This article compares two forms of crowdfunding: entrepreneurs solicit individuals either to pre-order the product or to advance a fixed amount of money in exchange for a share of future profits (or equity). In either case, it is assumed that “crowdfunders" enjoy “community benefits" that increase their utility. Using a unified model, it is showed that the entrepreneur prefers pre-ordering if the initial capital requirement is relatively small compared with market size and prefers profit sharing otherwise. These conclusions have implications for managerial decisions in the early development stage of firms, when the entrepreneur needs to build a community of individuals with whom he or she must interact. This study also offer extensions on the impact of quality uncertainty and information asymmetry.
This article attempts to define and measure cultural industries in Sweden. It starts with a discussion of the definition and delineation of the term "cultural industries," arguing that a large range of goods and services can be considered culture industry products and that it is important to place the production and exchange of such products in the context of an industrial systems approach. The concept is then operationalized using Swedish data on employment and the activity of firms. The results suggest that the overall growth in both employment and the number of firms has been especially strong in the cultural industries. However, the number of active firms has been growing at a much faster pace than employment in these industries, indicating a quickly changing business environment. With regard to regional dimensions, Swedish cultural industries have a strong attraction to urban areas but an even stronger propensity to agglomerate. It is suggested that the spatial dynamics observed may be key to the development of the industries' competencies and success. In summary, the article presents the results of an extensive data analysis that found that cultural industries make an important contribution to the Swedish economy and labor market. It concludes by suggesting issues that need further quantitative and qualitative study.
In order to get a constructive non-Nordic view, Tom Fleming Creative Consultancy, a UK-based leading international Creative and Knowledge Economy consultancy , has been commissioned by the Nordic Innovation Centre (NICe) , on behalf of the Nordic Council of Ministers, to develop this Green Paper. It builds on existing policy development to:Provide an overview of the current profile of the Region’s Creative Industries Introduce the current policy status of the Creative Industries Highlight key opportunities for growing the Creative Industries and maximizing the sector’s wider value Present a set of actionable policy recommendations for partners to pursue
This article addresses the influence of dominant and traditional ways of grasping the reality in social and economic processes of change. Our point of departure is how the perception of crisis in Odda, a small industrial community in Norway, influences the course of the process of change. The analysis focuses on a heated debate over the exploitation of a large site in the centre of Odda, left after the closure of the key factory. Rather than the economic and social consequences of the closure, the main challenge that arose from the crisis was related to the emergence of ambiguity in the local conceptual framework. Coming to terms with the situation stimulated various attempts to rearticulate the discourse of local development, with the result that industrial and culture-based perspectives on development came into conflict. The economic crisis became a crisis of definition. In Odda, the industrial discourse finally domesticated the competing cultural discourse, ending years of conflict and inaction. In its explicit focus on the importance of local struggles and the way discourse structures such processes this story about recent developments in Odda complements literature on post-industrial development.
This paper argues that, despite its strengths, the UK Department of Culture, Media and Sport (DCMS) classification of the creative industries contains inconsistencies which need to be addressed to make it fully fit for purpose. It presents an improved methodology which retains the strengths of the DCMS’s approach while addressing its deficiencies. We focus on creative intensity: the proportion of total employment within an industry that is engaged in creative occupations.
This paper is structured to give a concise overview of the state of crowdfunding in Europe, with the aim of establishing policy and a distinct framework for the European crowdfunding industry.
To maintain the integrity and proper ethics of crowdfunding in Europe, authors believe it is essential to create a framework of best practices and suggest a three pillar approach: regulation, education and research. In this paper, it is outlined a number of potential policies and regulations which authors believe offer a good star- ting point for a broader discussion.
This book gives a thorough understanding of the Kickstarter site, its functionality, practical usage, audience, and strategy. It provides a thoughtful analysis of the site and what the average person can expect when using the site. In addition, it can be applied to any reward platform, as all are similar.
This paper contributes by reducing the gap in crowdfunding research by drawing on insights from new product preannouncement literature. To this end, a common definition of crowdfunding is derived and used to characterize commonalities with new product preannouncement. This theoretical discussion is complemented by empirically testing the derived hypotheses about common success factors. Conclusions are drawn from the logistic-regression, using the technology category of a project dataset with 45,400 observations. Research shows that while timing and communication are key success factors, common to both new product preannouncement and crowdfunding, other success factors may already be standard and cannot separate the successful crowdfunding projects from the unsuccessful.
This article addresses crowdfunding, a relatively new form of informal financing of projects and ventures. It describes its principle characteristics and the range of players in this market. The different business models of crowdfunding intermediaries are explored and illustrated. A first attempt is made to classify the different forms of funding and business models of crowdfunding intermediaries. Based on the available empirical data the paper discusses the economic relevance of crowdfunding and its applicability to start-up financing and funding creative ventures and research projects.
Using the Work Systems Risk Framework, authors analyze main risks in three equity crowdfunding platforms: Crowdfunder, AngelList and Seedrs. Their findings indicate that operational risk, project management risk, cognitive skill risk, IP risk, quality risk, legal risk and vendor relationship risk factors to be important to crowdfunding platforms. Findings from this study are relevant to platform owners and regulators in assessing the risks of crowdfunding platforms.
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