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Crowdfunding : a multifaceted phenomenon

Dehling, S. (2013) Crowdfunding : a multifaceted phenomenon.

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Abstract:Purpose: This paper aims to shed light on the complexity of the crowdfunding phenomenon and its two mechanisms reward-based and equity-based crowdfunding. It addresses scholars and practitioners interested in the phenomenon from different angles. Design/methodology/approach: A phenomenon-based approach, which is appropriate when investigating rather unexplored phenomena is applied. The author first reviews the emergent literature on crowdfunding to identify and report on its diverse nature. Then reward-based and equity-based crowdfunding are analyzed primarily under the economic lense of price discrimination. Finally a first discussion on the composition of the phenomena and its implications on selecting a mechanisms including recent cases is given. Originality/value: The paper will add value to the crowdfunding research branch by systematizing extant knowledge of crowdfunding, which appears to be fragmented and still in a pre-theoretical stage. The analysis of the mechanism and use of recent cases will reveal the combination of different concepts in the economic and socio-psychological context of crowdfunding. The concluding discussion will synthesize the composition of the phenomena and show the limits of the model. Practical implications: The outcomes of the paper might be useful for perspective entrepreneurs, who are considering designing a crowdfunding campaign most efficiently to finance their ventures or sell their product. Further scholars can design future research strategies given the different angles of the phenomenon. Additionally platform managers and financial operators intending to enter this new area may benefits as well by using the outcomes for providing the right tools for entrepreneurs.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
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