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PublicationDesigning for Crowdfunding Co-creation: How to Leverage the Potential of Backers for Product Development( 2020-01-03)Crowdfunding is now established as a valid alternative to conventional methods of financing for startups. Unfortunately, to date, research has not investigated how backers can be encouraged to support entrepreneurs beyond funding. The aim of this study is to design and evaluate certain design elements for reward-based crowdfunding platforms that can engage backers in co-creational activities for product development. The study uses a design science research (DSR) approach and the theoretical concept of psychological ownership to inform a new design and then experimentally test that design. The results suggest that the derived artifacts positively influence co-creational activities in crowdfunding and that feelings of psychological ownership play an important mediating role. The contribution of this research is threefold. First, this paper extends crowdfunding’s application potential from merely a method of financing to a method of value creation with customers for product development. Second, the study advances DSR by applying a new DSR approach that shows whether a design performs as hypothesized by theory. Third, this research allows the exploration of backers’ individual behavior as opposed to their collective behavior.Type:Journal:Volume:Issue:
Scopus© Citations 23 -
PublicationAn Empirical Investigation of Signaling in Reward-Based Crowdfunding(Springer Science + Business Media Inc., 2017-09)Start-ups often face the challenge of a shortage of capital, the so-called funding gap, which can be overcome by raising small amounts of money from a large number of individuals. As crowdfunding suffers from a continuous rise in failure rates, the aim of this article is to contribute to the research concerning success factors in reward-based crowdfunding campaigns by focusing on signaling theory. Based on data retrieved from the crowdfunding platform Kickstarter, our results indicate that social ties, investment preparation and presentation, the supply of multiple rewards as well as endeavors to communicate and interact with the crowd positively influence the probability of success of a reward-based crowdfunding campaign. In contrast, the funding goal, a campaign’s runtime and the estimated time of delivery for the rewards have a negative impact on the successful completion of a campaign.Type:Journal:Volume:Issue:
Scopus© Citations 143 -
PublicationFunding from the crowd: An internet-based crowdfunding platform to support business set-ups from universities(World Scientific, 2013-09)This research-in-progress paper presents a research project that aims at developing, piloting and evaluating a crowdfunding platform to support financing for start-ups emerging from university. Currently, universities' own financial resources to support setting up businesses from universities are limited. Universities' business foundation consultancy can often only intermediate between entrepreneurs on the one side and restricted funding programs or few investors on the other side. A crowdfunding platform enables many individuals of the (university) crowd to support promising business ideas with little investments cumulating to a greater sum in total. Thus, it has the potential to extend universities' opportunities to support entrepreneurs. In addition, tasks like idea communication, idea evaluation and investment decisions can be outsourced to the crowd. The idea, research setting, first results and a future outlook of this research project are discussed in this paper.Type:Journal:Volume:Issue:
Scopus© Citations 20 -
PublicationBlueprinting Crowdfunding - Designing a Crowdfunding Service Configuration Framework( 2017-02-12)
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PublicationManaging Disruptive Innovation through Service Systems – The Case of Crowdlending in the Banking Industry(Association for Information Systems, 2016-12-11)
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PublicationWoohoo TinkerBots! The Marketing Effect of Crowdfunding(Association for Information Systems, 2016-12-11)Crowdfunding is increasingly gaining attention in theory and practice as a financing instrument for a variety of different projects. Besides fundraising, crowdfunding also serves as a marketing tool. To better understand this effect, we developed a teaching case based on an interview with the company Kinematics about their successful crowdfunding campaign “TinkerBots”. The multifaceted teaching case explains crowdfunding as a marketing tool by discussing the “4P” marketing mix (product, price, promotion, and placement). Our teaching case further familiarizes students with the basics of crowdfunding, including the different forms of crowdfunding and the risks and opportunities associated with crowdfunding. Our teaching case is designed for postgraduate or advanced undergraduate students of information systems and business administration, as well as for students pursuing Bachelor or Master level studies in economics or information science. It can also be used in practice-oriented MBA courses, where students analyze and solve real world business challenges.
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PublicationModularization of Crowdfunding Services: Designing Disruptive Innovations in the Banking Industry(Association for Information Systems, 2015-12-13)
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PublicationSuccessfully funded! - Welche Geschäftsmodelle machen crowdfinanzierte Cloud-Startups erfolgreich?(Universität Paderborn, 2014-02-26)
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PublicationAn Empirical Taxonomy of Crowdfunding IntermediariesDue to the recent popularity of crowdfunding, a broad magnitude of crowdfunding intermediaries has emerged, while research on crowdfunding intermediaries has been largely neglected. As a consequence, existing classifications of crowdfunding intermediaries are conceptual, lack theoretical grounding, and are not empirically validated. Thus, we develop an empirical taxonomy of crowdfunding intermediaries, which is grounded in the theories of two-sided markets and financial intermediation. Integrating these theories, we develop a crowdfunding intermediation model that we use as foundation for performing cluster analysis with data of 127 intermediaries. We identify three generic archetypes of crowdfunding intermediaries, which differ in their value proposition: Hedonism, Altruism, and For Profit. Our crowdfunding intermediation model and our empirical taxonomy improve our understanding of crowdfunding by showing how crowdfunding intermediaries manage financial intermediation and digitally transform exchange relations between capital-giving and -seeking agents in two-sided online markets. For practice, our research may help characterize the crowdfunding industry.
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