşluğu doldursa dahi yetersiz olduğu görülmektedir. Tüm Dünyada büyümekte ve gelişmekte olan İslami finans kurumları yeni fonlama araçlarına ihtiyaç duymaktadır. Bu ihtiyaca binaen yapılan bu çalışmada amaç Türkiye’de henüz yeterince bilinmeyen ve farklı modelleri ile İslami fonlama kaidelerine uygun olarak nitelendirebileceğimiz “Kitle Fonlaması Yöntemi”ni tanıtmak ve yatırımcılara sahip olabilecekleri alternatif bir fonlama modeli sunmak olacaktır.
Kitle fonlaması, modern finansal bir sistem olup fikir sahiplerinin girişimlerini veya projelerini hayata geçirebilmeleri için ihtiyaç duydukları finansal desteği, ortak bir ağ üzerinde buluşan ve finansmana konu olan girişime/projeye ilgi duyan kitlelerden elde etmeleri anlayışı doğrultusunda çalışır. Finansmana ihtiyacı olanlar yatırım yapacak kitleye doğrudan başvurur. İletişim ise kitle fonlamasına aracılık ile uğraşan internet siteleri vasıtasıyla sağlanır. Bu çalışmada kitle fonlaması yöntemi hakkında kaynak tarama yapılacak ve İslami finans yöntemleri ile benzerlikleri ortaya koyulacaktır. Çalışmanın İslami Finans yöntemlerine ve İslami hassasiyeti olan veya olmayan tüm yatırımcılara alternatif bir finansal araç olarak katkı sağlayacağı düşünülmektedir.

This paper discusses about the design and development of Fundtheneedy, a crowdfunding app based in Laravel technology. The project has been designed in waterfall software development methodology. After the implementation of this model an initial design of the app is formed with use cases and various other UML diagrams including other aspects of the project such as costs and maintenance. This app is intended to promote social welfare through crowdfunding.

In the marketing mix, promotion is mentioned as using the communication channels available to present and market the product or service at hand. In recent years, social media has risen as an influential marketing communication channel in digital space. Apart from end-to-end direct messengers and video communication in times of the COVID-19 pandemic, the social media channel Clubhouse offers an audio-only experience. The current research lacks analysis of the potential influence of the hyped social network. Due to the novelty of the channel and the absence of text messages as well as visual stimuli, questions regarding the impact that usage of this social media channel might have on crowdfunding, a means of rising popularity in alternative financing, have arisen. The study builds upon the media richness theory of Daft and Lengel as well as the channel expansion theory of Carlson and Zmud. Besides literature research, explorative expert interview analyses were applied to answer the research question at hand. The main findings include different approaches to foster the opportunities of Clubhouse for marketing crowdfunding campaigns in line with insights about the user group of Clubhouse as well as development options for the platform.

Italian films are typically financed through the same formula and it appears that at this stage of the production process there is little room for alternative possibilities. Starting from this prelimi- nary consideration, the article aims to demonstrate that alternative sources of financing exist, and moreover can generate positive benefits for the films themselves, both in economic and aesthetic terms. To do so, the article analyses the financing of In grazia di Dio (Edoardo Winspeare, 2013). To make the film, the producers invented an innovative tool that they called “pacco-baratto”, which is based on the free donation of goods and services by the local community. The article first investigates analogies and differences between the pacco-baratto method, on the one hand, and barter placement and crowd funding on the other. Second, it shows how pacco-baratto can improve the textual and extra-textual qualities of the film.

Crowdfunding is an emerging model of finance whereby backers gather online to fund projects, event, causes or events. Online consumption communities OCC play an important role in removing temporal and spatial boundaries by allowing consumers to convene online over a shared consumption interest. In this paper, we try to understand the impact of online consumption community membership on crowdfunding project success. We build on the online consumption community literature to structure our argumentation and develop our hypotheses. We then apply sophisticated statistical models on a rich dataset integrated from multiple data sources to test our hypotheses. Our analysis suggests that online consumption community membership is significantly associated with higher likelihood of crowdfunding project success. We argue that this impact is due to increasing the project exposure to the right set of potential backers who share the same funding interest. This can circumvent the need for pre-existing backers who are able to pledge to the project and thus lead to more success. Our study provides an important extension to the crowdfunding body of knowledge through introducing the concept of online consumption community and testing its impact on crowdfunding success. The study also provides insightful practical implications for all parties in the crowdfunding ecosystem, including project creators, backers, and platform designers.

