群眾募資是近年來最廣為被討論與使用的新興籌資方式，自2008年Indiegogo以及2009年Kickstarter等群眾募資網路平台相繼出現後，這種創新型態的籌資方式便從美國擴展到全世界。募資方透過平台展示提案理念與商品原型，以換取贊助者的出資贊助，並於計畫成功執行後提供回饋予出資者。群眾募資網路平台在這其中擔任兩者之間的牽線者，提供平台資源與行銷傳播建議。群眾募資平台依據其回饋方式的不同主要有四種不同的類型，分別為借款基礎集資、股權基礎集資、獎酬基礎集資、捐贈基礎集資。除了國際上廣為人知的Kickstarter與Indiegogo外，近幾年亞洲市場也受到了這波風潮影響，分別出現了中國的眾籌網、點名時間，以及台灣的flyingV、嘖嘖zeczec等等群眾募資平台。近年來台灣的許多重大事件，亦可在群眾募資網站上見其蹤影。可見其在社會上的影響力與日俱增。 本研究採個案研究法，選擇Indiegogo、Kickstarter、眾籌網、點名時間、flyingV、嘖嘖zeczec，分屬美國、中國、台灣三地、六個平台作為研究個案，欲了解其功能發展、內容服務、運作模式、創新價值、成功要素與商業模式策略。希望藉由對產業資料的蒐集，了解群眾募資產業的發展現況與市場定位。群眾募資網路平台已不僅僅是單純的募集資金功能，對小型創業團隊或中小企業而言，眾籌平台提供產品曝光機會與市場反應測試，降低初期的創業門檻與資金問題；對大型企業而言，群眾募資平台兼具新興行銷與網路通路的功能，除了能增加產品曝光的機會，亦能規避現有銷售通路的限制，加速產品的銷售! / Recent years, crowdfunding is the most widely discussed and used way to raise finance resources. Since Indiegogo founded in 2008, Kickstarter in 2009 and other crowdfunding web platforms, this innovative funding model has spread from the United States to the whole world. The project creator show their proposal and prototype on the platform in order to earn their support. When the project successfully executed, providing feedback to the financial contributions. The crowdfunding website platform serve as the router between this relationship, providing resources and marketing communication submittal. Owing to its feedback functional, crowdfunding platform can be categorized into four primary types: reward-based、donation-based、equity-based、credit-based. In addition to well-known international platform such as Indiegogo and Kickstarter, the Asian market has also been the impact of this effect in recent years such as the establishing of China’s zhongchou, demohour and Taiwan’s flying and zeczec. Last several years, many important events of Taiwan could also had been seen on the crowdfunding platform. Its influence power on the community has been more powerful day by day. This research adopts case study method, selecting Indiegogo, Kickstarter, zhongchou, demohour, flyingV and zeczec accordingly belong to the United States, China and Taiwan three different region as study cases. With theirs function rolls, content service, operating model, creative worth, wining factors and business model strategy, hopes to realize the crowdfunding industry current development and crowdfunding market. Crowdfunding platform is not only a simple function for raising funds for small entrepreneurial team or SMEs, but also providing product exposure and to test market reaction. Lower the financial gap for startup group’s venture capital. Besides the crowdfunding platforms combine the functions of marketing and physical channel, large enterprises could increase product exposure on platform avoiding the limitations of existing sales channels and accelerate product sales.

