• The Journal of the Convergence on Culture Technology
• /
• v.7 no.4
• /
• pp.397-404
• /
• 2021

The web-based crowdfunding platform provides small-cap companies the opportunity to reduce financial risks and to reliably produce new products through pre-orders. Meanwhile, crowdfunding projects are also helping companies as a channel to test new products before mass production. Despite these advantages, from the point of view of businesses and consumers, it is true that web-based crowdfunding platforms have limitations in the retail environment. For example, the limited social elements of a web-based platform are somewhat in conflict with the basic characteristics of crowdfunding projects - which inevitably demand high social influences for the success. As such, understanding the mechanisms of social factors of crowdfunding platforms from the consumers' perspective is important. Therefore, in this study, we empirically tested the effect of social factors of crowdfunding platform on consumer participation and evaluation. Based on the Social Influence Theory and Social Presence Theory, we developed a conceptual framework where the social group size and social presence of other backers were the independent variables and the purchaser's intention to participate as the dependent variable. In the results, the size of the social group size and the perceived social presence have a significant positive effect on purchaser's participation intent. In addition, the social presence had a greater influence on the purchaser's intention to participate than the size of the sponsor's social group. We believe that our findings contribute to the extant literature by empirically demonstrating the valid effect of social factors of crowdfunding platforms on consumer evaluations.

• Korea Science and Art Forum
• /
• v.35
• /
• pp.281-292
• /
• 2018

Crowd funding is also called social funding because of SNS that it helps early start-up founder and makers to raise money for idea product production. Recently, the funding platform has recorded high growth rates. As a result, the government in Korea has introduced various support policies for the crowd funding. The purpose of this study is to develop a diagnostic design guideline for product design oriented makers based on the historical situation. The paper writer applied literature survey and expert interview as research methods. The literature survey focused on internet news and previous research studies. The expert interview was conducted for 10 specialist people and divided for the second time. As a result of the text survey, the current guideline was lacking in design and in detail. Researchers have been informed through previous paper that information transfer text and images are important factors for funding success. In the first interview with seven special participants, we made a draft design guideline for social funding with a two-step process and nine themes. We, research and three professional people having a evaluation experience, conducted verification and supplementation for establishing the design guider with a three-step process and eight themes in the next interview. The design guideline for crowd funding, it can be used by money funding manager apart from design makers. Through the results of this paper, researchers are expected to prevent problems and contribute to healthy crowd funding ecosystem development.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.2
• /
• pp.99-114
• /
• 2022

Crowdfunding is one of new financing alternatives and is innovative and creative. In order to proceed with crowdfunding, various functions are required, such as design for screen composition, marketing and promotion for the public, accounting to manage the collected funds, and product production and purchase for reward. In addition, since it is a project that must be completed in a short period of time, cooperation between team members is important. This paper studied how the characteristics of the team conducting crowdfunding affect the team performance in crowdfunding. In this study, we set functional background diversity and shared leadership necessary for crowdfunding as team characteristic variables and crowdfunding amount, completion of work and team innovation as team performance variables. This study tests the hypotheses from 220 university students in 79 teams. The findings suggest that functional diversity and shared leadership are positively related to the completion of work and team innovation but not related to crowdfunding amount. To date, few studies have studied the relationship between characteristics of the crowdfunding team and performance. Therefore, the study on functional diversity and shared leadership in crowdfunding can expand existing crowdfunding study area.

• Information Systems Review
• /
• v.16 no.2
• /
• pp.25-41
• /
• 2014

While previous studies on Crowd funding mainly focused on the plan and policy of the introduction of Crowd funding, this study classified Investment Decision Making criterion and proposed the significance of each factor, leading to results that can help investors practically. According to the analysis, (1) physical resource in business is the most important criterion to be considered as the way for investor to objectively make decisions on business model, (2) although people pay attention to the managerial capabilities of business, the creativity of business model is not being paid much attention. The result of this study can objectively determine investment decision making on business model thought a quantitative standard of judgment. Moreover, an environment should be built for healthy decision making which is based on business model instead of only product, and it is necessary to have institutional framework to enable new companies to have healthy competition with existing companies through creative business model.

• Smart Media Journal
• /
• v.6 no.4
• /
• pp.94-100
• /
• 2017

Procurement of development funds is a very difficult process in the Korean game industry where competition is fierce. Recently, crowdfunding has been used as a convenient platform to attract potential investors to secure the development cost of the game. This study explored the factors influencing the success of crowdfunding for game development projects. We collected data on 229 game development projects in Tumblebuck, a reward-based crowdfunding site in Korea. According to the results of the logistic regression model, the factors that have a positive effect on the success of funding are the average compensation amount relative to the target amount, the number of SNS shares, the number of updates, and the originality of the proposed game. Video playback time has been found to have a negative impact. Based on the results of this study, it is expected that planning a game development project considering the variables affecting the success of crowdfunding will help financing.

