The effect of rewards on Kickstarter funding for video games.

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This thesis explains the issues of crowdfunding. It focuses on Czech Republic, its development, present situation a future potential of crowdfunding. The aim is to identify the parameters that help to ensure the success of financing projects through crowdfunding. In the first part of the thesis, the crowdfunding, its principle and process are analysed from the theoretical point of view. The second part presents the development in the world and in the Czech Republic and includes analysis of successful and unsuccessful projects on the selected czech portal. The last section discusses conclusions from the analysis in order to help understanding the important parameters of successful financing. All the pieces of knowledge are reviewed at the end of the work.

To the average American citizen, the thought of constructing a public building is completely unachievable. With price points in the millions of dollars (Building Journal), average citizens rely upon the government, wealthy individuals, or corporations to construct the communities they live in. However, the contemporary landscape of financing buildings has provided an alternative: crowdfunding. Crowdfunding, or the pooling of money from a large number of individuals in order to collectively reach a larger funding goal (Davies), injects a democratic system into the traditional construction process, allowing individuals to vote on projects they support by either choosing to fund or not to fund the project. At this time, buildings that use crowdfunding strategies are designed in the same manner as those funded from traditional sources. However, this reliance on traditional design methods is proving to be detrimental to crowdfunded projects with 70% of all projects failing. By divorcing crowdfunded buildings from e design methodologies that are used to design traditional buildings, a new mode of design can be created that is more beneficial to crowdfunded projects. This new mode of design will capitalize on the differences in how these types of projects and traditional projects are funded. Crowdfunded projects are formed through the accumulation of resources over a length of time whereas traditional projects are given all of their resources at once. In order to take advantage of this rate of accumulation, crowdfunded projects should be defined by the aggregation of individual parts which can be funded independently. As parts are funded, they are added to a growing whole. While the final form will be unknown to the advocates of the project and the project designer, they will be responsible for designing the elements that will amount to the building and composing the strategy for how the elements will be organized. This process will allow the project to adapt the resources at hand and the desires of the community, gene ting a manifestation of the project's support by the community in real time. / 0 / SPK / specialcollections@tulane.edu

The goal of this paper is to examine the possibility to use crowdfunding as an alternative to the traditional real estate financing solutions. We have decided to focus on the project owners’ perspective contrary to the investors’ side. During the 80’s and 90’s there was a great influx of venture capital to the start-up market, however, financial crisis of 2000 resulted in a faded interest regarding investing in start-ups. The financial crisis and the new rules regarding banks outgoing loan balance, introduced after the crisis of 2008, Basel III, which created a real estate market that is very hard to penetrate for new developers and small businesses. When the real estate market was at its peak in Sweden it was common to find projects were banks represented 90 percent of the total capital, but the equivalent number today is commonly not representing more than 60 percent. The current state of the market creates a rough climate and difficulties for developers, who are continuously searching for new capital. This is where the notion of crowdfunding becomes important and where support from companies such as Tessin gives a developer the opportunity to bring forth the capital needed to create a project that will create value for its investors. Whether crowdfunding is a complement to traditional funding is what this paper aim to answer. The focus company of this research is Tessin, through conducted interviews, and secondary research about the company and the real estate market, this paper aspire to find out what is a reasonable goal for real estate crowdfunding in Sweden and for Tessin as a platform. / Denna uppsats syftar till att undersöka möjligheten att använda crowdfunding som en alternativ finansieringslösning i enskilda fastighetsprojekt. Vi har valt att endast fokusera på projektägarens perspektiv och tar därför mindre hänsyn till investerarens. Under 80- och 90-talet kom en stor tillförsel av riskkapital till start-ups, men efter finanskrisen år 2000 försvann i stort sätt all denna vilja att satsa pengar på start-ups. Detta, i samspel med de restriktiva reglerna för bankutlåning som trädde i kraft i och med Basel III skapade en fastighetsmarknad som är svår penetrerad för nya aktörer och mindre företag. Tidigare hörde en belåningsgrad på fastigheter om 90 procent till vardagen, men idag får många företag vara glada om de blir beviljade 60 procent, detta medför en ständig jakt på kapital för projektutvecklare. Det är här crowdfunding kommer in i bilden. Med hjälp av aktörer som Tessin kan projekten komma över det kapital som krävs för att förverkligas. Huruvida detta kan vara ett komplement till traditionell finansiering har vi försökt att besvara genom att samla information från dels Tessin, dels personer med god insyn i både Tessin och fastighetsmarknaden i allmänhet och dels genom att intervjua projektägare som har använt sig av Tessins tjänst. Detta har vi gjort för att bilda oss en uppfattning om hur läget ser ut idag, men även för att undersöka vad som är ett rimligt mål för Tessin och crowdfunding av fastigheter i allmänhet.