P2P借貸及股權模式群眾募資(即所謂金融回報型群眾募資)在過去五年間快速地成長，被認為係使中小企業及新創公司可有效率籌資之工具。為維持其制度之功能-籌資之效率性，在對籌資公司或平台之規範強督不宜過高，以降低其法規遵循成本。惟由於投資P2P借貸及股權模式群眾募資伴隨許多種類之風險，故在降低對籌資公司或平台之法規遵循負擔時，投資人保護之問題亦不可忽視，如何在此二者間達成平衡，為監管上之重要議題。 本文首先介紹在P2P借貸或股權模式已有發展或正在發展之美國、英國以及日本之規範概況。其次，在我國法部分，先就我國之股權模式群眾募資規範之發展為介紹，並參照比較法之規範為評析。其後，則就我國若引進P2P借貸制度，在我國既有法制如銀行法上可能碰到之問題及規範方向為分析。 在股權模式部分，櫃買中心在2014年1月開始營運功能相似之創櫃板。於2015年，金管會宣布證券經紀商經主管機關核准後，可經營股權性質群眾募資平台(後稱民營平台)，二者均受櫃買中心所發布之法規命令所規範。創櫃板與民營平台在功能及規範上有其相似之處，當二者在未來採雙軌並行時，可能有市場區隔及風險控制不足與櫃買中心在主導創櫃板同時，亦作為民營平台之監管者之利益衝突等問題。再者，在各自制度之問題上，二者亦有共通之處。關於投資人保護部分，第一，投資人可否適用相關規範為救濟，除證交法之反詐欺條款外，目前尚不明確。其次，關於投資限額之規範，則有計算與驗證限額之方式與轉售限制之規範必要性及周邊問題等之討論。關於籌資公司，則有籌資限額規範之寬嚴問題及僅可發行普通股之規範等之討論。在平台業者之規範，在民營平台部分，有關於平台業者准入規範、名義股東制度之可行性、單一業務經營及重大禁止行為等問題之討論。 在P2P借貸制度部分，關於我國法制，本文認為在各該模式是否使平台甚而借用人有構成銀行法收受存款之問題未能被釐清之前，P2P借貸制度恐無法被順利引進，可能須透過銀行法之修正，並輔以主管機關之解釋始能解決此一問題。關於對P2P借貸平台之規範，P2P借貸平台是否被定位為金融機構之一環，亦可能影響其應遵循之法律或規範為何。惟本文認為為促進P2P借貸平台之發展，即使主管機關將其定位為金融機構之一環，亦需適當設置例外，藉此可避免繁重之法規遵循成本讓使P2P借貸之制度失其設計之原意。關於貸與人之保護，在救濟途徑、投資限額、風險之評估與預告、中間帳戶之監管、資訊揭露、平台是否應提存準備金及設置意外準備基金、貸與人是否適用存款保險制度以及平台倒閉時對流通在外借款之處理機制等，亦應設置相關規範，惟亦應注意貸與人保護與上述平台法規遵循成本之平衡問題。在法規之規範方式上，本文則認為P2P借貸之商業模式可能乃與傳統借貸之商業模式有所落差，而平台之定位亦可能與傳統金融機構有所不同，故認為宜單獨就P2P借貸修訂專法或至少由主管機關單獨訂定法規命令，較為妥適。 / P2P lending and equity crowdfunding (so called “financial return crowdfunding,” FR crowdfunding for short), having grown rapidly in the last 5 years, are considered as an efficient vehicle for funding small and medium enterprises as well as start-ups. For maintaining the function of FR crowdfunding that is the efficiency of raising fund, it’s not appropriate to put strong regulations on the enterprises needing fund and the platforms of FR crowdfunding. However, because investing in FR crowdfunding associates with several types of risks, while reducing the burdens of the enterprises or platforms on compliance with the regulations, the issue of investor protection also cannot be ignored. How to balance between these two topics mentioned above is an important issue on the regulations of FR crowdfunding. Firstly, this article introduces the regulations on FR crowdfunding in U.S., Britain and Japan where P2P lending or equity crowdfunding has developed or is developing. Secondly, in the regulation of Taiwan, the article presents the regulation on equity crowdfunding of Taiwan first and make some comments, referred to the foreign regulations mentioned above. Afterwards, the article analyzes the problems, encountered on the existing laws, such as the Banking Law, and studies how to regulate P2P lending, if P2P lending is introduced to Taiwan. In the section of the equity crowdfunding, Taipei Exchange (GreTai Securities Market) started Incubation Board for Startup and Acceleration Firms (GISA) in January 2014 whose function is similar to that of the equity crowdfunding platforms. In 2015, Financial Supervisory Commission declared that securities brokers are permitted to operate platforms of equity crowdfunding (called private platforms hereinafter) once the securities brokers are authorized by the competent authority. Both GISA and private platforms are regulated by the regulations issued by Taipei Exchange. The functions and the regulation structures of GISA and private platforms are similar. When GISA and private platforms operate in a double-track way in the future, there are some problems like the insufficiency of market segmentation and risk control. Because upon the regulations, Taipei Exchange also supervises the private platforms, there exists a problem of interest conflict. Moreover, the regulations of GISA and private platforms also have common issues. About the protection of investor, firstly, whether the remedy regulations of other laws could apply for the investors of GISA and private platforms, except for the anti-fraud regulation of Securities and Exchange Act, is not clear