Si le succès d'une campagne de crowdfunding dépend du projet qui est financé, il est aussi fortement lié aux choix stratégiques faits par l'entrepreneur et par le design de la campagne de financement en elle-même. Cette thèse étudie trois composants principaux du design d'une campagne de crowdfunding en se basant sur une base de données unique de plus de 22 000 projets présentés sur la plateforme Indiegogo. Premièrement, en choisissant entre les modèles de financement "keep-it-all" et "all-or-nothing", l'entrepreneur a la possibilité de transférer lerisque entre lui-même et la foule. Cela aura un impact sur la quantité d'informations qu'il divulguera et sur le comportement des participants. Deuxièmement, la personnalité de l'entrepreneur, et plus particulièrement son niveau de narcissisme, affecte également la manière dont la campagne est mise en place (taille, informations,...) et du soutien qu'il/elle obtient de la foule. Enfin, étant donné que nous savons que les entrepreneurs en série bénéficient habituellement de leur expérience via leur réseau et leur réputation, nous analysons sa capacité à recommencer une seconde campagne, la manière dont l'entrepreneur la conçoit et sa capacité à gagner, ou pas, le soutien du public après un premier succès ou un premier échec. / If the crowdfunding campaign success depends on the project that is financed, it is also closely linked to the strategic choices of the entrepreneur and by the design of the financing campaign in itself. This thesis investigates three main components of the campaign design by using a unique database of more than 22,000 crowdfunding projects presented on the Indiegogo platform. First, by choosing between the keep-it-all and the all-or-nothing funding model, the entrepreneur is able to shift the risk between himself and the crowd. This will impact thecampaign disclosures and the behavior of the participants. Second, the personality of the entrepreneur and more precisely his level of narcissism also affects the way that the campaign is set up (size, soft information,...) and the support he/she receives from the crowd. Finally, since we know that serial entrepreneurs usually benefit from experience through network and reputation, we analyze his/her ability to restart a second campaign, the way that entrepreneurs design it and his/her capacity to gain, or not, support from the crowd after a first success or after a first failure.

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.

The topic of thesis is analysis and comparation of possibilities of financing unspecified microcompanies because they forge majority on the market. Due to the fact most of those companies are not highly inovative but follow the ordinary market model therefore they can rely mostly on common types of fundraising from financial institutions. Alternative forms such as venture capital or private equity focuses mostly on different segments regarding investment size and growth potential. Thesis should provide practical review not only to beginning entrepreneurs about possibilities of financing their further growth including example of recently financed business and what to beware of while requesting external financing. The reader will get to know what are the basics for financing common microcompany and what are the possibilities of further alternative support provided for instance from the government.

