O crowdfunding (financiamento coletivo) é uma nova espécie contratual em que, por meio da internet, pessoas buscam angariar valores valendo-se de diversas contribuições individuais, normalmente de pequenos valores. No presente estudo, buscou-se explicar, primeiramente, os principais fundamentos e características do crowdfunding, para, a seguir, traçar as linhas gerais das quatro espécies de financiamento coletivo hoje conhecidas (doações, recompensas, participação societária e empréstimos). Destas espécies, representaram o objeto de estudo do presente trabalho somente o crowdfunding baseado em doações e o baseado em recompensas. Na segunda parte, a responsabilidade civil dos financiadores, dos financiados e dos intermediários foi detidamente abordada. Por fim, as tentativas de legislação sobre o tema no Brasil, bem como algumas experiências estrangeiras, foram tratadas, bem como foi realizada uma análise sobre a pertinência e a necessidade de uma legislação específica sobre o tema, concluindo no sentido de que os Projetos de Lei criados no Brasil foram inadequados e não merecem ser aprovados. / Crowdfunding is a new kind of contract that people use to raise money, through the internet, by collecting a variety of small contributions, usually small amounts. The present study sought to explain, first, the main basis and characteristics of crowdfunding, and then determine the main objectives of the four crowdfunding modalities now known (donations, rewards, equity and debts). Of the modalities listed, represented the labor of this study only the types based in donations and based in rewards. In the second part, the civil liability of financers, financed and intermediaries at crowdfunding relations was carefully investigated. Finally, attempts of legislation on this issue in Brazil, as well as some foreign experiences, was handled. In the end, an analysis was done of the relevance and the need of specific legislation on this matter, concluding that the Law Projects created in Brazil were inadequate and do not deserve to be approved.

TESIS PARA OPTAR AL GRADO DE MAGÍSTER EN ADMINISTRACIÓN / Adrián Sánchez [Parte I], Lionel Pinuer [Parte II] / Toma mi mano es una propuesta de negocio de la industria del crowdfunding. A través de una plataforma virtual (web y app) busca captar la mayor cantidad de usuarios (donantes, individuos panameños tarjeta habientes) para fortalecer la captación de recursos monetarios de organizaciones de asistencia social (los clientes, que como pago por el servicio aportarán un porcentaje de los montos recaudados). Un 93% de las 99 organizaciones identificadas en Panamá declaran su interés en participar en este modelo de negocio. Por el lado de los usuarios, el 57% estaría dispuesto a donar desde una plataforma web y el 50% desde una plataforma app. Así, se logró estimar un tamaño de mercado para el año 2016 de $1,326,773.21, y un crecimiento anual del mismo de 2%. Se sabe además que actualmente un único competidor forma parte de él, aunque con una participación de tan solo el 0.4%. Panamá es un país con una economía bastante estable y de bajo riesgo para proyectos de inversión. Además de ello cuenta con una buena infraestructura tecnológica para la implementación de un proyecto de esta índole. Los valores de la empresa serán la Excelencia y la Solidaridad, y así ofrecer la transparencia y confianza necesaria para clientes y usuarios, y del mismo modo mantenerse sobre un claro objetivo, el cual es el bien común. Se estimó una inversión total de $84,110.00, alcanzando un flujo neto positivo en el segundo año. Se determina un VAN de $293,794.00 con una probabilidad de éxito del 75%.

