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Article
Publication date: 25 October 2018

Sarika Sawant

Crowd funding is a method to raise funds for a specific cause or project by asking a large number of people to donate money, usually in small amounts, and usually during a…

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Abstract

Purpose

Crowd funding is a method to raise funds for a specific cause or project by asking a large number of people to donate money, usually in small amounts, and usually during a relatively short period, such as a few months. This paper aims to explore the global as well as Indian crowd funding platforms and literature as well to find out the success stories of crowd funding.

Design/methodology/approach

General literature was reviewed. Various crowd funding platforms were scanned, especially Indian, to find the successful crowd funding stories.

Findings

It was found that plenty of crowd funding initiatives have been taken in India, especially to build libraries, to decorate libraries, for collection development, to provide services, etc. Nongovernmental organizations/trusts are the ones who are undertaking these initiatives. There is a need to create awareness of such activities by experienced library professionals/nonprofessionals who have done crowd funding and for them to share their experiences and practices of crowd funding among other professionals, so that others can also explore such methods.

Originality/value

This paper promptly presents the Indian crowd funding initiatives and the success stories.

Details

Library Hi Tech News, vol. 35 no. 10
Type: Research Article
ISSN: 0741-9058

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Article
Publication date: 9 March 2015

María José Quero and Rafael Ventura

The purpose of this paper is to analyse the structures of the relationships between actors in the creative industries sector using crowd-funding, and how co-creation is…

Abstract

Purpose

The purpose of this paper is to analyse the structures of the relationships between actors in the creative industries sector using crowd-funding, and how co-creation is the basis for reaching balanced centricity in the creative industries.

Design/methodology/approach

The Many-to-Many Marketing Theory, Service-Dominant Logic and Service Logic are the theoretical bases for explaining how the changing roles of the actors in the creative industries sector have given the crowd a great capacity for deciding in the value-creation process. A qualitative, case-based approach is used, given the complexity of the phenomenon to be analysed.

Findings

The findings of the empirical approach have important theoretical and practical implications. On the theoretical side, it analyses the importance of balanced centricity instead of customer centricity as the basis for system stability. Findings also have implications for service managers, as this can be considered an alternative for certain business projects, especially in the creative industries sector, where a growing demand is identified, not only as a method of financing, but also as a strategy for strengthening the bond with customers.

Practical implications

The study has implications for practitioners and scholars. With respect to managers, the “balanced centricity in cultural crowd-funding” model constitutes a significant contribution, because it replaces the prominent position which until now has been enjoyed by the consumer, with the overall balance of the system, in other words, with aiming to benefit all agents. This translates into a change in how strategies are understood and applied in organisations, as in every decision organisations will have to keep in mind the implications that their decisions and actions have on the rest of the agents, with the objective of managing to exploit their “strategic potential”. Strategic planning actions are identified.

Originality/value

This paper is the first to analyse balanced centricity as the basis for system stability in the creative industries. The new tasks of the customer as a selector and financer of projects increase the roles assigned to the co-creation concept and improve the knowledge of Network Theory for the creative industries.

Details

Journal of Service Theory and Practice, vol. 25 no. 2
Type: Research Article
ISSN: 2055-6225

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Article
Publication date: 1 March 2016

Daniel Hummel

There have been many innovations in public finance in the 21st century to address increasing budget constraints and increasing demands from government. One innovation has…

Abstract

There have been many innovations in public finance in the 21st century to address increasing budget constraints and increasing demands from government. One innovation has been civic crowd-funding which began in 2009. This is predicated on the voluntary commitment of funds by individual and institutional donors and investors for specific projects. This paper explores this new approach to funding capital projects and grounds it within a discussion of the Voluntary Theory of Public Finance. There is a lack of research on civic crowd-funding and a lack of theoretical approaches to it. This paper draws these connections and develops future directions of research that includes the continuing application of this approach, the increasing engagement of citizens in the administrative process of government and increasing budget constraints.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 28 no. 2
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 9 August 2011

Andrea Ordanini, Lucia Miceli, Marta Pizzetti and A. Parasuraman

The purpose of this paper is to analyze the emerging crowd‐funding phenomenon, that is a collective effort by consumers who network and pool their money together, usually…

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25556

Abstract

Purpose

The purpose of this paper is to analyze the emerging crowd‐funding phenomenon, that is a collective effort by consumers who network and pool their money together, usually via the internet, in order to invest in and support efforts initiated by other people or organizations. Successful service businesses that organize crowd‐funding and act as intermediaries are emerging, attesting to the viability of this means of attracting investment.

