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.

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.

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.

Crowdfunding allows entrepreneurs and start-ups to raise capital through the use of online platforms as an alternative from traditional funding. During the process of launching a campaign, entrepreneurs are faced with multiple decisions regarding the content to upload. Among these, founders must decide the message framing to use in the campaign’s video pitch, which may influence the backers’ decision to fund a project. Drawing on a dataset of 70 projects from the technology category on Kickstarter, this research offers insights into the effect that message framing has on a campaign's funding success. In particular, emotional versus rational language is explored, as well as the type of project portrayal through a prototype and venture legitimation by providing team information. The findings suggest that the use of dominantly rational language in the video pitch increases odds of funding success. However, the portrayal of the project and venture legitimation were not found to increase funding success likelihood. The results discussed in this research may benefit entrepreneurs by shedding light into the effects that different message framings have on the funding achieved and thus providing some guidance for the choices to be made regarding the video pitch in a campaign.

The main topic of this diploma thesis is the capital allocation. I focus on crowdfunding and study how the development of crowdfunding during the last years influenced options and effectiveness of the capital allocation. I compare crowdfunding with other distributional models. Under the term of "distributional models", I understand funding models, namely bilateral model, banks, stock markets and venture capital. I choose start-ups or arising projects as a medium of exploration. The hypothesis of this thesis is as follows: "Crowdfunding is better model for funding arising projects than venture capital, banks, stock market or bilateral model." To answer the main hypothesis, I analyze two supporting hypothesis. The first hypothesis studies the principle of crowdfunding. It says, that crowdfunding is able to recognize funding-worthy projects better than other models. I want to know, what makes crowdfunding an innovative concept, I study, how the new media manifest themself in the concept of crowdfunding. I analyze, how crowdfunding eliminates individual errors by using the "crowd". And above all, I study how each model addresses the role of an intermediary in the relation between surplus and scarce subjects. The second hypothesis observes, whether crowdfunding provides more money to the arising projects than...