Denna studie är av kvalitativ art och syftar till att undersöka huruvida crowdfunding kan överbrygga ett eventuellt finansiellt gap för svenska företag och entreprenörer. Undersökningen fokuserar på tre typer av respondenter, vilka är representerade av företag som brukar crowdfunding som finansieringsform, bolag som fungerar likt ombud för att förmedla kapital med hjälp av finansieringsformen samt respondenter vilka opererar likt investerare i projekten. Studien teoretiska referensram är uppdelad i två sektioner, varav den första avser att beskriva crowdfunding utifrån generiska teorier, vilka utgörs av the Pecking Order Theory samt the Agency Principal Theory. Den andra sektionen ämnar mer specifikt beskriva crowdfunding samt belysa dess revenyer och brister och utgörs av tidigare forskning inom området. Studien mynnar ut i en slutsats att crowdfunding, genom dess tre former, kan utgöra en lösning i form av att metoden kan fungera likt ett komplement för att åter balansera det finansiella vakuum nyföretagare upplever i samband med erhållande av kapital. / This is a qualitative study which aims to investigate whether crowdfunding can fill up a financial gap for Swedish companies. The survey focuses on three types of respondents, which are represented by companies who uses crowdfunding as financing, companies that acts like an agent for providing capital through crowdfunding and respondents which operates as investors in crowdfunding projects. The study’s theoretical framework is divided into two sections, the first of which relates to describe crowdfunding based on generic theories, which consists of the Pecking Order Theory and the Agency Principal Theory. The second section intends to, more specifically, describe crowdfunding and highlight its shortcomings as well as its advantages and consists of previous research within the field. The study culminates in a conclusion that crowdfunding, through its three forms, can be a solution in sense that the method can be used as a complement to rebalance the financial vacuum new enterprises experience in relation to obtaining capital.

[pt] Desafios diversos são colocados para os empreendedores atingirem o seu mercado consumidor. O financiamento de projetos é um dos mais sensíveis, visto a escassez e custo de capital. Com o avanço recente da tecnologia, novas iniciativas se propõem a estreitar esta relação e viabilizar negócios. O financiamento colaborativo por meio de crowdfunding se apresenta como solução a ser explorada neste estudo e o conceito e adoção da inovação é analisado como fator diferencial no alcance dos fundos necessários em conjunto com demais fatores motivacionais que balizam a decisão de apoio aos projetos. A prática é recente no Brasil, justificando a existência de poucos estudos. A Metodologia de Pesquisa prevê a aplicação de modelo de regressão logística, que é capaz de prever a probabilidade de que o projeto alcance sua meta em função de um conjunto de variáveis independentes. Por fim, a aplicação do modelo permitiu concluir que dentre as métricas avaliadas as que favorecem o sucesso são o tipo do projeto ser tudo ou nada, o número de apoiadores, o valor médio doado e pertencer ao grupo pessoa. Em contrapartida, sinalizou que as variáveis inovação, artes, empreendedor e social não influenciam a probabilidade de o projeto alcançar sua meta. / [en] Multiple challenges are placed for entrepreneurs to reach their consumer market. Project finance is one of the most sensitive, given the scarcity and cost of capital. With the recent advancement of technology, new initiatives aim to strengthen this relationship and make business viable. Collaborative funding through crowdfunding presents itself as a solution to be explored in this study and the concept and adoption of innovation is analyzed as a differential factor in the reach of the necessary funds together with other motivational factors that guide the decision to support the projects. The practice is recent in Brazil, justifying the existence of few studies. The Research Methodology provides for the application of a logistic regression model, which is able to predict the probability that the project will achieve its goal in function of a set of independent variables. Finally, the application of the model allowed us to conclude that among the evaluated metrics the ones that favor success are the type of project to be all or nothing, the number of supporters, the average value donated and belong to the personal group. On the other hand, it pointed out that the variables innovation, arts, entrepreneurship and social do not influence the probability of the project reaching its goal.