• Journal of Digital Convergence
• /
• v.16 no.3
• /
• pp.237-247
• /
• 2018

In this paper, a research model was designed to investigate the factors influencing the intention to the crowdfunding participator of China. The research model includes the platform factors, investor factors, and social factors, perceived ease of use, perceived usefulness and funding participants' intention. In this research, the data was collected by online survey, and in final analysis, 439 participators' questionnaires were used. The empirical paper proves research hypothesis by using SPSS 23.0. The results of the study are as follows: the crowdfunding platform factors, social factors and the participants' individual factors partially give positive effects to perceived ease of use and perceived usefulness; perceived ease of use gives positive effects to perceived usefulness. In addition, perceived ease of use and perceived usefulness have positive effects to participational intention. This paper provides a useful scheme for the better operation and promotion of crowdfunding. In the future, a comparative study of different types of crowdfunding is needed.

• Journal of Industrial Convergence
• /
• v.15 no.2
• /
• pp.45-56
• /
• 2017

The purpose of this study is to analyze the influence of the number of investors influencing the achievement rate of domestic securities type crowdfunding, to find out why the general investors need to participate and to suggest measures to increase the participation of general investors. The results of this study are as follows. First, the effect of the recruitment amount, the target amount, the recruitment period and the business training is confirmed as factors affecting the achievement rate of domestic securities type crowdfunding. And it was confirmed that the influence factors on achievement rate could have a greater effect as the number of general investors increased. Therefore, the government should make more effort to relax regulations on general investors, and the investor of capital should strengthen the public disclosure of KSM through the KSM market in order to recover the funds of general investors, Crowd funding will be able to attract enough funds.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.5
• /
• pp.113-127
• /
• 2020

Based on the social exchange theory and innovation diffusion theory, this study is to identify the correlation between factors influencing investor's funding intention in crowdfunding and to analyze moderating effect of trust in the relationship of shared value, communication and individual innovation. The purpose of this study is to consider the funding trends of crowdfunding investors from a personal point of view through the results of the study and to help fundraiser of crowdfunding establish specifically strategies for financing. In order to conduct empirical analysis, an online survey was conducted on people who had participated in crowdfunding, and a total of 228 questionnaires were collected and a total of 186 responses were finally analyzed, excluding outliers. For data analysis, structural equation model analysis was conducted using SPSS 26.0 and Smart PLS 3.0. The results of this study showed that shared value in the relationship between fundraiser and investors has a significant effect on the perceived risk. High level of communication between fundraiser and investors showed positive effects on the level of commitment of the crowdfunding project and the innovation of the individual investor. And commitment had a positive effect on the funding intention. According to the results of this research, trust has moderating effect only in relationship between shared value and perceived risk. It is significant that investors share the value of fundraiser together is a motivation factor to fund in crowdfunding and an opportunity to recognize the risk. Through this study, it is expected to utilize them in establishing strategies for start-ups and marketing plans to raise funds through crowdfunding and to empirically identify factors influencing the funding intention through individual levels of crowdfunding investors.

• The Journal of the Convergence on Culture Technology
• /
• v.7 no.3
• /
• pp.365-374
• /
• 2021

Recently, the high growth rate and advantages of the crowdfunding market have also led to increased participation of brands and companies, and this also applies to fashion business. Risk has been noted to be a key factor in consumer behavior in crowdfunding. With the high-risk context of crowdfunding where supporters inevitably bear to pay full amount of price before receiving the actual products. Factors enhancing or inhibiting perceived risk of crowdfunding need to be explored. The past literature on perceived risk and consumer attitudes in crowdfunding has expanded, but it has rarely covered the context of experience goods such as fashion products. In addition, the platform characteristics in relation to perceived risk should be addressed. The current study attempts to address the effect of the perceived amount of information offered in a fashion crowdfunding project on perceived risk and the intention to participate in the project. For the experiment of this study, a fictitious crowdfunding page for fashion products was set as the stimuli. A total of 240 Korean participants were recruited and their responses were statistically analyzed using SPSS 24.0 software. In the results, the greater the amount of detailed information about the fashion crowdfunding project, the higher the intention to participate the project. The greater the amount of information provided, the lower the perceived risk of consumers. Moreover, the lowered perceived risk affected the intention of participate. Perceived risk has a partial mediation in the relationship between the amount of information and intention to participate. Theoretical and managerial implications are discussed.

• Journal of Digital Convergence
• /
• v.20 no.3
• /
• pp.251-264
• /
• 2022

The purpose of this study is to present factors and strategies for successful rewarded-crowdfunding of companies. For this, rewarded-crowdfunding based on the extended theory of planned behavior(E-TPB) by adding individual innovation and risk preference as extended variables, in addition to the basic variables of the theory of planned behavior(TPB), including attitude, subjective norm, and perceived behavior control. In addition, the moderating effect of rewarded-crowdfunding experience was confirmed. In addition, the moderating effect of the rewarded-crowdfunding experience was confirmed, and exploratory factor analysis and multiple regression analysis were conducted for questionnaires who were aware of the concept of rewarded-crowdfunding. As a result of testing the hypothesis, it was found that attitude, subjective norm, perceived behavioral control, and risk preference affect the intention to invest in rewarded-crowdfunding. Also, we could find that perceived behavior control and risk preference were moderately influenced by investor who had experience in rewarded-crowdfunding. Based on the research results, it has academic and practical value by presenting the direction of enhancing the success of rewarded-crowdfunding that companies can use as a way to raise funds and boost sales.