Design/methodology/approach

The research employs a “grounded theory” approach, performing an in‐depth qualitative analysis of three cases involving crowd‐funding initiatives: SellaBand in the music business, Trampoline in financial services, and Kapipal in non‐profit services. These cases were selected to represent a diverse set of crowd‐funding operations that vary in terms of risk/return for the investor and the type of payoff associated to the investment.

Findings

The research addresses two research questions: how and why do consumers turn into crowd‐funding participants? and how and why do service providers set up a crowd‐funding initiative? Concerning the first research question, the authors' findings reveal purposes, characteristics, roles and tasks, and investment size of crowd‐funding activity from the consumer's point of view. Regarding the second research question, the authors' analysis reveals purposes, service roles, and network effects of crowd‐funding activity investigated from the point of view of the service organization that set up the initiative.

Practical implications

The findings also have implications for service managers interested in launching and/or managing crowd‐funding initiatives.

Originality/value

The paper addresses an emerging phenomenon and contributes to service theory in terms of extending the consumer's role from co‐production and co‐creation to investment.

Details

Journal of Service Management, vol. 22 no. 4
Type: Research Article
ISSN: 1757-5818

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Book part
Publication date: 13 December 2017

Qiongwei Ye and Baojun Ma

Internet + and Electronic Business in China is a comprehensive resource that provides insight and analysis into E-commerce in China and how it has revolutionized and…

Abstract

Internet + and Electronic Business in China is a comprehensive resource that provides insight and analysis into E-commerce in China and how it has revolutionized and continues to revolutionize business and society. Split into four distinct sections, the book first lays out the theoretical foundations and fundamental concepts of E-Business before moving on to look at internet+ innovation models and their applications in different industries such as agriculture, finance and commerce. The book then provides a comprehensive analysis of E-business platforms and their applications in China before finishing with four comprehensive case studies of major E-business projects, providing readers with successful examples of implementing E-Business entrepreneurship projects.

Internet + and Electronic Business in China is a comprehensive resource that provides insights and analysis into how E-commerce has revolutionized and continues to revolutionize business and society in China.

Details

Internet+ and Electronic Business in China: Innovation and Applications
Type: Book
ISBN: 978-1-78743-115-7

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Article
Publication date: 19 May 2020

Sumit Agarwal and Yeow Hwee Chua

This paper reviews recent advances in the empirical literature of FinTech and household finance.

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3066

Abstract

Purpose

This paper reviews recent advances in the empirical literature of FinTech and household finance.

Design/methodology/approach

We survey the effects of FinTech on three different aspects of household finance: payments, lending and portfolio decisions. Specifically, we examine the impact of digital payments, mobile money, FinTech lending, marketplace lending, robo-advising and crowd-funding.

Findings

Studies suggest that FinTech has positively benefited households by increasing consumption and borrowing. This allows them to smoothen their consumption across time. Furthermore, there is an improvement in their portfolio diversification. Nonetheless, there is also evidence that certain households overconsume and borrow beyond their means.

Originality/value

Despite the importance of this topic, there has been a lack of empirical evidence until recently. In this paper, we take stock of the empirical evidence in the literature through the lens of household finance

Details

China Finance Review International, vol. 10 no. 4
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 17 July 2017

Robert Charles Sheldon and Martin Kupp

This paper provides a tool for managers to overcome a common paradox in situations of innovation. The paradox occurs when the commercial viability of ideas for new…

Abstract

Purpose

This paper provides a tool for managers to overcome a common paradox in situations of innovation. The paradox occurs when the commercial viability of ideas for new products and services is unknown, making managers loath to invest scarce resources in developing them for fear that they will lose them if the idea is a non-starter. The result is that ideas sit on the shelf, idle and untested. This paper provides a low-cost, intuitive method for determining if a new idea has sufficient commercial potential to warrant investing in its development, thereby resolving the paradox.

