Crowdfunding and Co-Creation What are fruitful interconnections?
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1 Crowdfunding and Co-Creation What are fruitful interconnections? Dennis Brüntje, Anja Solf Institute of Media and Communication Science, Department of Media Management Crowdinvesting-Conference April 17, 2013 Berlin
2 Outside-in perspective Image: Thinkstock.com Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 2
3 Crowdfunding Co-Creation Interconnections Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 3
4 Crowdfunding Co-Creation Interconnections Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 4
5 Our crowdfunding research What we do Empirical research Consulting Starters/ start-ups Platforms Scientific support Platforms Recent projects Analysis of communication in equity-based crowdfunding Analysis of success factors and motivation criteria Crowdfunding as Social Media Tool for SMEs (Cofunding) Crowdfunding in various media markets Crowdfunding in science Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 5
6 How we see crowdfunding... Established partial financing for projects & start-ups Leads to cultural diversity & enriches start-up-scene Requires strategic communication Main principles: Reputation, transparency & trust Marketing tool Allows crowd involvement (crowdsourcing) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 6
7 Different actors Platforms Crowdfunding Starters / start-ups Supporters / investors Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 7
8 Different actors Platforms Crowdfunding Starters / start-ups Supporters / investors Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 8
9 What leads to success in reward-based crowdfunding? (n=85) Campaign planning Project description Design of project page Pitch video Information about project status (blog) Financial goal plus: short project duration, number of supporters, pledged budget Harzer (2013) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 9
10 What leads to success in equity-based crowdfunding? External communication: Same factors expected as above (+ business plan) Start-ups profit by platform publicity Probability of success: Opportunity recognition Intellectual Property Start-up team (entrepreneurial skills, motivation, flexibility, market knowledge) Feasibility of the project Beck (2012), 48ff.; Alvarez & Barney (2007) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 10
11 What leads to success in crowdfunding? It s all about communication Image: Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 11
12 Different actors Platforms Crowdfunding Starters / start-ups Supporters / investors Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 12
13 What motivates supporters? (n=89) Entertainment Curiosity Affiliation Empathy Idealism Less important: Rewards, appreciation and responsibility, feeling of guilt, subjective norm Helm (2011), 67 Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 13
14 What motivates investors? Financial factors Non-financial factors Social factors High ROI assumption Minimal administration effort Information & controlling rights Voting rights Direct investments in start-ups Aspiration supporting local start-ups Being involved with exciting start-up technology Supporting selfexpression Prestige of investing in young businesses Beck (2012), 52; Collins & Pierrakis (2012), 3, 25; Klöhn & Hornuf (2012), 239 Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 14
15 Different actors Platforms Crowdfunding Starters / start-ups Supporters / investors Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 15
16 Role of crowdfunding platforms Take role of an intermediate Enable financing, communication & information Create network effects e.g. Klöhn & Hornuf (2012) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 16
17 Challenges in crowdfunding crowd vetting due diligence communication Regulation fraud detection fraud protection follow-on financing risk reduction ROI post-investment support transparency Co-Creation business valuation Consulting information asymmetries e.g. Beck (2012); Collins & Perrakis (2012); Hofmann (2012); Klöhn & Hornuf (2012) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 17
18 Crowdfunding Co-Creation Interconnections Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 18
19 Co-Creation Research Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 19
20 What the Crowd wants Reward Recognition More knowledge & better skills Interest Fun e.g. Brabham (2008); Archak (2010); Missling (2011); Blitzer, Schrettl & Schröder (2004) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 20
21 What the Crowd gets I think, if there was no monetary reward, probably no one would participate. Everyone s efforts do have its price. To make people join for a long time and be really motivated money is not sufficient. What you need is recognition. Solf & Schultheiss (2013) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 21
22 What creative crowds really need Flow and Sense istockers find creating content fun and enjoyable, and it gives them the chance to do the jobs they feel they do best. (Brabham 2008) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 22
23 Profit vs. Sense and Flow (in Microworking) Challenge meets skills (Image: Task autonomy enhances creativity Profit competes against non-profit Meaningfulness increases participation Kaufmann, Veit & Schulze (2011); Rogstadius et al. (2011); Chandler & Kapelner (2012) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 23