Submitted by John Roggan (john.roggan@gmail.com) on 2015-04-10T11:49:45Z No. of bitstreams: 1 John Roggan_Master Thesis_EAESP_2015_Final.pdf: 4583536 bytes, checksum: f553cfd6f640f6182b0ad58632019295 (MD5) / Rejected by Luana Rodrigues (luana.rodrigues@fgv.br), reason: Dear John, Please make the following changes in your thesis: 1) Remove the markers with numbers and letters in the top of the first pages. The counting of pages starts on the first page, however the page numbers should be viewed only from the introduction. 2) There are only 3 field of knowledge of MPGI registered in CAPES (The Government Department responsible for the rules of Masters Programs) and they are: Economia e Finanças Internacionais, Internacionalização de Empresas e Gestão e Competitividade em Empresas Globais. In your case the knowledge field is Gestão e Competitividade em Empresas Globais. Therefore I advise you to put the area recorded in CAPES. After you modify this itens, please submit it again. Best, Luana de Assis Rodrigues Cursos de Pós-Graduação – Post Graduate Program (55 11) 3799-3492 SRA - Secretaria de Registros Acadêmicos on 2015-04-10T15:01:37Z (GMT) / Submitted by John Roggan (john.roggan@gmail.com) on 2015-04-10T15:46:23Z No. of bitstreams: 1 John Roggan_Master Thesis_EAESP_2015_Final.pdf: 4639073 bytes, checksum: ae23669af44d70a83215638ca2806d99 (MD5) / Approved for entry into archive by Luana Rodrigues (luana.rodrigues@fgv.br) on 2015-04-13T12:22:04Z (GMT) No. of bitstreams: 1 John Roggan_Master Thesis_EAESP_2015_Final.pdf: 4639073 bytes, checksum: ae23669af44d70a83215638ca2806d99 (MD5) / Made available in DSpace on 2015-04-13T12:22:33Z (GMT). No. of bitstreams: 1 John Roggan_Master Thesis_EAESP_2015_Final.pdf: 4639073 bytes, checksum: ae23669af44d70a83215638ca2806d99 (MD5) Previous issue date: 2015-03-10 / Equity crowdfunding, so financing a project or venture through many small investments of a large group of investors, has received growing attention from the media and scholars. The discussion is about whether crowdfunding could generally transform the way people collect funding for their projects or ventures. Whereas research has so far focused on exploring, why crowdinvestors are motivated to fund ventures, this study focuses on what motivates entrepreneurs to crowdfund. To do so, the study researched the motivation of 11 entrepreneurs to use German equity crowdfunding platforms. Because existing research on the motivation of entrepreneurs stayed largely superficial, this study uses a research approach novel in the field of venture financing, the means-end approach. With this approach the entrepreneurs’ reasoning to use equity crowdfunding was explored holistically, uncovering the entire thought processes leading to the decision to crowdfund. One of the findings is that entrepreneurs use equity crowdfunding to successfully collect funds from rather emotionally investing crowdinvestors to finance their ventures’ future growth and to signal investment viability to follow-up investors. Furthermore, entrepreneurs expect crowdinvestors to be engaged in and help the venture with marketing and feedback. Crowdfunding also allows entrepreneurs to keep decision-making power over the venture better than by using traditional sources of funding. The findings indicate that crowdfunding attracts entrepreneurs who could not secure funding from other sources of capital as well as entrepreneurs who see the additional benefits it can provide over other sources. / Equity crowdfunding, ou financiamento de um projeto ou empreendimento através de diversos pequenos investimentos ou um grande grupo de investidores, tem recebido uma crescente atenção da mídia e acadêmicos. A discussão questiona se crowdfunding pode de uma forma geral transformar a maneira como as pessoas captam capital para os seus negócios. Enquanto que pesquisas tem até então focado em explorar porque crowdinvestors têm motivação em financiar empreitadas, este estudo foca em revelar o que motiva empreendedores a procurar soluções de crowdfund. Para isso, o estudo investigou a motivação de 11 empreendedores que usaram plataformas alemãs de crowdfunding. Como estudos existentes sobre a motivação de empreendedores são na sua grande maioria superficiais, este estudo utiliza uma nova abordagem de pesquisa na área de financiamento de projetos, a abordagem de means-end. Sob essa abordagem a forma de pensar dos empreendedores em relação ao uso de equity crowdfunding foi estudada de forma holística, revelando todo o processo de raciocínio até a decisão final de optar por uma estratégia de crowdfunding. Uma das descobertas é que empreendedores usam equity crowdfunding para arrecadar fundos de crowdinvestors consideravelmente não-racionais (emocionais) para financiar o crescimento futuro de seus negócios e também sinalizar viabilidade de investimento para futuros investidores. Além disso, empreendedores esperam que crowdinvestors sejam engajados e ajudem tanto a promover o negócio como a dar feedback. Crowdfunding também possibilita que empreendedores mantenham o poder de decisão sobre a empresa mais facilmente se comparado a outras fontes tradicionais de financiamento. As descobertas indicam que crowdfunding atrai empreendedores que não conseguiriam arrecadar investimentos a partir de outras fontes de capital assim como empreendedores que entendem os benefícios adicionais que esta oferece em relação à outras fontes.