[EN] NINA PALEY: THE FUSION OF 2D DIGITAL AND TRADITIONAL ANIMATION This thesis is a monographic study on the oeuvre and working methods of Nina Paley: internationally renowned underground artist. The aim of the thesis is to compile and analyse the work of this original animator, examining how she integrates both digital and traditional techniques, and to explore basic animation principles. It is by analysing her work that we will discover how her animations concerning myths and epics, shown in an ironic, irreverent way, encompass phenomena such as optical illusions, graphic and stylistic devices, various animated techniques and bold, social and political criticism. Furthermore, Nina Paley is belligerent towards traditional copyright licences, which are nonsensical in today's technological world. She eludes existing rules and regulations and instead seeks and explores new channels. In doing so she has become a free culture activist and her work is published under the Creative Commons licence. She has also been able to prove that it is possible to work independently, solely through the support of her audience and the donations she receives. Through this project, our humble aim is to add to existing data and in some way contribute towards remedying the lack of information and material in the Spanish language on this animator. / [ES] NINA PALEY: LA FUSION ENTRE LA ANIMACIÓN 2D Y LA ANIMACIÓN TRADICIONAL La presente tesis es un estudio monográfico sobre la obra y la manera de trabajar de Nina Paley, artista underground de reconocido prestigio internacional. El objetivo de la tesis es recopilar y analizar en profundidad la obra de esta original animadora, estudiando la integración de las técnicas empleadas: digitales y tradicionales, así como los principios básicos de animación. Es a través del análisis de su obra donde descubriremos como animaciones sobre mitos y epopeyas mostradas de manera irónica e irreverente, conviven junto a fenómenos como las ilusiones ópticas, recursos gráficos y estilísticos, diferentes técnicas animadas o una audaz critica social y política. Por otro lado, Nina Paley se muestra beligerante con las licencias tradicionales de copyright, que carecen de sentido en el mundo tecnológico actual. Huye de las regulaciones y normas existentes y busca y explora nuevas vías. Así, se convierte en activista del movimiento de Cultura Libre, deja su obra bajo la licencia Creative Commons y además consigue poner de manifiesto que es posible trabajar de forma totalmente autónoma e independiente sólo con el apoyo de su público y de las donaciones que obtiene. Nuestra humilde pretensión con este proyecto es aportar nuevos datos a los ya existentes, y contribuir, de algún modo, a solventar la carencia de información y de material en castellano sobre esta animadora. / [CAT] NINA PALEY: LA FUSIÓ ENTRE L'ANIMACIÓ 2D I L'ANIMACIÓ TRADICIONAL La present tesi és un estudi monogràfic sobre l'obra i la manera de treballar de Nina Paley, artista underground de reconegut prestigi internacional. L'objectiu de la tesi és recopilar i analitzar en profunditat l'obra d'aquesta original animadora, estudiant la integració de les tècniques emprades: digitals i tradicionals, així com els principis bàsics d'animació. És a través de l'anàlisi de la seua obra on descobrirem com animacions sobre mites i epopeies mostrades de manera irònica i irreverent, conviuen al costat de fenòmens com les il·lusions òptiques, recursos gràfics i estilístics, diferents tècniques animades o una audaç crítica social i política. D'altra banda, Nina Paley es mostra bel·ligerant amb les llicències tradicionals de copyright, que no tenen sentit en el món tecnològic actual. Fuig de les regulacions i normes existents i busca i explora noves vies. Així, es converteix en activista del moviment de Cultura Lliure, deixa la seua obra sota la llicència Creative Commons i a més aconsegueix posar de manifest que és possible treballar de forma totalment autònoma i independent només amb el suport del seu públic i de les donacions que obté. La nostra humil pretensió amb aquest projecte és aportar noves dades als ja existents, i contribuir, d'alguna manera, a solucionar la manca d'informació i de material en castellà o valencià sobre esta animadora. / Estudillo Molina, AM. (2016). Nina Paley: La fusión entre la animación 2D y la animación tradicional [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/62177 / TESIS

This study explores the relationship between the use of framing within crowdfundingcampaigns of technology startup companies and the funding outcomes of these campaigns.We examine how the presence of cognitive framing categories of opportunity, threat, noveltyand commonality within crowdfunding pitches of technology startups affect the chance ofsuccessfully receiving funding. In order to examine the effect of framing on the funding outcomes of crowdfundingcampaigns, a qualitative, explorative research approach is employed. With the use of anexisting framing framework, we identify, categorize and analyze the content of crowdfundingcampaigns. The data sample we analyze is comprised of publicly available technologycompany crowdfunding campaigns collected from Kickstarter, a crowdfunding platform. The results suggest that the presence of novelty and opportunity framing withincrowdfunding campaigns is most closely associated with successful funding. We alsodiscover that several other campaign components, both prose and non-prose, which did notconform into the framing cognitive categories outlined, may also be important for thesuccessful funding of campaigns.

As social interactions increasingly become exclusively online, there is a need for research on the role of identity and social identity in online platforms. Drawing on Symbolic Interactionist approaches to identity, namely Social Identity Theory and Identity Theory, as well as Signaling Theory, this study argues that actors will selectively use religious language to signal their credentials to an audience for the purpose of garnering prosocial behavior in the form of donations to their fundraising campaign. Using latent semantic analysis topic models to analyze the self-presentations of crowdsourcing campaigners on GoFundMe.com, this study found evidence for the presence of signaling to a religious identity online as well as a significant difference in the presentation of need for campaigns originating in areas with high reported religiosity compared to campaigns from areas of low religiosity. In comparison to other campaigns, campaigners engaging in religious signaling were significantly increasing their donations. I suggest that strategically chosen religious topics in online crowdfunding is an example of low-cost identity signaling and provides insight into how signaling happens online and the potential outcomes resulting from this cultural work.