so far. Secondly, there are also some discussions on the regulation of investment cap like the approach to calculate and verify the cap, the necessity of the measure of resale limitation, etc. About the enterprises raising fund on the GISA or private platforms, there are some discussions on whether the cap of raising fund should be higher and whether those enterprises should be permitted to offer preferred stock to raise fund, etc. About the platform, concerning to the regulations on the private platforms, there are some discussions on the industry access regulation, the feasibility of nominee structure, the operation of single business and the acts prohibited by the regulation, etc. In the section of the P2P lending, the article notes that before the problem, whether the borrowers or the platforms under different business models be considered as doing the business of accepting deposits under the Banking Law, could be clarified, it’s afraid that P2P lending cannot be introduced to Taiwan smoothly. This problem could be solved by the amendment of the current Banking Law or by the legal interpretations issued by the competent authority of Banking Law. About the regulations to the P2P lending platforms, whether the P2P lending platforms are considered as a financial institution affects which laws or regulations the P2P lending platforms might obey. However, for promoting the development of P2P lending, the article thought even if P2P lending platforms are considered as a financial institution, it’s necessary to set exceptions appropriately on it. By doing that, the purpose of P2P lending might not be destroyed by the heavy burden of compliance of regulations. About the protection of lenders, the regulations on P2P lending should include the issues on remedies of P2P lenders, investor investment cap, rating and precaution of risk, the supervision on the account of fund raised from lenders, information disclosure, whether the platforms should deposit reserves and set contingency fund, whether P2P lenders are protected by the deposit insurance, and the mechanism to deal with the loans still outstanding in case of the platform failure. However, the issue of balancing the lenders protection and the cost of regulatory compliance of the platforms still need to be considered. About how to regulate P2P lending, the article thinks that the business model of P2P lending is different from traditional lending model and that the P2P platforms are also different from the traditional financial institutions. Consequently, the article thinks that it’s appropriate to make laws or regulations singly for P2P lending.

本研究分析研究對象擇定四家群眾募資平台，依其不同的設立宗旨與服務定位，以及有否引入協助提案的機制，和對提案募資期結束選擇全有全無／全部保有模式，乃成為提案於平台上是否成功，提案者能否順利取得贊助金額的關鍵因素。 公益性非營利組織在面對社會變遷，科技網時代來臨，為推動相關目的事業，建議可運用群眾募資平台，協助進行社會溝通、理念傳達以及善款薵募的多項目的。

Transparency has been one of the most important factors/concerns affecting donations. Donors are not sure where their money goes and the difficulty of finding such information makes them hesitate on making donations. On the other hand, NPOs are haunted by lack of donation, governments scratch their heads on regulating the governance of NPOs, and academia find it difficult to collect donation-related data for research purpose. Blockchain, the upstart technology that backs up bitcoin and other cryptocurrencies, is born to solve the trust issue among different parties by providing ultimate transparency. However, adopting a new technology is never easy. Some traction needs to be in-place to engage people on technology adoption. Fortunately, the same technology that pulls people together is also the technology that will be able to build up the community and making a bigger social impact. DaoFund.com is funded with making social impact in mind by bringing aforementioned technologies to the society.

