「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.

The equity crowdfunding market has since the financial crisis in 2008 become an important source of alternative financing in Sweden. The equity crowdfunding platforms constitute the market and are responsible for governing the investment relationships. However, the market is not regulated, and in the spring of 2018 the Swedish government proposed regulatory changes for the platforms to impact the problem of information asymmetry. There are different approaches on how to impact the problem, and therefore the thesis sets out to understand how the equity crowdfunding platforms within the Swedish market work to impact information asymmetry.  Empirical data has been collected from five different Swedish equity crowdfunding platforms. Semi-structured interviews were conducted with individuals whose work is connected to governing and impacting information asymmetry. The analysis of the empirical findings identifies five main reasons for the arise of information asymmetry and the platforms work to control and reduce information asymmetry by mitigation strategies, investor communication and effective signaling. The findings indicate that there is a trade-off between controlling information asymmetry and making the financing method accessible within the market. This study contributes to the understanding of how equity crowdfunding platforms work to impact information asymmetry within the Swedish market.

Les plateformes de financement participatif (« crowdfunding ») permettent auxentrepreneurs de faire financer leurs idées en contactant directement de petits investisseurset des consommateurs potentiels. Cette thèse porte sur le fonctionnement de cesplateformes d’un point de vue économique, en particulier, sur les stratégies mises en placepar les plateformes et les entrepreneurs dans ce marché. Cette thèse est organisée en deuxparties. La première partie se focalise sur le marché du financement participatif et lesstratégies de compétition des plateformes. La deuxième partie se consacre aux incitationsdes entrepreneurs et les potentielles barrières à son entrée – et donc au développement dece marché. Tout d’abord, nous discutons la caractéristique des plateformes de financementparticipatif d’après la théorie des marchés « bifaces ». Nous soulignons le rôle decoordination de ces plateformes à partir de différentes structures de prix et de règlesspécifiques qui régulent la participation d’entrepreneurs et d’investisseurs. Nous soulignonsl’état de l’art de la littérature existante pour comprendre les incitations des entrepreneurs etdes investisseurs de participer à ces plateformes, les outils mises en place pour réduire lesasymétries d’information, et les biais des investisseurs par rapport aux caractéristiquesphysiques des entrepreneurs. Le deuxième article étudie le défi des plateformes bifacesd’équilibrer « quantité » et « qualité » des agents des deux côtés et en même temps tenir encompte la compétition. Nous étudions en particulier comment une stratégie d’attirerd’avantage d’entrepreneurs d’un côté peut réduire la qualité de l’expérience des usagers. Letroisième article est consacré à démontrer empiriquement la valeur informationnelle dufinancement participatif pour les entrepreneurs. Avant le lancement d’un nouveau produitsur un marché, les entrepreneurs font face à des fortes incertitudes qui peuvent être paillésavec le « feedback » reçu des campagnes du financement participatif, ce qui constitue uneincitation de plus pour participer à ces marchés. Le quatrième et dernier article présente uncontrepoint de ces incitations, et interroge les barrières à l’entrée sur ces marchés. Enparticulier nous étudions les barrières en termes de temps qui doit être consacré à unecampagne de financement participatif et qui peut décourager une partie des entrepreneursde chercher cette alternative. Pour conclure, nous discutons de l’implication de nosrésultats. / Crowdfunding platforms allow entrepreneurs to directly contact small investorsand potential consumers to help them finance their ideas. This thesis dedicates tounderstanding the dynamics of these platforms from an economic perspective. We areparticularly interested in comprehending the entrepreneurs’ and platforms’ strategies in thismarket. This thesis is composed by four scientific articles organized in two parts. The firstpart focuses on analyzing the crowdfunding market dynamics and the design and strategiesof crowdfunding platforms. In the first article (Chapter 1), we discuss the characteristic ofcrowdfunding platforms based on the theory of two-sided markets. We underline thestrategies platforms use to perform their coordinating role of the market. Based on thecurrent literature, we analyze the incentives and disincentives of entrepreneurs andinvestors to participate on these platforms as well as the instruments to reduce informationasymmetries and the potential biases on the investors’ screening process in relationship toentrepreneurs’ physical characteristics. The second article (Chapter 2) examines thechallenge of crowdfunding platforms to balance “quantity” and “quality” on both sides ofthe market, and at the same time accounting for competition. In particular, we examinehow a strategy to attract more entrepreneurs to one side can reduce platforms’ thecompetitive advantage and potentially deteriorate users’ experience. The second part of thethesis is devoted to the incentives and disincentives for entrepreneurs to join crowdfundingplatforms. In the first article of the second part (Chapter 3 of this thesis), we empiricallydemonstrate the informational value of crowdfunding for entrepreneurs. Before launchinga new product in a market, entrepreneurs face high uncertainties that can be reduced withthe “feedback” received from crowdfunding campaigns. Therefore, the informational valueof crowdfunding serves as an additional incentive to entrepreneurs besides obtainingfinancial support for their ideas. The fourth and last article aims at pointing outdisincentives to join platforms, in particular how the need of allocating scarce time andattention to campaigns may discourage some entrepreneurs from seeking this alternative.To conclude, we summarize the implications of the main findings and suggest avenues forfuture research