O presente trabalho versa sobre as narrativas e justificativas relativas ao processo de criação de um mercado de financiamentos coletivos no Brasil a partir de diversos interlocutores: criadores de projetos, criadores de websites e a partir da literatura acadêmica mais comum sobre o tema. Busca-se retratar e discutir a criação deste mercado a partir do estabelecimento de um passado e de uma pedagogia, típicas dos circuitos de consumo relativos ao fenômeno dos crowdfunding, de modo a circunscrever o que meus interlocutores chamam de “cultura do financiamento coletivo”. Este mercado constitui-se em um duplo processo de afastamento e aproximação entre plataformas como forma de delimitar moralmente o que “deve”, ou não, ser este fenômeno. Tal processo revela a emergência de controvérsias, agenciamentos e, principalmente, de sujeitos como “empreendedores” que buscam “fazer a diferença” a partir de projetos e plataformas de financiamento coletivo. No limite, os financiamentos coletivos alinham-se à elaboração de justificativas críticas sobre o papel do Estado e de empresas na constituição dos mercados, ainda que reiterem práticas comuns no campo empresarial, como a manipulação publicitária e a tentativa de criação de vínculos – ou attachments – com o público alvo. Assim, doação e pré-compra confundem-se, bem como as motivações para criação de projetos de financiamento coletivo. Teoricamente, este trabalho sustenta-se nas digressões da Sociologia Pragmática de Luc Boltanski e da compreensão sobre mercados oriunda da Sociologia e Antropologia, principalmente inspirada nos escritos de Michel Callon e Jens Beckert. Busca-se contribuir para o campo da Antropologia a partir da discussão sobre o processo de criação de mercados a partir dos sujeitos que dele fazem parte e de suas narrativas. / This dissertation discusses the narratives and justifications related to the process of creating a market for crowdfunding in Brazil based on the people who create projects and websites, mainly, as well as the most common literature in the field. We intend to portray and discuss the establishment of this market through its past and pedagogy, typical of circuits of commerce in Crowdfunding whose actors intend to circumscribe what they call as a “Crowdfunding culture”. This market is comprised of a double-movement of approximation and distance among platforms as a way to morally determine what is supposed to be a Crowdfunding and what is not supposed to be. This process reveals the emergence of controversies, agencies and, mainly, entrepreneurial subjects that aim at “making the difference” through Crowdfunding platforms and projects. Ultimately, the Crowdfunding is related to the creation of critical justification on the role of the Government and Private sector in the constitution of markets, even if Crowdfunding itself recall common corporate practices as communication strategies, for instance, which aim at creating attachments with the target audience. Therefore, donation and pre-buying mechanisms overlap, as well as the motivations to create such projects. Theoretically, this work is supported by the Pragmatic Sociology of Luc Boltanski and the comprehension of markets based on Sociology and Anthropology, mainly inspired by the point of view of Michel Callon and Jens Beckert. This dissertation intends to contribute to Anthropology by discussing the process of market creation from the point of view of the subjects that work in it and its narratives.

O presente trabalho versa sobre as narrativas e justificativas relativas ao processo de criação de um mercado de financiamentos coletivos no Brasil a partir de diversos interlocutores: criadores de projetos, criadores de websites e a partir da literatura acadêmica mais comum sobre o tema. Busca-se retratar e discutir a criação deste mercado a partir do estabelecimento de um passado e de uma pedagogia, típicas dos circuitos de consumo relativos ao fenômeno dos crowdfunding, de modo a circunscrever o que meus interlocutores chamam de “cultura do financiamento coletivo”. Este mercado constitui-se em um duplo processo de afastamento e aproximação entre plataformas como forma de delimitar moralmente o que “deve”, ou não, ser este fenômeno. Tal processo revela a emergência de controvérsias, agenciamentos e, principalmente, de sujeitos como “empreendedores” que buscam “fazer a diferença” a partir de projetos e plataformas de financiamento coletivo. No limite, os financiamentos coletivos alinham-se à elaboração de justificativas críticas sobre o papel do Estado e de empresas na constituição dos mercados, ainda que reiterem práticas comuns no campo empresarial, como a manipulação publicitária e a tentativa de criação de vínculos – ou attachments – com o público alvo. Assim, doação e pré-compra confundem-se, bem como as motivações para criação de projetos de financiamento coletivo. Teoricamente, este trabalho sustenta-se nas digressões da Sociologia Pragmática de Luc Boltanski e da compreensão sobre mercados oriunda da Sociologia e Antropologia, principalmente inspirada nos escritos de Michel Callon e Jens Beckert. Busca-se contribuir para o campo da Antropologia a partir da discussão sobre o processo de criação de mercados a partir dos sujeitos que dele fazem parte e de suas narrativas. / This dissertation discusses the narratives and justifications related to the process of creating a market for crowdfunding in Brazil based on the people who create projects and websites, mainly, as well as the most common literature in the field. We intend to portray and discuss the establishment of this market through its past and pedagogy, typical of circuits of commerce in Crowdfunding whose actors intend to circumscribe what they call as a “Crowdfunding culture”. This market is comprised of a double-movement of approximation and distance among platforms as a way to morally determine what is supposed to be a Crowdfunding and what is not supposed to be. This process reveals the emergence of controversies, agencies and, mainly, entrepreneurial subjects that aim at “making the difference” through Crowdfunding platforms and projects. Ultimately, the Crowdfunding is related to the creation of critical justification on the role of the Government and Private sector in the constitution of markets, even if Crowdfunding itself recall common corporate practices as communication strategies, for instance, which aim at creating attachments with the target audience. Therefore, donation and pre-buying mechanisms overlap, as well as the motivations to create such projects. Theoretically, this work is supported by the Pragmatic Sociology of Luc Boltanski and the comprehension of markets based on Sociology and Anthropology, mainly inspired by the point of view of Michel Callon and Jens Beckert. This dissertation intends to contribute to Anthropology by discussing the process of market creation from the point of view of the subjects that work in it and its narratives.

