Crowdfunding – a new modern way of financing startups: empirical study from the Czech Republic

Doležal, Jiří

dc.title	Crowdfunding – a new modern way of financing startups: empirical study from the Czech Republic	en
dc.contributor.author	Doležal, Jiří
dc.relation.ispartof	Finance and the Performance of Firms in Science, Education and Practice 2017
dc.identifier.isbn	978-80-7454-653-2
dc.date.issued	2017
dc.citation.spage	150
dc.citation.epage	161
dc.event.title	6th International Scientific Conference on Finance and the Performance of Firms in Science, Education, and Practice
dc.event.location	Zlín
utb.event.state-en	Czech Republic
utb.event.state-cs	Česká republika
dc.event.sdate	2017-04-26
dc.event.edate	2017-04-27
dc.type	conferenceObject
dc.language.iso	en
dc.publisher	Univerzita Tomáše Bati ve Zlíně (UTB)	cs
dc.publisher	Tomas Bata University in Zlín	en
dc.relation.uri	http://www.ufu.utb.cz/konference/
dc.relation.uri	http://www.ufu.utb.cz/konference/sbornik2017.pdf
dc.subject	Crowdfunding	en
dc.subject	reward based	en
dc.subject	alternative financing	en
dc.subject	startup	en
dc.subject	online platform	en
dc.description.abstract	The realisation of many ventures requires funding from external parties, which is very difficult to gain at the beginning stage of bussines, where very often only prototype is created. Crowdfunding offers a new potential source of financing, which is frequently expected to favor socially and art-oriented ventures. However, little is known about actual state reward based crowdfunding in the Czech Republic, what campaings are more likely to be successful and how it could be effectively used for businesses. This article empirically examines two biggest reward based crowdfunding platforms in the Czech Republic to analyze current situation of crowdfunding in the Czech Republic and likelihood of successful funding reward based campaings in general.	en
utb.faculty	Faculty of Management and Economics
dc.identifier.uri	http://hdl.handle.net/10563/1008270
utb.identifier.wok	000471174000011
utb.source	d-orig
dc.date.accessioned	2018-11-19T13:51:01Z
dc.date.available	2018-11-19T13:51:01Z
dc.description.sponsorship	Internal Grant Agency of FAME TBU [IGA/FaME/2017/010]
utb.contributor.internalauthor	Doležal, Jiří
utb.fulltext.affiliation	Doležal Jiří Contact information Jiri Dolezal Tomas Bata University in Zlin Mostní 5139, Zlín, 76001 jdolezal@fame.utb.cz
utb.fulltext.dates	-
utb.fulltext.references	1. Agrawal, A., Catalani, C., Goldfarb, A., 2010. Entrepreneurial Finance and the Flat- world Hypothesis: Evidence from Crowd-funding Entrepreneurs in the Arts. NET Institute, Toronto. 2. Beaulieu, T., Sarker, S., Sarker, S., 2015. A conceptual framework for understanding crowdfunding. Communications of the Association for Information Systems 37 (1), 1–31. 3. Belleflamme, P., Lambert, T. 2010. Crowdfunding : An Industrial Organization Perspective. Paper for workshop: Digital Business Models: Understanding Strategies’, held in Paris on June 25-26, 4. Belleflamme, P., Lambert, T., Schwienbacher, A. 2012. Crowdfunding : Tapping the Right Crowd. SSRN Working Paper. 5. Berger, A. N., Udell, G. F. 1995. Relationship Lending and Lines of Credit in Small Firm Finance. The Journal of Business. 68(3), 351–381. 6. Cosh, A., Cumming, D., & Hughes, A. 2009. Outside Entrepreneurial Capital. The Economic Journal, 119 (1970), 1494–1533. 7. Černý, Michal. 2012. Crowdfunding jako cesta k realizaci projektů. [online]. Lupa.cz [cit. 2015-03-28]. Dostupné z: <http://www.lupa.cz/clanky/crowdfunding-jako-cesta-k- realizaci-projektu/> 8. Dehling, Sebastian. 2013. Crowdfunding – A Multifaceted Phenomenon. Enschede, 9. Girouard, D., Jacley, J. 2013. The Next Big Thing in Crowdfunding? 10. Kickstarting People. 2013. http://www.wired.com/opinion/2013/04/the-next-big-thing-in-crowfdunding-kickstarting-people/ 11. Gleasure, Rob. 2015. Resistance to crowdfunding among entrepreneurs: An impression management perspective. The Journal of Strategic Information Systems [online]. 24(4), 219-233 [cit. 2016-12-12]. DOI: 10.1016/j.jsis.2015.09.001. ISSN 09638687. 