Submitted by Lucia Salmonson Guimarães Barros (lucia.barros@fgv.br) on 2017-02-16T11:43:29Z No. of bitstreams: 1 Crowdfunding_biblioteca_vf.pdf: 1891312 bytes, checksum: 6d94a5e4f152497a8a5a503ccfc37e36 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-02-23T17:49:40Z (GMT) No. of bitstreams: 1 Crowdfunding_biblioteca_vf.pdf: 1891312 bytes, checksum: 6d94a5e4f152497a8a5a503ccfc37e36 (MD5) / Made available in DSpace on 2017-02-24T12:55:19Z (GMT). No. of bitstreams: 1 Crowdfunding_biblioteca_vf.pdf: 1891312 bytes, checksum: 6d94a5e4f152497a8a5a503ccfc37e36 (MD5) Previous issue date: 2017-01-30 / Although there has been growing interest in how solicitors and funders behave in crowdfunding platforms, it is an open question whether and if so how information about the time left to complete the campaign and past funding impact funder’s decision in all-or-nothing non-investment crowdfunding platforms. Relying on a new outcome measure: the funding rate (i.e., the ratio of the number of supports to number of web page visits on a given week), and a unique dataset of about three and a half million web page visits and 79.6 thousand supports for 931 different projects, this research investigates the impact of past funding and time on a project’s funding rate in the largest 'all or nothing' non-investment Brazilian crowdfunding platform. We found that people seem concerned about the usefulness of their funds: they are willing to help solicitors, but mainly when they believe the project is good (i.e., it has a minimum chance of reaching the target) and when 'their help really helps' (i.e., before the target is reached).

Submitted by Jorge Silva (jorgelmsilva@ufrrj.br) on 2017-06-23T17:40:55Z No. of bitstreams: 1 2016 - Vanessa Faria Silva.pdf: 2965070 bytes, checksum: 0a53eb4e828e839fea364ac45122dc0a (MD5) / Made available in DSpace on 2017-06-23T17:40:55Z (GMT). No. of bitstreams: 1 2016 - Vanessa Faria Silva.pdf: 2965070 bytes, checksum: 0a53eb4e828e839fea364ac45122dc0a (MD5) Previous issue date: 2016-04-29 / CAPES / The financing of cultural projects for a long time, was characterized by reliance on public announcements and private companies. In this scenario, a limited number of projects received financial support, due to factors such as scarcity of resources and lack of appreciation of the cultural sector. However, from technological innovations and enhancement of the Creative Economy, occurred in recent years, changes in the funding dynamics of projects in this area, through crowdfunding platforms. Thus, the creative economy projects now have, in addition to traditional sources of financing, the online crowdfunding platforms as an alternative to request funding. Considering the important role that these platforms are playing in the dynamics of the Creative Economy project financing, and function-dependent manner to advances in Information and Communication Technologies, the present study aimed to analyze the organizational form of crowdfunding platforms available for financing Creative Economy projects in Brazil. For this qualitative research was conducted through the document content analysis and semi-open interviews and other data collected on the Internet. Finally, after analysis of the collected data, it was possible to consider that initially the platforms have a horizontal organizational form, and as they grow adopt vertical organizational models. / O financiamento de projetos culturais, durante muito tempo, se caracterizou pela depend?ncia dos editais p?blicos e de empresas privadas. Nesse cen?rio, uma quantidade limitada de projetos recebiam apoio financeiro, devido a fatores como escassez de recursos e falta de valoriza??o do setor cultural. Entretanto, a partir das inova??es tecnol?gicas e valoriza??o da Economia Criativa, ocorreu, nos ?ltimos anos, mudan?a na din?mica de financiamento dos projetos dessa ?rea, por meio das plataformas crowdfunding. Sendo assim, os projetos de economia criativa passaram a ter, al?m das fontes tradicionais de financiamento, as plataformas de financiamento coletivo online como alternativa para solicitar financiamento. Considerando o importante papel que essas plataformas est?o desempenhando na din?mica de financiamento de projetos da Economia Criativa, e que funcionam de forma dependente aos avan?os das Tecnologias da Informa??o e Comunica??o, a presente pesquisa teve como objetivo analisar a forma organizativa das plataformas crowdfunding dispon?veis para o financiamento de projetos de Economia Criativa no Brasil. Para isso, foi realizada pesquisa qualitativa, por meio da an?lise de conte?do de documentos como entrevistas semiabertas e outros dados coletados na internet. Por fim, ap?s an?lise dos dados coletados, foi poss?vel considerar que inicialmente as plataformas apresentam uma forma organizacional horizontal, sendo que a medida que crescem adotam modelos organizacionais verticais.

Le financement institutionnel du capital initial, l’investissement providentiel le financement collectif des entreprises entrepreneuriales : un cadre conceptuel et quelques exemples » est une thèse de doctorat qui décrit un cadre conceptuel global des différentes facettes financières de l'entrepreneuriat et propose une étude empirique approfondie de certains éléments. Le nouvel apport de ce travail consiste à identifier les complexités croissantes du marché du financement en fonds propres de l’entreprenariat en développant un cadre conceptuel qui met l'accent aussi bien sur l'interaction croissante des acteurs du marché que sur de nouvelles recherches empiriques. Les thèmes choisis utilisent un ensemble de données uniques qui vont au-delà des études de recherches existantes et sont les premiers dans leur domaine à explorer de nouvellespistes. / Institutional Seed Financing, Angel Financing, and Crowdfunding of EntrepreneurialVentures : a conceptual framework and selected examples is a doctoral dissertation that outlines an overall conceptual framework for the financial facets of entrepreneurship and proposes an empirical in-depth exploration of designated components. The novel contribution of this work lies in identifying the increasing complexities of the entrepreneurial equity finance market by developing this conceptual framework that emphasizes the growing interaction of the market players as well as investigating additional empirical topics. The selected topics use unique datasets that go beyond existing research studies and are the first in their fields to explore new avenues.

This dissertation thesis deals with crowdfunding campaigns in terms of their structure and important elements of successful crowdfunding projects. The main aim of this thesis is to create a set of recommendations for the creation of successful crowdfunding projects. In order to achieve this task, the statistical method of binary logistic regression analysis is used to determine the effect of the utilization of the introductory video, the number of updates during the duration of the project, the number of imagines, the number of words in the project description, the duration of the project and the project category on the probability of success of the project. The first part of this thesis is composed of the description of different concepts of crowdfunding including their historical context, the crowdfunding business models and the project typology, chosen platforms and the principals of their operation, chosen successful campaigns and their structure. In the analytical part I deal with the impact of the above mentioned variables on the probability of success.

