Skip to main content
SpringerLink
Log in
Book cover

International Conference on Intelligent Networking and Collaborative Systems

INCoS 2019: Advances in Intelligent Networking and Collaborative Systems pp 544–555Cite as

Crowdfunding – An Innovative Corporate Finance Method and Its Decision-Making Steps

  • Conference paper
  • First Online:

Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 1035))

Abstract

Crowdfunding represents a rather novel alternative of funding new ventures, and has gained increased attention during recent years. However, a distinct positioning of crowdfunding within the range of alternative financial methods and a systematization and preparation of complex decision-structures of the crowdfunding concept in terms of decision making aspects has remained largely unexplored. This research (i) gives a well-defined classification of crowdfunding compared to other financing methods and (ii) provides a clear picture of decision-making steps within the triadic relationship of involved actors.

This is a preview of subscription content, log in via an institution.

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   189.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD   249.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

References

  1. Ahlers, G., Cumming, D., Günther, C., Schweizer, D.: Signaling in equity crowdfunding. Entrepreneurship Theory Pract. 39(4), 955–980 (2015)

    Article  Google Scholar 

  2. Babbage, C.: On the Economy of Machinery and Manufactures. Lnd. Knight (1831)

    Google Scholar 

  3. Beaulieu, T., Saker, S.: A conceptual framework for understanding crowdfunding. Commun. Assoc. Inf. Syst. 37, 1–31 (2015)

    Google Scholar 

  4. Bechter, C., Jentzsch, S.M.: From wisdom of the crowd to crowdfunding. J. Commun. Comput. 9(1), 951–957 (2011)

    Google Scholar 

  5. Bellefamme, P.T.: Crowdfunding: tapping the right crowd. J. Bus. Ventur. 29(5), 585–609 (2014)

    Article  Google Scholar 

  6. Bradford, S.: Crowdfunding and the federal securities laws. Columbia Bus. Law Rev. 24(4), 1–150 (2012)

    Google Scholar 

  7. Brettel, M.: Business angels in Germany: a research note. Int. J. Entrepreneurial Finan., 251–268 (2010)

    Google Scholar 

  8. Busse, F.-J.: Grundlagen der betrieblichen Finanzwirtschaft, 5th edn. Oldenbourg, München (2003)

    Book  Google Scholar 

  9. Busse, V.: Crowdfunding - an empirical study on the entrepreneurial viewpoint. In: Fatos, X., Barolli, L., Gregus, M. (eds.) Advances in Intelligent Networking and Collaborative Systems: The 10th International Conference on Intelligent Networking and Collaborative Systems, pp. 306–318 (2018)

    Google Scholar 

  10. Cassar, G.: The financing of business start-ups. J. Bus. Ventur. 19(2), 261–283 (2004)

    Article  Google Scholar 

  11. Castelfranchi, C., Falcone, R.: Principles of Trust, pp. 55–99. Kluwer (2001)

    Google Scholar 

  12. Catalini, C., Fazio, C., Murray, F.: Can equity crowdfunding democratize. Innov. Sci. Rep., 1–16 (2016)

    Google Scholar 

  13. Cumming, D., Zhang, M.: Angel Investors Around the World. Elsevier, Amsterdam (2016)

    Book  Google Scholar 

  14. Denis, D.: Entrepreneurial finance: an overview of the issues and evidence. J. Corp. Finan. 10, 301–326 (2004)

    Article  Google Scholar 

  15. Duoqi, X., Mingyu, G.E.: Equity-based crowdfuning in China: beginning with the first crowdfunding financing case. Asian J. Law Soc. 4, 81–107 (2017)

    Article  Google Scholar 

  16. Gerber, E., Hui, J.: Crowdfunding: motivations and derterrents for participation. ACM Trans. Comput.-Hum. Interact. 20, 1–32 (2013)

    Article  Google Scholar 

  17. Gobble, M.: Everyone is a venture capitalist. Res. Technol. Manag. 55, 4 (2012)

    Article  Google Scholar 

  18. Gompers, P.: Optimal investment, monitoring, and the staging of venture capital. J. Finan. 50, 1461–1489 (1995)

    Article  Google Scholar 

  19. Gompers, P., Gornall, W., Klaplan, S., Strbulaev, I.: How do venture capitalists make decisions. SSRN Electron. J. (2016)

    Google Scholar 

  20. Hoegen, A., Steininger, D.V.: How do investors decide? An interdisciplinary review of decision-making in crowdfunding. Electron. Markets 28, 339–365 (2018)

    Article  Google Scholar 

  21. Kaczor, S., Kryvinska, N.: It is all about services - fundamentals, drivers, and business models. Soc. Serv. Sci. J. Serv. Sci. Res. 5(2), 125–154 (2013)

    Article  Google Scholar 

  22. Kryvinska, N.: Building consistent formal specification for the service enterprise agility foundation. Soc. Serv. Sci. J. Serv. Sci. Res. 4(2), 235–269 (2012)

    Article  Google Scholar 

  23. Kryvinska, N., Auer, L., Strauss, C.: The place and value of SOA in building 2.0-generation enterprise unified vs. ubiquitous communication and collaboration platform. In: Mauri, J.L., Meloche, J.A., Balandin, S., Ibrohimova, M., Nakata, J. (eds.) The Third International Conference on Mobile Ubiquitous Computing, Systems, Services and Technologies. IEEE Press, Piscataway, pp. 305–310 (2009). https://doi.org/10.1109/ubicomm.2009.52

  24. Kryvinska, N., Strauss, C., Zinterhof, P.: Migration strategies, planning methodologies, architectural design principles. In: Xhafa, N.B. (ed.) Next Generation Service Delivery Network as Enabler of Applicable Intelligence in Decision and Management Support Systems, pp. 473–502. Springer, Berlin (2011)