「群眾募資」為社會大眾透過小額資金的贊助，發揮群體集結的力量，支持個人 或組織使其目標或專案得以執行完成。隨著群眾募資平台的出現，加速了群眾募 資的發展，從國外知名的Kickstarter 到國內的Flyingv，這股募資的旋風一路席 捲了國內外傳統借貸生態。然而募資專案的成功因素也變成了一個重要的課題， 過去關於募資專案的文獻大多提到募資金額、募資更新次數等因素，較少著墨於 投資者對於募資產品的評論或口碑因素。因此本研究提出一個更廣泛的整合架構， 針對網路評論做情感分析作為影響募資專案成功的重要因素之一，並對 Kickstarter 上的專案，進行實證研究，結果發現口碑的數量及情感因素在不同類 別的專案中有不同的影響。在Game, Technology 和Design 類別對募資專案成功 有顯著的影響，但是在Music, Theater 和Dance 專案則沒有顯著影響。 / Abstract Crowdfunding is definded as a process or activity that openly solicits a small amount of money from a group of persons or orgnizations to make it success. The appearance of crowdfunding platforms in recent years has accelerated the popularity of crowdfunding. From Kickstarter to Flyingv, this Crowdfunding trend has changed traditional borrowing ecology. However, not all crowdfunding projects are successful. A substantial amount of proposed projects failed due to unable to raise the target money. Therefore, it is interesting to investigate factors that may affect the success of a fundraising project. Previous literature has reported several success factors for crowdfunding, such as the target amount, the number of updates, and so on. However, not many studies have investigated the effect of project reviews in the past literature. It is clear that word of mouth plays an important role in consumer decision, and it is reasonable to believe that project reviews as a kind of word of mouth will have effect on investors’ decision. Hence, this study adopts the sentiment analysis technique to analyze how the sentiment of project reviews, along with other factors, may affect the eventual project success. The data collected from the Kickstarter.com was used to evaluate our research model. Our findings indicate that the number and sentiment of project reviews did have impact on fundraising success, but only in certain categories such as game, design and technology that seem to have objective evaluation criteria. Their effect was not significant in categories such as music, theater, and dance in which investors’ preference may be very subjective.

在網際網路普及率日益升高的現今，各式各樣以網路作為媒介的商業模式快速興起，而平台的概念更顛覆了過往的使用習慣，藉由將使用者群聚在同一虛擬環境中，使他們之間產生互動與交流，許多商業價值便從中應運而生。透過同邊與跨邊網路效應的發酵，不斷累積用戶數、建構使用平台的慣性，久而久之便加深了用戶的黏著度，也增加了移轉成本。 本研究便著重於近年來平台商業模式的新概念：群眾募資，探討其如何跨越過往繁複的籌資手續，創造出一個可供擁有創意專案的提案者及擁有資金的贊助者媒合的場域。先分別對全球群眾募資產業和台灣群眾募資產業概況做出簡單的分析，知曉目前的大環境趨勢及台灣的市場發展潛力，並以美國的Kickstarter和台灣的flyingV兩間群眾募資平台作為個案研究對象。在了解兩個案的發展現況、營運模式後，再以策略行銷4C架構剖析兩者建立出平台機制以處理用戶的四項交易成本。 而研究結果發現，雖然兩者在政經環境及市場規模上的差異造成經營成效上的落差，但除去外在的先天因素後，Kickstarter相較於flyingV，建構出的4C循環更加完善，也使其自創立以來一直穩居全球群眾募資界的龍頭地位。而flyingV雖然在台灣擁有最高的市佔率，但在平台本身的4C架構上仍有許多成長空間，因此本研究最終以Kickstarter為範本，對flyingV在現行環境下的營運模式以4C架構做出建議，期許flyingV未來能持續發展，成為亞洲群眾募資平台的領導品牌。