Crowdfunding används för att samla in pengar för tänkta projekt via internet, där ett stort antal investerare bidrar med små summor. Kickstarter är en av de största crowdfundingplattformarna idag. Trots det stora intresset för crowdfunding misslyckas många kampanjer att nå sin målsumma och projekt av kategorin teknologi visar sig vara de projekt som misslyckas till högst grad. Därmed är det av intresse att kunna förutsäga vilka kampanjer som kommer att lyckas eller misslyckas. Denna forskningsansats syftar till att undersöka genomförbarheten i att uppnå en högre accuracy vid prediktion av framgången hos lanserade kickstarterprojekt med hjälp av maskininlärning genom att använda en mindre mängd kategorispecifik data. Data över 192 548 lanserade projekt på plattformen Kickstarter har samlats in via www.kaggle.com. Två modeller av typen RandomForest har sedan tränats där en modell tränades med data över samtliga projekt i uppsättningen och en tränades med data över teknologiprojekt med syftet att kunna jämföra modellernas prestation vid klassificering av teknologiprojekt. Resultatet visar att en högre accuracy uppmättes för teknologimodellen som nådde 68,37% träffsäkerhet vid klassificeringen gentemot referensmodellens uppvisade accuracy på 68,00%. / Crowdfunding is used to collect money via internet for potential projects through a large number of backers which contribute with small pledges. Kickstarter is one of the largest crowdfunding platforms today. Despite the big interest in crowdfunding a lot of launched campaigns fail to reach their goal and projects of the category technology shows the largest rate of failure on Kickstarter. Therefore, it is important to be able to predict which campaigns are likely to succeed or fail. This thesis aims to explore the possibility of reaching a higher accuracy when predicting the success of launched projects with machine learning with a smaller amount of category-specific data. The data consists om 192 548 launched projects on Kickstarter and has been collected through Kaggle.com. Two models of the type Random Forest has been developed where one model has been trained with general data over all projects and one model has been trained with category specific data over technology projects. The results show that the technology model show a higher accuracy rate with 68,37 % compared to the reference model with 68,00 %.

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.

No description available.

Crowdfunding is a transformative service innovation, a novel and revolutionary way for entrepreneurs to obtain funding for their start-up ventures. This study explores the phenomenon of reward-based crowdfunding in relation to entrepreneurial behaviour and decision-making, as well as the relationship between the entrepreneur and the community. Following a case-study approach, the phenomenon is described based on existing literature and collected empirics from five qualitative in-depth interviews with entrepreneurs performing on Kickstarter. The findings of this study reveal, that reward-based crowdfunding reveals several mechanisms, which attract entrepreneurs to execute their activities and deal with uncertainty in a safer way. These activities refer to (1) independency from traditional investors, (2) creative and effectual reasoning at affordable loss, (3) extending the entrepreneur’s social network via the internet, and (4) utilizing web-based platforms for co-creation of marketing, communication, product design, and brand development. This may lead to adapted forms of entrepreneurship in the future.

Submitted by LUCAS FARINELLA PRETTI (lucaspretti@gmail.com) on 2017-08-21T12:34:05Z No. of bitstreams: 1 PRETTI-Lucas_Poeticas-do-comum_dissertacao_2017.pdf: 113580276 bytes, checksum: 24deea22c23370d4dbbc6c002a47181f (MD5) / Approved for entry into archive by Luiz Galeffi (luizgaleffi@gmail.com) on 2017-08-23T14:35:35Z (GMT) No. of bitstreams: 1 pretti_lf_me_ia.pdf: 113580276 bytes, checksum: 24deea22c23370d4dbbc6c002a47181f (MD5) / Made available in DSpace on 2017-08-23T14:35:35Z (GMT). No. of bitstreams: 1 pretti_lf_me_ia.pdf: 113580276 bytes, checksum: 24deea22c23370d4dbbc6c002a47181f (MD5) Previous issue date: 2017-06-29 / Este trabalho analisa o conceito de commons digital, originado no campo da cibercultura, no contexto de ações artísticas produzidas nos últimos anos na cidade de São Paulo. Valendome principalmente das teorias de Antonio Negri, Nicolas Bourriaud, Guy Debord e Gilles Lipovetsky, parto da retomada do “comum” como valor intrínseco à sociedade informacional, sigo com sua análise nos campos da arte pública e artemídia para, enfim, classificar cinco aspectos das poéticas do comum (p. 118), a partir de três modelos de casos: BaixoCentro (2012), Pimp My Carroça (2012) e Piscina no Minhocão (2014). Por fim, apresento os primeiros resultados da ação Terrenos Apaixonantemente Objetivos, que aplica a ideia do comum à deriva situacionista, e detalho a concepção e desenvolvimento do Derivoscópio, obra integrante da ação, um aparato vestível construído com hardware e software livres. / This work analyzes the concept of digital commons, originated in the field of cyberculture, in the context of artistic actions produced in the last years in the city of Sao Paulo, Brazil. Based primarily on the theories by Antonio Negri, Nicolas Bourriaud, Guy Debord and Gilles Lipovetsky, I start from the resumption of the “common” as an intrinsic value to the Information Society to proceed with its analysis in the fields of Public Art and New Media Art. Then, I classify five aspects of the poetics of the common (p. 118), based on three case models: BaixoCentro (2012), Pimp My Carroça (2012) and Piscina no Minhocão (2014). Lastly, I present the first results of the artwork Objective Passional Terrains, which applies the concept of the common to the situationist drift, detailing the design and development of the Driftscope, a wearable apparatus built with free hardware and software, as part of that artwork.