12. Haas, P., Blohm, I., Leimeister, J.M., 2014. An empirical taxonomy of crowdfunding intermediaries. In: International Conference on Information Systems. Auckland, New Zealand. 13. Hardy, W. 2013. How to perfectly discriminate in a crowd? A Theoretical Model of Crowdfunding. http://www.wne.uw.edu.pl/inf/wyd/WP/WNE_WP101.pdf 14. Harrison, R. 2013. Crowdfunding and the revitalisation of the early stage risk capital market: catalyst or chimera. An International Journal of Entrepreneurial Finance, Volume 15, Issue 4. 15. Hörisch, Jacob. 2015. Crowdfunding for environmental ventures: an empirical analysis of the influence of environmental orientation on the success of crowdfunding initiatives. Journal of Cleaner Production [online]. 2015, 107, 636-645 [cit. 2016-02-18]. DOI: 10.1016/j.jclepro.2015.05.046. ISSN 09596526. 16. Chui, M., Manyika, J., Bughin, J., Dobbs, R., Roxburgh, C., Sarrazin, H., Sands, G., Westergren, M. 2012. The Social Economy: Unlocking Value and Productivity through Social Technologies. McKinsey Global Institute. 17. InfoDev., 2013. Crowdfunding’s potential for the developing World. Finance and Private Sector Development Department. Washington, DC: World Bank. 18. Kleemann, F., Voß, G. G. 2008. Un(der)paid Innovators: The Commercial Utilization of Consumer Work through Crowdsourcing. Science, Technology and Innovation Studies, 4(1), 5-26. 19. Lambert, T., Schwienbacher, A. 2010. An Empirical Analysis of Crowdfunding. SSRN Working Paper. http://ssrn.com/abstract=1578175 on 04/15/2011. 20. Lehner, O.M., 2013. Crowdfunding social ventures: a model and research agenda. Ventur. Cap. 15 (4), 289e311. 21. McCahery, J. a., Vermeulen, E. P. M. 2010. Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts). Capital Markets Law Journal, 5(4), 471–500. 22. Mollick, E. 2012. The Dynamics of Crowdfunding. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2088298 SSRN Working Paper. 23. Mollick, E. 2014. The dynamics of crowdfunding: an exploratory study. J. Bus. Ventur. 29 (1), 1e16. 24. Ordanini, A.; Miceli, L.; Pizzetti, M.; Parasuraman, A. 2011. Crowd-funding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443 – 470. 25. Pitschner, S., Pitschner-Finn, S. 2014. Non-profit differentials in crowd-based financing: evidence from 50,000 campaigns. Econ. Lett. 123 (3), 391e394. 26. Rifkin, J. 2010. The Empathic Civilization, The Race to Global Consciousness in a World in Crisis. Polity Press. 27. Serres, T. in Colao, J. J. 2013. The Inside Story of the Largest, Crowdfunding Series A Round of All Time. http://www.forbes.com/sites/jjcolao/2013/02/13/8m-in- two-weeks-the-inside-story-of-the-largest-crowdfunded-series-a-round-of-all-time/ 28. Schwienbacher, A, & Larralde, B. 2010. Crowdfunding of Small Entrepreneurial Ventures. SSRN Working Paper Series. 29. STASZKIEWICZ, Maria; ZUBÍČEK, Milan; INKEI, Péter; URBAŃSKA, Olga; JAUROVÁ Zora; SALAJOVÁ Slavomíra (2014): Crowdfunding Visegard: A Study. [online]. Visegradgroup.eu [cit. 2016-12-08]. Dostupné z: <http://www.visegradgroup.eu/crowdfunding-visegrad> 30. Statista. 2014. Retrieved from: http://www.statista.com/statistics/372838/uk-alternative-finance-equity-crowdfunding-market-value-growth/. 31. Turan, Semen Son. 2015. Financial Innovation - Crowdfunding: Friend or Foe? Procedia - Social and Behavioral Sciences [online]. 195, 353-362 [cit. 2016-02-18]. DOI: 10.1016/j.sbspro.2015.06.334. ISSN 18770428. Dostupné z: http://linkinghub.elsevier.com/retrieve/pii/S1877042815038136 32. Zhang, Y. 2012. An Empirical Study into the Field of Crowdfunding. Student Paper. http://lup.lub.lu.se/student-papers/record/3049774/file/3049777.pdf
utb.fulltext.sponsorship	The author is thankful to the Internal Grant Agency of FAME TBU No. IGA/FaME/2017/010: Financial Constraints on Economic Activities, for financial support to carry out this research.
utb.wos.affiliation	[Jiri, Dolezal] Tomas Bata Univ Zlin, Mostni 5139, Zlin 76001, Czech Republic
utb.fulltext.projects	IGA/FaME/2017/010
utb.identifier.jel	L13
utb.identifier.jel	D62
utb.identifier.jel	G24