The thesis deals with data acquisition from crowdfunding and their analysis. The theoretical part is focused on the description of available technologies and algorithms for data analysis. In the practical part the data collection is realized. Data mining and text mining algorithms are applied in this section for data.

This thesis analyses the biggest reward-based crowdfunding platform in the Czech Repub- lic using textual tools on uniquely collected microdata. The research question investigates which of the attributes of project campaigns (including the language style of project de- scriptions) have a significant impact on successful funding. Empirical analysis combines results of Bayesian Model Averaging and logistic regression. Results reveal that firstly, language style of project descriptions does not possess any significant predictive power. Secondly, that utilization of a video, size of pledging goal, or the number of contributors have a significant effect on the campaign's success, which is in line with current literature. Thirdly, it has proven to be true that project categorization plays an important role as well. On the contrary, the findings do not imply any causal claims, such as whether those factors persuade contributors to donate money. JEL Classification G23 Keywords crowdfunding, rewards, success determinants, natural language processing Author's e-mail t.hudcova@gmail.com Supervisor's e-mail polakpet@gmail.com

Entrepreneurship plays an integral role in innovation, job creation and economic growth, and financing is a key component in facilitating this process. In recent years, the financing industry has taken significant technological leaps forward—perhaps most notably through the introduction of alternative solutions to institutional investors, such as crowdfunding. At the same time, the distinct economic role of these new technologies is still largely unknown. The study aims to examine why growth-oriented entrepreneurs in Sweden choose equity-based crowdfunding. The findings are analyzed through the lens of the pecking order theory, i.e., the notion that entrepreneurs select the cheapest and least risky way to finance a given solution. This article builds on qualitative research with a multiple case study with five cases. The primary data is collected through semi-structured interviews following a topic guide and secondary data from investment material. Further, entrepreneurs choose external equity because of growth and network, and specifically crowdfunding is selected due to ambassadors, marketing, credibility, control keeping, and as a process to become a listed company. The results show that crowdfunding interrupts the pecking order theory.

SammanfattningSmå och medelstora företag utgör en stor del av alla företag som är registrerade i Sverige.Småföretagen är viktiga för samhället eftersom företagen är de största skattebetalarna i de flestakommunerna samt att de bidrar mycket till näringslivet. Dock behöver småföretagenfinansiering för att kunna fortsätta att bedriva sin verksamhet samt växa. Svårigheten att fåfinansiering är något som de flesta av företagen konfronteras med. Detta har resulterat i attföretagen fått söka andra alternativa finansieringsmetoder där crowdfunding är en avmetoderna. Eftersom crowdfunding är en relativ ny finansieringsmetod samt inte likauppmärksammad finns det flera forskningsluckor som kan undersökas.Syftet med studien är att förstå hur motiven skiljer sig mellan användningen av de olikavarianterna av crowdfunding. Studien undersöker även varför svenska små och medelstoraföretaget vänder sig mot crowdfunding och ifall crowdfunding har potential att ersätta detraditionella finansieringskällorna. Detta har genomförts genom att bland annat påvisa defördelar och nackdelar som finns med crowdfunding. Tillvägagångssättet för undersökningenhar skett genom en kvalitativ metod där intervjuer med sex företag har gjorts.Resultatet visar på att det finns en stor skillnad på det motiv som företagen har när de väljervilken crowdfunding metod som de ska använda. Anledningarna till varför företagen användecrowdfunding skiljde sig också åt men det fanns en viss gemenskap mellan några av företagen.Majoriteten av företagen vill antingen ha en starkare relation till sina kunder eller att derasprodukt eller projekt skulle få uppmärksamhet. Vidare var det delade meningar huruvidacrowdfunding kan ersätta traditionella finansieringskällor, somliga av företagen ansåg attcrowdfunding kunde ersätta helt, somliga tyckte att det kunde fungera som ett komplement ochnågon tyckte att det inte kunde ersätta alls. Likväl är merparten av företagen positivt inställdatill crowdfunding som finansieringsmetod.