Abstract
In the context of a financial and housing crisis, accompanied by credit constraints, a new alternative has recently emerged for those wanting to invest in real estate markets: real estate crowdfunding. Crowdfunding, which was originally intended to fund social projects through donations or loans from a large pool of individuals via Internet platforms, has developed into a more sophisticated method of financing. This is the case of real estate crowdfunding, a type of equity crowdfunding that aims to make housing investment available to retail investors, although several hazards have been detected that make these investments less secure. This paper addresses these hazards, analyses the information provided by five Spanish crowdfunding platforms to retail investors and determines whether or not real estate crowdfunding platforms in Spain, as a sharing economy mechanism, are making a contribution to the development of the housing market.

A diversi anni dalla nascita di siti internet come Kickstarter, Indiegogo, Eppela o Ulule, per citare alcune piattaforme tra quelle maggiormente note in Italia, il concetto di finanziamento dal basso è divenuto una realtà molto diffusa. Si parla infatti oggi di crowdfunding, definendo questo fenomeno come “la pratica di finanziare un progetto o un'impresa raccogliendo molte piccole donazioni di denaro da un largo bacino di utenza, tipicamente attraverso internet”.

Nel corso degli ultimi anni il numero di piattaforme che ospitano questo tipo di servizi è, a livello globale, esploso, e parallelamente si ha avuto un enorme incremento nella quantità di capitale mosso dal crowdfunding. Esso è dunque ormai divenuto uno strumento finanziario di primaria importanza, che, in vista dell’importanza che ricoprirà negli anni a venire, ritengo possa essere utile studiare ed analizzare.

Quanto ho sviluppato si concentra in particolare sul ruolo che il crowdfunding può e potrà avere nella produzione di prodotti cinematografici. Casi come Kung Fury (id., Sandberg, 2015), Iron Sky (id., Vuorensola, 2012) o Veronica Mars - Il Film (Veronica Mars, Thomas, 2014) mostrano che è infatti possibile produrre cinema indipendente finanziando del tutto o in parte il progetto tramite crowdfunding.

Cet article a pour objectif de montrer comment le crowdfunding peut être peut être un catalyseur de l’entrepreneuriat au Maroc.
A cet effet, nous proposons d’élucider dans une première section, le concept du crowdfunding, son mode de fonctionnement et ses différentes typologies.
Dans la deuxième section nous mettons en exergue l’état des lieux du crowdfunding et son développement dans le monde.
Enfin, nous montrons comment l’usage du crowdfunding est un levier pour la promotion des initiatives entrepreneuriales au Maroc et nous présentons les obstacles qui entravent les entrepreneurs marocains à recourir à cette technique.

O trabalho objetiva o estudo de processos colaborativos online, especificamente a prática de
crowdfunding ou financiamento coletivo, entendida como um sistema cooperativocomunicativo
de produção-consumo capaz de propor uma experiência singular aos que dela
participam. A partir de uma topologia do ciberespaço o estudo aponta os lugares e territórios
pelos quais transitam os cibereseres, vivenciando experiências como multidão e como
públicos, cuja convocação à participação é fundamental ao sucesso desta prática permeada
pelos valores conferidos à cibercultura. O financiamento coletivo é marcado por uma forte
interação entre a tríade relacional, formada pelo proponente, o colaborador e a plataforma.
São nas formas de interação entre estes três vértices que se situa o estudo, calcado numa
perspectiva praxiológica, para entender como a prática obtém sucesso num contexto
cibercultural em que a disputa pela atenção da multidão e dos públicos é intensa. Dois estudos
de caso fazem parte do corpus da pesquisa, os projetos de quadrinhos Gnut e Shogum dos
Mortos, ambos locados na plataforma brasileira Catarse. Através de uma cibertopologia do
ciberespaço, a análise dos projetos revela que a prática busca estabelecer seu lugar a partir da
proposição de uma experiência singular de consumo na web passível de ser percebida também
em outros processos colaborativos online.