Titel: “Navet i hela grejen" - En kandidatuppsats om sociala mediers betydelse för crowdfunding inom musikbranschen.   Författare: Love Dalberg, Amanda Tellström och Ingmarie Tobon Spånglund. Handledare: Leif Rytting. Examinator: Kaisa Lund. Kurs: Kandidatuppsats 15hp. Företagsekonomi III - marknadsföring, Ekonomprogrammet - Music &amp; Event Management. Linneuniversitét, HT 2017.   Syfte och forskningsfrågor Syftet med denna uppsats är att undersöka och analysera kampanjskaparens upplevelser av att använda sig av crowdfunding samt betydelsen av sociala medier och hur de används när det kommer till att driva en crowdfundingkampanj inom musikbranschen.   <ol type="1">Vilka möjligheter och utmaningar upplever kampanjskapare att crowdfunding har? Vad innehåller ett inlägg på sociala medier som verkar positivt på skapandet av ett varumärke och hanteringen av relationer? Hur kan kampanjskaparen ta hänsyn till sitt varumärke under användandet av sociala medier i en crowdfundingkampanj? Hur kan kampanjskaparen via sociala medier bygga och utveckla relationer till fans och givare?   Metod Uppsatsen är utförd med en kvalitativ forskningsmetod. Den har en deduktiv ansats med inslag av induktion. Den empirisk datan har samlats in genom åtta semi-strukturerade intervjuer som har skett via personliga möten och via videosamtal på Skype med undantag från ett telefonsamtal. Intervjupersonerna hålls anonyma för att empirin ska stå i centrum och inte fokusera på vem som har sagt vad.   Slutsatser Resultaten i den här studien visar att det ligger mycket arbete bakom att driva en crowdfundingkampanj. Sociala medier har stor betydelse för en crowdfundingkampanjs framgång. Närvaron på sociala medier bidrar till utvecklandet av relationer, mer engagerade följare och kan även leda till långsiktiga relationer. Vidare kan varumärket stärkas genom att vara aktiv på sociala medier under kampanjen. Ett bra inlägg på sociala medier bör bestå av ett personligt innehåll och andra kvalitativa egenskaper. Utformningen av ett sådant inlägg bör vara personligt, känslosamt, tydligt, innehålla en framgångshistoria samt uppmana till handling. / The purpose of this paper is to examine and analyze the creators experience with crowdfunding. We also want to research the meaning of social media and how it is used when it comes to running a crowdfunding campaign within the music industry. This is a qualitative study that is based on eight interviews with musicians, festivals and experts within crowdfunding.   The results in this study show that there is a lot of work behind running a campaign. Social media is of great importance for the success of a crowdfunding campaign. The creators presence on social media contributes to the development of relationships, more committed followers and also long-term relationships. Furthermore, the brand can be strengthened by being active on social media during the campaign. A good post on social media should consist of personal content and other qualitative features. They need to be personal, emotional, clear, contain a story of success and call to action.