    Google Scholar 

  25. Lee, S., Persson, P.: Financing from family and friends. Rev. Finan. Stud. 29, 2341–2386 (2016)

    Article  Google Scholar 

  26. Li, Y., Rakesh, Reddy: Project success predicting crowdfunding. In: The ACM Guide to Computing Literature (2016)

    Google Scholar 

  27. McKaskill, T.: Raising Angel and Venture Capital Finance. Breakthrough Publications, Melbourne (2009)

    Google Scholar 

  28. Mladenow, A., Bauer, C., Strauss, C., Gregus, M.: Collaboration and locality in crowdsourcing. In: 7th International Conference on Intelligent Networking and Collaborative Systems (INCoS 2015), 2–4 September 2015, Taipei, Taiwan (2015). https://doi.org/10.1109/incos.2015.74

  29. Mollick, E.: The dynamics of crowdfuning: an exploratory study. J. Bus. Ventur. 29, 1–16 (2014)

    Article  Google Scholar 

  30. Moritz, A., Block, J., Lutz, E.: Investor communication in equity-based crowdfuning: a qualitative empirical study. Qual. Res. Finan. Mark. 7, 309–342 (2015)

    Article  Google Scholar 

  31. n.d. (22 März 2019). Kickstarter. Von https://www.kickstarter.com abgerufen

  32. n.d. (22 März 2019). IndieGoGo. Von https://www.indiegogo.com abgerufen

  33. Naudé, P., Sutton-Brady, C.: Relationships and networks as examined in Industrial Marketing Management. Ind. Mark. Manag. 79, 27–35 (2019)

    Article  Google Scholar 

  34. O’Conner, J., Robertson, E.: Longitude and academie royale. In: Mac Tutor History of Mathematics (1997)

    Google Scholar 

  35. Paschen, J.: Choose wisely: Crowdfunding through the stages of the startup life cycle. Bus. Horiz. 60, 179–188 (2017)

    Article  Google Scholar 

  36. Pavlou, P., Gefen, D.: Building effective online marketplaces with institution-based trust. Inf. Syst. Res. 15, 37–59 (2004)

    Article  Google Scholar 

  37. Peisl, T., Raeside, R., Busse, V.: Predictive crowding: the role of trust in crowd selection. In: 3E Conference Ireland, pp. 1–19 (2017)

    Google Scholar 

  38. Poets, M., Schreier, M.: The value of crowdsourcing: can user really compete with professionals in generating new product ideas? J. Prod. Innov. Manag. 29, 245–256 (2012)

    Article  Google Scholar 

  39. Rossi, M., Thrassou, A., Vronits, D.: Open Innovation Systems and New Forms of Investment: Venture Capital’s Role in Innovation. Cambridge Scholar Publishing, Newcastle upon Tyne (2013)

    Google Scholar 

  40. Schwienbacher, A., Laaralde, B.: Crowdfunding of Small Entrepreneurial Ventures. Oxford University Press, Oxford (2010)

    Book  Google Scholar 

  41. Shirky, C.: Clay shirky talks JOBS act and the new business ecosystem (2012). (E. Blattberg, Interviewer)

    Google Scholar 

  42. Sickinger, M.D.: Überblick zu Börsensegmenten, Zugangsvoraussetzungen und Folgepflichten. Münchner Kapitalmarkt Konfernez. Heuking Kühn Wojtek, München (2017)

    Google Scholar 

  43. Sigar, K.: Fret no more: inapplicability of crowdfunding concerns the internet age and the JOBS Act’s safeguards. Adm. Law Rev. 64, 474–505 (2012)

    Google Scholar 

  44. Sullivan, B., Ma, S.: Crowdfunding: Potential Legal Disaster Waiting to Happen, pp. 474–505. Forbes (2012)

    Google Scholar 

  45. Valanciene, L., Jegeleviciute, S.: Valuation of crowdfuning: benefits and drawbacks. Econ. Manag. 18, 39–48 (2013)

    Article  Google Scholar 

  46. Vinturella, J., Erickson, S.: Raising Entrepreneurial Capital. Elsevier, Amsterdam (2013)

    Google Scholar 

  47. Wong, A.: Angel finance: the other venture capital. SSRN Electron. Bus., 1–66 (2002)

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. University of Vienna, Oskar-Morgenstern-Platz 1, 1090, Vienna, Austria

    Valerie Busse

  2. Faculty of Management, Comenius University, Bratislava, Slovakia

    Valerie Busse & Michal Gregus

Authors
  1. Valerie Busse
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Michal Gregus
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Valerie Busse .

Editor information

Editors and Affiliations

  1. Department of Information and Communication Engineering, Faculty of Information Engineering, Fukuoka Institute of Technology, Fukuoka, Japan

    Leonard Barolli

  2. Division of Computer Science and Intelligent Systems, Faculty of Science and Technology, Oita University, Oita, Japan

    Hiroaki Nishino

  3. School of Science and Technology, Kwansei Gakuin University, Sanda, Japan

    Hiroyoshi Miwa

Rights and permissions

Reprints and permissions

Copyright information

© 2020 Springer Nature Switzerland AG

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Busse, V., Gregus, M. (2020). Crowdfunding – An Innovative Corporate Finance Method and Its Decision-Making Steps. In: Barolli, L., Nishino, H., Miwa, H. (eds) Advances in Intelligent Networking and Collaborative Systems. INCoS 2019. Advances in Intelligent Systems and Computing, vol 1035. Springer, Cham. https://doi.org/10.1007/978-3-030-29035-1_53

Download citation

Publish with us

Policies and ethics

Search

Navigation