本研究探討公司籌措資金的方式，並介紹目前熱門的群眾募資的起源、歷史發展，各地區市場概況，接者探討台灣市場、法規範、稅負、募資平台、金流方式、趨勢及2015年中新立法通過的股權模式群眾募資等。 本文以筆者實際執行過的群眾募資專案為個案，探討個案在台灣現況下所遇到的法規範、稅負及有無發生爭議，並提出改善群募爭議的方法。此外也透過個案中的資料，利用實證研究得出，若贊助者曾經向提案團隊購買過商品，則其贊助金額會高於一般贊助者，另外研究結果也得知，若是在週末贊助的贊助者，其贊助金額也高於週間的贊助者，上述兩項因素都和贊助金額成顯著的關係。此外也從實證中發現，本募資個案中女性贊助者高於男性贊助者，但性別和贊助金額是不顯著關係，女性平均的贊助金額並沒有高於男性，而居住區域也和贊助金額呈現不顯著關係，本個案中，超過七成的贊助金額來自北部地區，但北部贊助者每人平均贊助金額並沒有高於中部和南部贊助者。 / This study investigated the company funding modalities and the history of the crowdfunding, development trend and market. And probed the conditions of law, tax, fund-raising platform, cash flow mode, trends in Taiwan. In this paper, the author actually been executed crowdfunding project as a case, investigate cases of legal norms, tax and dispute in the current situation. The use of empirical study concluded that if the sponsors had proposed to purchase goods over the proposal team, then the amount will be higher than the general sponsors, additional findings also informed that if the sponsors donated in weekend, which is also higher than the amount of sponsor of the week, these two factors have a significant relationship with amount of sponsorship. Also from the empirical findings, the women sponsor were more than men sponsors in the case, but gender is not significant, women sponsors average amount weren’t higher than men sponsors. While residential areas are also no significant relationship with the amount of sponsorship. In the case more than seventy percent of the amount of sponsorship from the north, but northern sponsor average amount were not higher than the central and southern sponsors.

近年來，文化創意產業已經成為全球各國競相發展的軟實力重要產業，特別是在英國引領全球風潮，韓國異軍突起之後，臺灣近十年來也積極將施政重心放在文創產業的發展與提升之上。然而，文創中小微型新創事業基於先天本質上具有需求不確定性高、創作者重創意而忽略經濟性、不易與資金持有者溝通等特性，加上臺灣市場規模較小，新創事業失敗風險較高，且政府的政策、法規，亦未能充分發揮作用，故普遍面臨籌資困境。經本研究從證券化可分散風險、利潤共享、增加宣傳機會、提供穩定長期民間資金之角度出發，參考外國立法例及進行個案比較分析，本研究認為股權型群眾募資較適合臺灣文創中小微型新創事業，建議除了現行相關籌資政策、法規仍應進行調整外，也應鬆綁民間成立股權型群眾募資平臺，並採取風險控管之機制。最後，就長遠來看，兩岸應可考慮就股權型群眾募資進行合作，俾使臺灣業者利用現有之軟實力優勢，能夠結合中國大陸的市場及資金，共同邁向雙贏。 / In recent years, cultural and creative industries have become an important soft power around the world, especially after UK leading the global trend and South Korea’s emerging success. Taiwan is also actively focusing on the development of cultural and creative industries over the past decade. However, the micro, small and medium-size startups in cultural and creative industries are usually characterized with high uncertainty for demands, creators ignoring the economy, and hard to communicate with the capital holders. In addition, given Taiwan’s smaller markets, high risk of startups, and the ineffective government’s policies and regulations, fundraising difficulties are generally confronted. This study aims to focus on the securitization for its benefits: risk arrangement, profit sharing, more promotional opportunities and long-term private fund. By referencing to foreign regulations and conducting comparative analysis of related cases, this study concluded that the equity crowdfunding is the better solution for Taiwan’s cultural and creative startups. As a result, it is recommended that the financing policies and regulations should be modified, and should allow the establishment of private equity crowdfunding platform and adopt risk control mechanisms. Moreover, in the long run, Taiwan and Mainland China should consider seeking cooperation for equity crowdfunding to combine Taiwan’s soft power advantage with the fund and market of Mainland China, jointly moving towards a win-win situation.