Submitted by Aline Amarante (1146629@mackenzie.br) on 2018-08-02T17:44:31Z No. of bitstreams: 2 LUCIANO SANTOS CARDOSO.pdf: 1596302 bytes, checksum: 9a258ea59e7e1f40f55fab27446e8ab0 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Paola Damato (repositorio@mackenzie.br) on 2018-08-18T17:40:39Z (GMT) No. of bitstreams: 2 LUCIANO SANTOS CARDOSO.pdf: 1596302 bytes, checksum: 9a258ea59e7e1f40f55fab27446e8ab0 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-08-18T17:40:39Z (GMT). No. of bitstreams: 2 LUCIANO SANTOS CARDOSO.pdf: 1596302 bytes, checksum: 9a258ea59e7e1f40f55fab27446e8ab0 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-02-27 / The emergence of a large number of startups in Brazil has aroused the interest of the academic community in this category of companies, which are strongly based on value generation through innovative products and services. They are young companies formed by entrepreneurs who seek to make a difference, not only in economic terms, but in terms of changing the reality in which they are inserted. In this way, this work aims to answer four questions, if the startups make use of crowdfunding; what types and forms of crowdfunding are used; what forms and levels of innovation are found in operation of these companies and to verify if technology-based startups present innovation as a factor of market insertion. For this, a bibliographical review was elaborated, seeking the understanding of the motivating constructs of this work: crowdfunding and innovation. In the scope of the startups companies, a qualitative research was carried out with content analysis, obtained through semi-structured interviews, applied to startup companies, that went through successful campaigns in platforms of crowdfunding with relevance in the market After analyzing the content, one can observe the phenomenon and infer about its characteristics, thus we verify the hypotheses raised with the questions that started this research. Through the argument about the authors of the referential and the contents analyzed, it is possible to identify situations that justified the hypotheses raised. A comparative study of the answers of the companies interviewed was carried out, where one can observe the convergences with the research questions. The use of crowdfunding by startups, their type, level of innovation in companies and the insertion in the market, are explicit in the conversations with the interviewees. / O surgimento de um grande número de startups no Brasil, tem despertado o interesse da comunidade acadêmica por esta categoria de empresas, que estão fortemente baseadas, na geração de valor com produtos e serviços inovadores. São empresas jovens formadas por empreendedores que buscam fazer a diferença, não somente em termos econômicos, mas em termos da mudança da realidade em que estão inseridos. Desta forma, esta obra tem como objetivo responder a quatro questões, as startups fazem uso do crowdfunding; quais os tipos e formas de crowdfunding utilizado; quais as formas e níveis de inovação encontrados em operação, destas empresas e verificar se as startups de base tecnológica apresentam inovação como fator de inserção de mercado. Para isso, foi elaborada uma revisão bibliográfica, buscando a compreensão dos constructos motivadores deste trabalho: crowdfunding e inovação. No âmbito das empresas startups, foi realizada uma pesquisa qualitativa com análise de conteúdo, obtido em uma entrevista semiestruturada, aplicada a empresas startup, que passaram por campanhas de sucesso em plataformas de crowdfunding com relevância no mercado. Após análise do conteúdo, pode-se observar o fenômeno e chegar a conclusões sobre as suas características, assim verificamos as hipóteses levantadas com as perguntas que iniciaram esta pesquisa. Por meio da argumentação sobre os autores do referencial e os conteúdos analisados, pode-se identificar situações que justificaram as hipóteses levantadas. Foi realizado um estudo comparativo das respostas das empresas entrevistadas, onde pode-se observar os pontos em comum com as perguntas de pesquisa. O uso do crowdfunding por parte das startups, seu tipo, nível de inovação nas empresas e a inserção no mercado, ficam explícitos nas conversas com os entrevistados.