Crowdfunding innebär ett insamlande av kapital från stora mängder individer, oftast med små belopp vardera, utan användandet av traditionella finansiella mellanhänder. Crowdfunding som investerings- och finansieringsalternativ växte fram efter finanskrisen 2007/2008 då det blev svårare för företagen att få finansiering från restriktiva banker. Med grund i crowdfundingmarknadens novelitet och att företagen som bedriver en crowdfundingkampanj i många fall är små och nystartade, framstår crowdfunding som en riskfylld investeringsform som medför problem för investerare. Nya investeringsbeteenden har uppmärksammats hos generationen millennials där osäkerhet råder huruvida millennials beteende och preferenser liknar tidigare generationer. Studien ämnar därav att utreda vilka problemområden som existerar vid investering i equity-crowdfunding, samt vad som påverkar millennials inför investeringsbeslutet. Studien anammar en kvalitativ metod och omfattar totalt tio intervjuer, varav sju intervjuer med millennialinvesterare (födda mellan 1980-2000) som vardera gjort minst en investering i en equity-crowdfundingkampanj, två intervjuer med yrkesverksamma private equity- managers från Swedbank och Skandia, och en intervju med Nordeas ansvarige för utveckling av Nordeas egen crowdfundingplattform. Studien resulterar i en identifiering av framstående problemområden vid equity-crowdfunding. Problemområden inkluderar ett informationsasymmetriskt underläge för investeraren som gör investeraren motvillig att investera stora belopp. Crowdfundings små investeringsbelopp påverkar mängden utförd due diligence och rationaliteten av due diligence förvrängs av flockbeteendet crowdförtroende, där investerarna förlitar sig på varandras bedömningar och i en form av fear of missing out investerar irrationellt. Millennialgenerationen premierar investeringar där en personlig koppling finns och generationen använder sig av sociala medier för att utvärdera företagen och ägarna. Adverse selection identifieras som ett konkret problem inom crowdfunding gällande equity-crowdfundingkampanjer och studien rekommenderar att lagstiftning bör fattas för att minska det informationsasymmetriska underläget. Studien bidrar med begreppsutveckling och ökad förståelse för equity-crowdfunding och dess olika problemområden, samt uppmärksammar millennialgenerationens förändrade investeringsbeteende. / Crowdfunding is a rising mass funding concept, where a large number of investors each contribute with a small amount, without using standard financial intermediaries. Crowdfunding as an investment and financing alternative started developing after the subprime crisis in 2007/2008. During this period, the economic situation was in decline and banks financing more restrictive. Due to the novel crowdfunding market and the primarily young companies that conduct crowdfunding campaigns, crowdfunding as an investing alternative is considered high risk and uncertain, and entails considerable problems for the investors. New investing behaviour has been recognized in the millennial generation and it is unclear whether they have the same behaviour and preferences as previous generations. The purpose of this study is thereby to examine which problematic areas exist when investing in equity-crowdfunding and what affects millennials investment decision. The study takes on a qualitative method by conducting a total of 10 interviews: seven interviews with millennial investors (born between 1980-2000) who have completed at least one equity-crowdfunding investment, two interviews with professional private equity- managers from Swedbank and Skandia, and one interview with Nordeas Head of Alternative Finance responsible for the development of their crowdfunding platform. The study identifies prominent problematic areas when investing in equity-crowdfunding. An information asymmetric substandard shows impact on the investors’ willingness to invest and especially to invest larger amounts. The small amount invested affects the level of performed due diligence, and wherein the rationality of due diligence is perverted by the heard behaviour crowd trust. Crowd trust is the phenomena where investors rely on each other as quality signals, and due to a fear of missing out, invest irrational. The millennial generation is shown to prefer investments where they have a personal connection with the company or product, and millennials primary source of due diligence is through social media. Adverse selection is identified as a concrete problem in equity-crowdfunding and the study proposes that legislation can reduce the information asymmetric problem. The study contributes with an increased understanding for equity-crowdfunding and its problematic areas, but also with added knowledge for the millennial generation and its investing behaviour.

Equity crowdfunding is a modern way for a company to finance their business. We have in this qualitative study aimed at increasing the comprehension for the relations between shareholders and companies financed through equity crowdfunding. The empirical content has been gathered through unstructured interview with representatives from companies, shareholders and industry experts. Our theory has mainly been focused on power, identity and loyalty. The interpretation and discussion of our empirical content ended up explaining the consequences of the theoretical themes we studied. We could from these themes conclude that all shareholders can through communication have great influence on the company and the identification among shareholders can be used to build loyalty. We also came to the conclusion that companies can benefit from shareholders identifying themselves with the company. / Equity crowdfunding är ett modernt sätt för ett företag att finansiera sig. Vi har genom denna kvalitativa studie ämnat att öka förståelsen för relationen mellan delägare och bolag finansierade genom equity crowdfunding. Empirin är insamlad genom ostrukturerade intervjuer med representanter från företag, delägare och branschexperter. Vår teori har huvudsakligen varit fokuserad på makt, identitet och lojalitet. Den empiriska tolkningen och diskussionen mynnade ut i att förklara konsekvenserna av våra teoretiska teman.. Vi kunde från dessa teman dra slutsatser för att svara på våra forskningsfrågor. Vi kom fram till att alla delägare genom kommunikation kan få ett stort inflytande i bolagen och att kommunikation kan användas för att bygga förtroende och lojalitet. Vi har också kommit fram till att bolagen kan dra nytta av att delägarna kan identifiera sig med bolagen.