The diploma thesis focuses on the evaluation of adopted specific regulatory measures for crowdfunding in individual countries. The first part explains the term of crowdfunding, according history and reason of being created. There are various models for spreading and there are identified various risks associated with crowdfunding. The second part of the thesis is devoted to the regulation of crowdfunding itself. Focusing on regulation in the United States of America and in the European Union. Describe the regulatory regimes in each country and the implications of the measures taken to develop crowdfunding in the country.

El presente trabajo tiene como finalidad demostrar la viabilidad del Crowdfunding por medio del Marketing Digital en Lima Metropolitana, específicamente en los micros y pequeños empresarios emprendedores y/o en etapa temprana de emprendimiento y su relación problemática y onerosa con el sistema financiero, por carecer de historial crediticio. Para ello se han realizado entrevistas con especialistas del Marketing Digital y con micro y pequeños empresarios de los diversos distritos de Lima Metropolitana, para luego desarrollar una encuesta aplicada a 384 MYPES de manera aleatoria, sobre sus percepciones y opiniones sobre Marketing Digital y el conocimiento del Crowdfunding. Finalmente se concluye que en Lima Metropolitana la viabilidad del Crowdfunding por medio del Marketing Digital se daría en situaciones donde las personas tengan la disposición de financiar proyectos, aportar dinero, cuenten con conocimiento de Crowdfunding y hayan tenido participación en financiamientos colectivos; así como aquellos que tienen una opinión negativa de las tasas de interés del sistema financiero. Asimismo, la factibilidad del uso del Marketing Digital en las mypes está dada por el tiempo de navegación y el conocimiento a profundidad de las herramientas de Facebook. / This paper aims to demonstrate the viability of Crowdfunding through digital marketing in Metropolitan Lima, specifically in micro and small entrepreneurs and/or early stage entrepreneurship and its problematic and costly relationship with the financial system, lacking credit history. For this purpose, interviews with digital marketing specialists and with micro and small entrepreneurs of the various districts of Metropolitan Lima have been carried out, and then a survey applied to 384 MSEs in a random way, about their perceptions and opinions about digital marketing and the knowledge of the Crowdfunding. Finally, it is concluded that in Lima Metropolitana the viability of Crowdfunding through digital marketing would be given in situations where people are willing to finance projects, contribute money, have knowledge of Crowdfunding and have participated in collective financing; as well as those who have a negative opinion of the interest rates of the financial system. So also the feasibility of using digital marketing in MSEs is given by the time of navigation and in-depth knowledge of Facebook tools. / Trabajo de Suficiencia Profesional

Background - Equity-based crowdfunding is rapidly emerging as a source of funding, as a way for ventures to overcome financial obstacles. It is based on a large number of investors, the crowd, who contributes with smaller investments that together helps fund the venture, where the investor in return receives equity in the venture. In order for the entrepreneur to successfully fund their ventures, it is important to understand what motivates the investors to invest. Problem: The theoretical framework Motivation in Equity-Based Crowdfunding has been developed to understand what drives the investors. However, this framework has mainly been developed on crowdsourcing and general crowdfunding, which is significantly different from equity crowdfunding. Therefore, further research has been suggested by other authors on the topic, to specifically investigate investor motivation in equity crowdfunding. Furthermore, existing research has only studied investors as one group of people and not divided them into smaller segments. Purpose: The aim of this descriptive study is to understand what motivational factors drives investors to invest in equity-based crowdfunding, and how the motivations to invest is different between the demographic characteristics within age, gender, location, income and investor experience. Method: With a deductive research approach, four hypotheses were developed based on the literature review. Using the framework Motivation in Equity-Based Crowdfunding as a basis for the research, the investor motivation was studied on 142 equity crowdfunding investors using a quantitative online survey. The results were then analyzed using frequency analysis, descriptive statistics, t-statistics and multiple regression analysis. Conclusion: Based on the findings, a revision of the framework Motivation in Equity-Based Crowdfunding have been suggested. Furthermore, it was found that investors were primarily driven by enjoyment, philanthropic and financial payoffs in their decision to invest. There were also significant differences found in investor motivation between the demographics age, gender and investor experience, whilst the location or income of the investor did not have any effect on investor motivation. Contribution: By understanding what investors are motivated by, the entrepreneurs can promote these factors in their crowdfunding campaign, which may increase their chances of getting successfully funded. Furthermore, if the entrepreneur wants to bring in a certain type of investor, they can adjust their promotion after the factors that motivates a certain demographic characteristic.