Design/methodology/approach

The method is based on six marketing mechanisms derived from crowd funding: choosing a target prospect and positioning, creating a prototype, setting a price based on value, locating prospects; getting an address, communicating with prospects; delivering an effective pitch, and measuring results through advance commitments. The method is illustrated using two entrepreneurial cases.

Findings

Managers who use the method can validate ideas in the marketplace quickly and at low cost, obtaining the information they need to justify an investment in the research, planning and analysis required for commercialization.

Originality/value

The paper identifies a common but little discussed obstacle to innovation, the development paradox, and proposes a novel method of overcoming it. Market testing is not new, but most known methods do not solve the development paradox because they require a significant outlay of resources to undertake.

Details

Strategy & Leadership, vol. 45 no. 4
Type: Research Article
ISSN: 1087-8572

Keywords

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Book part
Publication date: 30 October 2018

FR. Oswald A. J. Mascarenhas, S.J.

The over 125-year-old economic miracle called the Corporation is suddenly shaken in its foundations. The corporate business world is rapidly changing not only in the USA…

Abstract

Executive Summary

The over 125-year-old economic miracle called the Corporation is suddenly shaken in its foundations. The corporate business world is rapidly changing not only in the USA, but also across the globe. The front covers of business magazines and dailies, once dominated by names and faces of “Corporate Giants,” are now being replaced with success stories of great startups and small business entrepreneurs. The reasons for these radical changes progressively reveal the imperfections existing in the current corporation and the business boardroom paradigm. For over a century, huge corporate entities spawned by capitalism have established and entrenched themselves in their respective industry arenas and have since been ruling the world, dominating money, capital, cash, and market opportunity. Once they provided solutions to people’s employment and career needs, they have made a fortune for themselves thereby. In the course of their evolution, the businesses have transformed into corporations, seeking people’s money for doing business and, in turn, giving a share of proportionate ownership to the investor people in the form of dividends and capital gains. Such a brilliant method of raising capital has empowered the corporations to grow and expand beyond physical and political boundaries. Today, however, the corporations are run by the BOD, most of whom are representing gigantic promoter-investor institutions. That is, the main administrative role is now replaced by private equity firms and hedge funds that provide the required capital but who also exert undue pressures on CEOs to focus on short-term strategies that have massive profitability potential, thus defying the usual business management model and paradigm the CEOs were trained for in B-schools. The massive CEO exodus that has migrated from the traditional corporations to newly created startups and smaller business entrepreneurial ventures has also made the corporation an endangered species. In such a market turbulence, how do we redefine, redesign, and reinvent the morally embattled corporation? This chapter explores solutions.

Details

Corporate Ethics for Turbulent Markets
Type: Book
ISBN: 978-1-78756-187-8

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Article
Publication date: 20 April 2015

Adam Ng, Mansor Ibrahim and Abbas Mirakhor

The purpose of this paper is to set forth seven broad recommendations and 15 specific initiatives within a four-dimensional framework for the development of social capital…

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2518

Abstract

Purpose

The purpose of this paper is to set forth seven broad recommendations and 15 specific initiatives within a four-dimensional framework for the development of social capital in Islamic finance, particularly the stock market, given its role as the first best means of risk sharing.

Design/methodology/approach

The four-dimensional framework comprises dimensions of principle and value, trust-reinforcing regulation, investment opportunity and infrastructure, as well as reputational intermediaries.

Findings

A web of multi-pronged initiatives that are mutually reinforcing is proposed considering the multifaceted dimensions of social capital and the various possible transmission channels by which social capital can influence the financial system.

Practical implications

While empirical studies have demonstrated the importance of trust and ethics in financial development, the pressing issue remains how social capital, including trust and ethics, can be developed to achieve a trustworthy, ethical and efficient financial system. This paper attempts to address this concern.

Originality/value

This paper provides a framework for building social capital in Islamic finance.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 8 no. 1
Type: Research Article
ISSN: 1753-8394

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Abstract

Details

Library Hi Tech News, vol. 36 no. 10
Type: Research Article
ISSN: 0741-9058

Keywords

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