Using the concept of open innovation companies have started to look beyond their own borders using the crowd as a source for labour, knowledge and innovation. During the last few years the phenomena of crowdsourcing and crowdfunding have become increasingly popular as sources of competitive advantage through the crowd. While several studies have examined crowd based platforms focusing on the users, little attention has been brought to the companies starting these crowd based services. This study addresses this gap in existing knowledge related to crowd based platforms through a qualitative case study examining a Swedish start-up. We demonstrate challenges related to networking, critical mass and quality in the context of launching a crowd based platform.

Cette thèse, qui revisite la perspective critique développée par l'École de Francfort, propose d'investir les transformations de l'industrie culturelle à l'ère du numérique. À partir de l'exemple du financement participatif, nous questionnons la pertinence d'idéaux normatifs structurés autour des notions d'autonomie, d'authenticité et de collaboration. Ces valeurs, constitutives de l'utopie du numérique à son origine, sont remises en avant par les porteurs de projets et les internautes qui y contribuent. Le financement participatif est présenté comme le moyen de produire et de consommer différemment de la culture. À partir des discours des acteurs, nous nous attachons à observer les mécanismes de récupération et d'incorporation de ces transformations au sein de l'industrie culturelle et d'une « forme de vie » spécifique. Ce double mécanisme de récupération des idéaux et de transformation à partir d'eux est appréhendé comme caractéristique d'une modernité hautement paradoxale (A. Honneth). Ce dispositif est saisi de manière dialectique, en s'attachant à l'étude des processus d'autonomisation au coeur même de ces paradoxes. / This dissertations, which reviews Frankfurt School Critical theory's, intends to question the cultural industry's transformations in a digital society. Through the example of crowdfunding, we question the relevance of normative ideals structured on autonomy, authenticity, independance and collaboration. This values, onces constitutives of the digital ideology, are now highlighted by the crowdfunding creators and producers. Seen as a tool which can encourage disintermediation, crowdfunding is introduced as a new way of producing and consumming culture. Based on actor's statements, we desribe how those transformations are incorporated by the cultural industry and, widely by a specific« form of life ». This dual mechanism of ideals' recuperation and transformation within them is understood as specific from a highly paradoxical modernity (A. Honneth). Crowdfunding is considered in dialectical way, and lets us see the empowerment process which appears for individuals in the heart of this paradoxes.

In the recent years, crowdfunding (a phenomenon where individuals collectively contribute money to back different goals and projects through the internet) has been gaining a lot of attention especially for its socio-economic impact. This dissertation explores this phenomenon in three distinct but related essays. The first essay explores the nature and dynamics of backers’ contributions and uses the insights generated to develop a forecasting model that can predict crowdfunding campaign outcomes. The second essay investigates how creators’ crowdfunding campaign design decisions impact their funding and post-funding outcomes. Interestingly, the essay highlights that certain crowdfunding campaign design decisions have differential effects on both funding and post-funding phases and this has implications for creators, backers, and crowdfunding platform owners. Finally, the third essay investigates whether creators’ post-funding relations-building efforts with backers matter and how such relations-building efforts might impact the performance of their subsequent crowdfunding campaign. In general, this dissertation not only increases our understanding of the crowdfunding phenomenon across the funding and post-funding phases, it also provides insights and tools that can help stakeholders maximize the benefits accruable to them when they engage in crowdfunding.

Alternative financing of small and medium-sized enterprises This thesis analyses whether the legal framework, both present and envisaged, regulating securitisation and crowdfunding is likely to improve the access of small and medium-sized enterprises to financing. The first chapter focuses on securitisation, with a particular focus on securitisation of SME loans. In doing so it evaluates the costs and benefits associated with securitisation, as well as securitised assets and the products of securitisation. The following part describes the mechanism of both a true sale and a synthetic securitisation. The key part of the chapter, however, deals with the legal framework regulating securitisation as well as each individual step of a securitisation transaction, and analyses several issues that may arise under Czech law in relation to securitisation. Next, the proposal for the securitisation regulation, which proposes criteria for qualified securitisations, is introduced. This chapter concludes with an evaluation of the said proposal and presents a level of scepticism as to its intended positive impact on SME financing. The second chapter deals with crowdfunding. After a general introduction into crowdfunding and its various business models, the rest of the chapter focuses on financial crowdfunding, i.e....