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För att kunna utveckla en produkt eller en affärsverksamhet är tillgången till finansiering mycket betydelsefull för företag. Nystartade och mindre företag stöter ofta på patrull när de försöker anskaffa kapital från traditionella finansieringskällor såsom banker och riskkapitalister. De nystartade och mindre företagen har istället varit hänvisade till att söka finansiering från ägarnas vänner, familj och andra inom deras bekantskapskrets, för det fallet att deras ägare själva inte har haft tillräckligt med kapital. Den tämligen nya finansieringsformen Equity Crowdfunding kan emellertid vara lösning på finansieringsproblemet för nystartade och mindre företag. Equity Crowdfunding kan beskrivas som en finansieringsform innebärande att ett företag eller dess ägare anskaffar kapital till företaget genom att via internet erbjuda allmänheten att teckna eller köpa värdepapper i företaget. Med anledning av Equity Crowdfunding uppkommer emellertid ett antal betänkligheter av såväl praktisk som legal karaktär. En fråga som förekommit i diskussionen av Equity Crowdfunding i förhållande till svensk rätt är om Equity Crowdfunding-förfarandet strider mot spridningsförbudet i 1 kap. 7 § aktiebolagslagen (2005:551) (ABL). Med tanke på att det inte finns någon praxis avseende spridningsförbudet är det föga förvånande att det förelegat en betydande osäkerhet avseende frågan. I uppsatsen framkommer att väldigt mycket tyder på att de företag som söker finansiering genom Equity Crowdfunding gör sig skyldiga till överträdelser av spridningsförbudet. En överträdelse av det nämnda spridningsförbudet kan ytterst leda till ett fängelsestraff enligt 30 kap. 1 § ABL. Det faktum att en överträdelse kan leda till ett fängelsestraff visar på allvarligheten av en överträdelse. Vidare har det tidigare varit något osäkert om det uppkommer en skyldighet för de finansieringssökande företagen att upprätta ett så kallat prospekt enligt 2 kap. 1 § lagen (1991:980) om handel med finansiella instrument (LHF). Av den utredning som görs i uppsatsen synes dock någon sådan skyldighet inte uppkomma I uppsatsen föreslås att ett lagstiftningsarbete bör initieras för att göra det möjligt för privata aktiebolag att söka finansiering via Equity Crowdfunding utan att dess företrädare, ägare och andra inblandade aktörer riskerar att hållas straffrättsligt ansvariga, samt vilka överväganden lagstiftaren i övrigt bör göra om ett sådant lagstiftningsarbete sätts igång. / Access to financing is essential in order to develop a product or a business. Small businesses, especially start-ups, have a difficult time raising money. The usual sources of business finance, e.g. bank lending and venture capital, are hard to obtain for small and micro-businesses. Instead, entrepreneurs who lack the personal resources needed to finance their businesses have to turn to friends, family members, and personal acquaintances but those sources are often insufficient.1 A rather new form of financing called Equity Crowdfunding may however be a possible solution to the funding problem of start-ups and small businesses. In essence Equity Crowdfunding means that company turn directly to the public and solicit securities in the company through the Internet in order to finance its business. Equity Crowdfunding gives rise to a number of questions. Pursuant to the prohibition to solicit securities which is expressed in the 1 kap. 7 § aktiebolagslagen (2005:551) (ABL),2 a private limited company must not offer securities of the company to the public. Given that nearly all of the companies who seek financing through Equity Crowdfunding are private limited companies, one question that has occurred is the lawfulness of Equity Crowdfunding. There are no relevant precedents on this matter. Nonetheless in this thesis it is argued that there are many indications that Equity Crowdfunding is unlawful according to 1 kap. 7 § ABL. The fact that a violation of 1 kap. 7 § can lead to criminal liability according to 30 kap. 1 § ABL shows how serious the legislator has seen on an infringement of the prohibition. Furthermore pursuant to 2 kap. 1 § lagen (1991:980) om handel med finansiella instrument (LHF),3 it is unlawful for a company to offer transferable securities to the public unless a prospectus has been drawn and published. It has been uncertain whether or not the companies using Equity Crowdfunding have to draw and publish a prospectus. In this thesis it is argued that the companies using Equity Crowdfunding aren’t subject to LHF and thus do not have to draw a prospectus when seeking finance through Equity Crowdfunding. In the end of this thesis I suggest that the legislator should initiate a legislative scheme in order to make it possible for Swedish start-ups and small companies to seek financing through Equity Crowdfunding without risking to be held criminally liable. I also present other considerations which I deem necessary.