群眾募資成為近年廣被討論和使用的新興籌資方式，線上募資平台普遍被認為具提供資金、市場驗證及行銷曝光的功能，學術圈和實務界有許多如何成功募資的研究，但卻鮮少討論群眾募資帶來的影響與挑戰，因此本研究欲探討從產品開發到出貨，群眾募資在完整的專案歷程中代表的意涵，供未來提案者參考。 本研究採個案研究法，選擇「Stair-Rover八輪滑板」、「Voltset智能電表」、「ATOM 3D印表機」和「器研所New Urban Bike」做為研究個案。首先，了解提案者募資動機以及了解募資平台扮演的角色；其次，以新產品開發的觀點分析個案，討論群眾募資如何影響募資專案；最後，從專案管理的角度討論群眾募資帶給提案者什麼正面效益，以及需留意的風險。 研究結果發現，資金不一定是提案者使用群眾募資的主要動機，市場驗證及行銷曝光的功能仍為提案者所看重。除此之外，也有提案者將募資平台視為產品通路、或是建立社群的管道，群眾募資的意義與團隊所欠缺的資源有關，因而對其產生不同的定義。 此外，群眾募資改變了一般循序式的新產品開發流程，不同階段可能同時發生，且加速市場的反應，但並沒有因群眾募資而省略任一開發流程，這樣的改變更加考驗提案者同時處理技術端和市場端的能力。 最後，從專案管理看群眾募資，「成本」可視為產品發展時所需的經費、「時間」則是指募資結束後產品商品化的速度、「品質」代表社群互動和客戶服務。提案者必須謹慎拿捏，找到三者的平衡，包括建立群眾參與感、準時出貨和產品與專案內容描述一致，達到最終「贊助者滿意」，才算是一個成功的募資專案。

打造一個好的產品是所有早期新創公司的核心，然而如何將產品從構想到販售並取顧客喜愛，則是一個需要理論與實務結合、不斷實驗的過程。在本論文中，作者將過去三年實際帶領產品-Voltset從出生到成長的經驗紀錄下來並與理論相呼應，探討一個新產品如何透過不斷循環的迭代過程 (iteration process)增加其新產品完整度 (product readiness) 。這三年當中，作者歸納了 Voltset從初期抽象構想的形成，獲得第一位付費的客戶，到後期在全球最大的群眾募資平台上進行全球市場驗證的過程。本論文主要會針對兩大部分做深度討論: 第一部分著重於探討如何在各種實際市場驗證測試中增加產品就緒度，並點出在目前現有理論框架，如: 精實創業 (the Lean startup) 下可能與實際執行面不同之處。根據本產品的經驗，新產品第一次的迭代過程循環應該經由以下幾個步驟：產品目標市場願景、產品本身定義、最小可行性產品構築、意見領袖背書、市場驗證、市場測試與學習。第二部分則是討論當在定義一個新產品的功能與特徵時，如何正確地選擇性聽取以及以什麼方式來聽取目標客戶的需求。根據打造 Voltset產品的經驗，作者發現當潛在客戶聲音太廣泛時，應只聽取”已付費”客戶的意見，因為該族群的產生是藉由深入了解產品價值，並經歷認同與付費過程而形成，因此會在產品的功能與特徵上的需求較聚焦。 本論文藉由親身實務經驗與理論的對話提供深度的產品迭代過程探討，作者期許這樣的研究能對於縮小理論與實務的鴻溝做出貢獻。 / Product building is a core activity for any early-stage startup. However, there are still many gaps between literature to real world practice for successfully developing a product that is accepted by the market. In this thesis, the building experience of Voltset -- a one of the kind hardware and software integrated multimeter, is studied for its journey of product iteration process to increase product readiness. The cofounder of the startup as well as the author of this thesis, has reflected his firsthand experience with literature such as the Commercializing New Technologies and the Lean Startup to seek steps necessary to move the project from shaping an abstract concept, acquiring the first paying customer, and then campaigning a successful crowd funding project. The thesis focuses on answering two questions: First, what are the steps required to enhance product readiness through validation testing from the first business idea to receiving its first group of paying customers. Based on the experience of Voltset and the Lean startup framework, it suggests the first product iteration process should loop through the following stages: Product market vision, product definition, minimum viable product building, key opinion leader endorsement, validation sell, measure, and learn. Second, when a product specification needs to be pinpointed, who and how to listen to the voice of targeted customers (VOC) is the state-of-art question for early-stage startups. Within the scope of this experience, it indicates to focus only on paying customers since they understand the potential value of the new product and have similar needs compare to the wide range of feature request from the rest of potential buyers. This thesis provides the insights of product iteration from first-hand experience, enriching the knowledge gap between real product building and theoretic framework point of view.