24 More fun in idea-creation Gamification by competition Tools: ratings, rankings, awards Collaboration vs. competition Contest causes pressure Foster the flow! Support skills, increase interest, inspire! Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 24
25 More sense in idea-creation Market places Problems vs. search fields Rewarded solutions Harness the crowds creative potential! Grant autonomy, give advise, make innovation radical! Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 25
26 Creative Crowds need Autonomy Idea vs. Solution?! Creativity is asking the question for which there is no answer. And innovation is answering that question. (Gene Frantz, Texas Instruments, in: Stern 2012) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 26
27 Creative Crowds need creative settings Expertise Resources Skills Personality Money Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 27
28 Support means more than money I told them, No, I m not going to start Apple because I just want to design neat computers. I don t want to run a company because that s not my thing in life. (Steve Wozniak, in: Brown 1988) Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 28
29 Crowdfunding Co-Creation Interconnections Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 29
30 Funding Creative Processes Creative Process Prototype Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 30
31 Platforms as innovation drivers Platforms Intermediates Starters / start-ups Teams & individuals Crowdfunding & Co-Creation Financing & human capital Supporters / investors Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 31
32 What do you think? Image: Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 32
33 Coming soon? InnoFund.me Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 33
34 References Alvarez, S. A., & Barney, J. B. (2007). Discovery and creation: Alternative theories of entrepreneurial action. Organizações em context, 3(6), Archak, N. (2010). Money, Glory and Cheap Talk: Analyzing Strategic Behavior of Contestants in Simultaneous Crowdsourcing Contests on TopCoder.com. Proceedings of the 19th International Conference on World Wide Web, April Beck, R. (2012). Crowdinvesting Die Investition der Vielen [Equity Crowdfunding Investments by the crowd]. Leipzig: amazon. Bitzer, J., Schrettl, W. & Schroeder, P. J. H. (2004). Intrinsic motivation in open source software development, School of Business & Economics. Discussion Paper: Economics, No. 2004/19. Retrieved February 15, 2013, from: /49926 Brabham, D. C. (2008). Moving the crowd at istockphoto: The composition of the crowd at motivations for participation in a crowdsourcing application. First Monday, 13(6). Retrieved June 14, 2012, from: Brown, K. A. (1988). Inventors at Work: Interviews with 16 notable American inventors. Washington: Tempus Books. Chandler, D. & Kapelner, A. (2012). Breaking Monotony with Meaning: Motivation in Crowdsourcing Markets. Journal of Economic Behavior & Organization. Preprint retrieved April 4, 2013, from Collins, L. & Perrakis, Y. (2012). The Venture Crowd. Crowdfunding equity investments into business. Retrieved April 15, 2013, from Harzer, A. (2013). Erfolgsfaktoren im Crowdfunding [Success factors in Crowdfunding]. In Will, A./ Brüntje, D. (Eds.): Menschen Märkte Medien Management: Schriftenreihe; 7. Ilmenau: ilmedia. Also available from DocumentServlet?id=20873 [April 16, 2013]. Helm, M. (2011). Träume finanzieren 2.0: Eine quantitative Befragung zu den Motivationen der finanziellen Projektunterstützung auf deutschsprachigen Crowdfunding-Plattformen [Financing dreams 2.0: A quantitative survey about the motivations of financial project supporting on German crowdfunding platforms]. Unpublished master thesis (other publication in progress). Hofmann, A. (2012): Crowdfunding: Revolution der Startup-Finanzierung? [Crowdfunding: Revolution of start-up financing?]. Retrieved April 15, 2013, from Kaufmann N., Veit, D. & Schulze, T. (2011). More than fun and money. Worker Motivation in Crowdsourcing A Study on Mechanical Turk. Proceedings of the Seventeenth Americas Conference on Information Systems, August 4th-7th 2011, Detroit. Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 34
35 References Klöhn, L. & Hornuf, L. (2012). Crowdinvesting in Deutschland. Markt, Rechtslage und Regulierungsperspektiven [Equity crowdfunding in Germany. Market, legal situation, regulation perspectives]. ZBB Zeitschrift für Bankrecht und Finanzwirtschaft 24(4), Missling, E. (2011). Was motiviert die Crowd [What motivates the crowd?]. Retrieved February 12, 2013, from Rogstadius J., Kostakos, V., Kittur, A., Smus, B., Laredo, J. & Vukovic, M. (2011). An Assessment of Intrinsic and Extrinsic Motivation on Task Performance in Crowdsourcing Markets. Proceedings of ICWSM. 2011, Aug , Barcelona. Solf, A. & Schultheiss, D. (2013): Motivate the Crowd. General Online Research Conference (GOR), March , Mannheim. Stern, B. (2012). Inventors at Work: The Minds and Motivation Behind Modern Invention. New York: Apress. Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 35
36 Contact Information Dipl.-Medienwiss. Dennis Brüntje Dipl.-Medienwiss. Anja Solf Department of Media Management Institute for Media and Communication Science Ilmenau University of Technology Ernst-Abbe-Zentrum Ehrenbergstraße 29 D Ilmenau Germany T: [Brüntje], [Solf] F: E: Crowdinvesting-Conference Crowdfunding and Co-Creation D. Brüntje, A. Solf Page 36
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