Bishnu Kumar Adhikary - Crowdfunding: lessons from Japan’s approach
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This book discusses the concepts, types, models, and patterns of crowdfunding to provide a comprehensive portraitof this newly developed market-based financial tool. In addition, it examines a number of economic theories to help readersunderstand the proliferation of crowdfunding, reviews empirical works to find gaps in the literature, and outlines future researchdirections. A unique feature of this book is that it discusses Japans crowdfunding approach, which is somewhat different from that of the Western countries, by highlighting a specific crowdfunding platform (Music Securities) and a crowdfund-backed firm (SABAR restaurant). Further, itexplores the suitability of Japans crowdfunding approach for addressing the financial needs of SMEs in developing countries,using Bangladesh as a representativecase. Finally, the book identifies some lessons learned from crowdfundingso as to advance research into this phenomenon, and to make it efficient and sustainable. As such, the book will benefit novices, academics, researchers, and policymakers interested in crowdfunding technology.
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The New York Times Editorial Staff
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The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd., part of Springer Nature 2018
Bishnu Kumar Adhikary , Kenji Kutsuna and Takaaki Hoda Crowdfunding SpringerBriefs in Economics1. CrowdfundingA Conceptual Talk
Bishnu Kumar Adhikary 1
(1)
Graduate School of Business Administration, Kobe University, Kobe, Hyogo, Japan
(2)
Graduate School of Science, Technology and Innovation, Kobe University, Kobe, Hyogo, Japan
Bishnu Kumar Adhikary (Corresponding author)
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Kenji Kutsuna
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Takaaki Hoda
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1.1 What Is Crowdfunding?
Crowdfunding can be defined as a practice of funding startups or small firms or a project by raising small amounts of money from a large number of people utilizing online social media such as Facebook, Twitter, LinkedIn and other specialized blogs. It is an organized collective effort of many non-professional people who are embedded in trust to finance a venture via the internet. It is a market-based approach to finance entrepreneurial firms that lack capital for growth and development. It is also known as social lending (Hulme and Wright ).
The term Crowdfunding is derived from another term crowdsourcing that refers to the process of obtaining needed services, assets, knowledge, or ideas by soliciting contributions from a large number of individuals, a crowd of people especially from the online community rather than from the traditional employees or suppliers. In the case of crowdfunding, the same process is followed in procuring funds. However, the objective of crowdfunding is to finance a project or an idea or to help a philanthropic organization by soliciting funds in a tiny unit from mass people. As Lambert and Schwienbacher () note,
Crowdfunding involves an open call, essentially through the internet, for the provision of financial resources either in the form of donations (without rewards) or in exchange for some form of reward and/or voting rights in order to support initiatives for specific purposes. [Lambert and Schwienbacher , p. 6]
In fact, crowdfunding can be viewed as a by-product of information technology. This new form of financial technology emerged in the wake of 2008 financial meltdown in response to the increased difficulties faced by the small business entrepreneurs in obtaining funds from the traditional banking system. Its underlying foundation is rooted in the three factors: trust, internet technology, and willingness of the people. In addition to raising funds for the entrepreneurs, crowdfunding is a technique to validate entrepreneurial project by the potential user groups at the shortest possible time.
Notably, the traditional method of raising finance for a project includes preparation of a business plan, the undertaking of market research and then approaching wealthy individuals, banks, angel investors and venture capital firms limiting the fund raisers option to a few key players. Crowdfunding, on the other hand, expands the fund raisers reach and players as he can advertise his presence to a large number and variety of potential investors through the presence of online crowdfunding platforms or social media. Simultaneously, it helps fund suppliers to the reduction in transaction cost of investment by providing them opportunities to act as a quasi-monitor of the investee firms because the data on available investment opportunities and the reaction of other fund suppliers can be centrally accessed under the crowdfunding system.
1.2 Benefits of Crowdfunding
Crowdfunding allows the fundraiser to tap into a broader investor pool and provides him with more flexible fundraising options. Here are some of the benefits of crowdfunding:
- Reach A crowdfunding platform expands the fundraisers reach by giving him access to thousands of accredited investors who can see, interact with and share the fundraisers particular fundraising campaign.
- Presentation By creating a crowdfunding campaign, a fundraiser goes through the invaluable process of examining his business from every angleits history, traction, offerings, addressable market, value proposition, and more thus summarising his business into a polished, attractive and easily understandable proposition.
- Public Relation (PR) and Marketing From its launch to its close, the fundraiser can share and promote his campaign through social media, email newsletters, and other online marketing channels. As the fundraiser and other media outlets cover the progress of the fundraiser, the fundraiser can further promote his business by steering traffic to his website and channelizing other company resources.
- Validation of Concept The presentation of his business to the masses provides an opportunity to the fundraiser to validate and refine his business proposition. Questions and expressions of interest from potential investors can make the fundraiser re-examine his business proposition to see whether he has missed out on something important which would make his investors more likely to offer money for his project.
- Efficiency Crowdfunding is an efficient way to organize ones business. In crowdfunding, an entrepreneur can centralize and streamline fundraising efforts by building a single comprehensive project profile to which he can direct all his potential investors thus eliminating the need to approach them individually. So, instead of duplicating efforts by printing documents, compiling binders, and manually updating each one when theres an update, the fundraiser can present everything online in a much more accessible format, leaving him with more time to run his business instead of fundraising.
1.3 Evolution of Crowdfunding
Although Crowdfunding is only recently starting to capture global interest as an alternative investment vehicle, crowdfunding has been around in less conspicuous forms for hundreds of years. Whenever we put a few dollars in the offering plate at church, chip into fund a Christmas party for neighborhood children, or give to a charitable organization, we are effectively participating in crowdfunding. Notable examples of veritable crowd campaigns are the funding of the pedestal of the Statue of Liberty and the Empire State Building.
Modern-day crowdfunding, however, came into being in the 1990s when some platforms for charity fundraising and projects funded by Internet-based campaigns emerged into the forefront. The UK-based charity fundraising platform JustGiving was founded in the year 2000. Then, ArtistShare, a reward-based crowdfunding platform (CFP), was founded by Brian Camelio in 2000 with the idea that fans would finance production costs for albums sold only on the Internet and artists also would enjoy much more favorable contract terms. Other reward-based platforms continued to emerge. A well-known and heralded example was Sellaband, founded by Hollands Pim Betist in 2005. Sellabands model allowed artists to build a fan base, receive contributions under a product presale model (in this case, a record album), and if the contribution level reached the target threshold, produce, market, and distribute albums.
In the year 2005, the first ever platform where entrepreneurs could lend money to develop their ideas was launched. This platform was called Kiva. Today, Kiva is one of the most successful micro-lending platforms all over the world. Kivas success led to the mushrooming of more such peer to peer lending platforms like Zopa, Prosper, Lending Club and so on. Another popular crowdfunding platform Indiegogo came to be launched in the year 2008. Then, Kickstarter appeared within a year in 2009. Both these platforms are extremely preferred in the current crowdfunding market. The difference between these crowdfunding platforms and other crowdfunding platforms is that in these platforms the investors do not get their money back but instead receive rewards depending on the plan of the project owner.
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