Today it is extremely hard to get funding for different projects trough the ordinary channels such as banks, VC or Business angels etc. In recent years this has opened up for other alternatives, one of them is Crowdfunding. A few of the questions this paper attempt to answer is, which companies is Crowdfunding suited for? How do you succeed with your Crowdfunding campaign? What is the money used for? What’s the outlook on the future for Crowdfunding? The purpose of this study is to increase the knowledge of Crowdfunding and how it is used today, plus shine some light on how the future for Crowdfunding looks. Hopefully this will help the reader gain knowledge about why Crowdfunding is chosen as a mean to get investments. The purpose of the interviews is to get an inside look on Crowdfunding from those who work with it and those who have used it. What has the money been used for, what makes a successful campaign etc. The method that has been used to gather information is via internet and interviews, where the main content is rendered. The different kinds of Crowdfunding There are four types of Crowdfunding, Donation, Reward, Equity and Loan-based. Donation means that you give away your money and get nothing in return. In Reward based you get something (the product, a t-shirt etc…) in return for the investment. In Equity you get equity in the company. Loan gives you your money back with interest. Analysis and conclusion The main finding in the study is that most companies think that they will use Crowdfunding to gain capital to produce a product, which actually could be of less importance than the free marketing they get. Therefore the campaign, already from the start, should have the market in mind, together with the actual fund rising. Another conclusion is that Crowdfunding usually benefits the smaller companies, and the success of the campaign is strongly dependent on the many qualities of a skillfull entrepreneur. / Då det i dagens samhälle är mycket svårt att finna finansiering till olika projekt genom de klassiska investeringsalternativen, banker, affärsänglar m.fl. har detta gjort att det på senare tid kommit nya alternativa vägar att få finansiering, ett utav dessa alternativ är Crowdfunding. Några frågor som kommer att försöka besvaras i denna uppsats är: Vilka företag passar Crowdfunding för? Hur lyckas man med sin Crowdfunding kampanj? Vad använder företagen pengarna till? Hur ser framtiden ut? Syftet med denna studie är att öka kunskapen om Crowdfunding och hur det används idag samt hur framtiden för denna förhållandevis nya form av finansiering ser ut. Förhoppningsvis hjälper detta läsaren att skapa en förståelse varför Crowdfunding väljs före de klassiska alternativen. Syftet med intervjuer är att skaffa sig en inblick i Crowdfunding från insidan, dvs. hur har pengarna använts, finns det några gemensamma nämnare som gör att vissa kampanjer lyckas medan andra inte gör det. Metod som använts är informationssök via internet och intervjuer, intervjuerna bandades och transkriberades för att sedan kunna återge huvudinnehållet. De olika typerna av Crowdfunding Det finns fyra olika typer av Crowdfunding, dessa är Donation, Reward, Equity och Loan Based Crowdfunding. Donation innebära att ger en gåva och inte får något i utbyte. Reward funkar genom att man får en gåva eller något symboliskt för att man stöttat kampanjen. I Equity får man en andel i företagen och i Loan så lånar man ut pengar mot ränta. Analys och slutsats De flesta företag går in med inställningen att de ska samla in pengar för att kunna genomföra sitt projekt men det kan faktiskt vara mindre viktigt än den gratis marknadsföring de får. Därför bör kampanjen redan från början ha marknaden i åtanke tillsammans med insamlingen av kapital. En annan slutsats är att det är oftast mindre företag som gynnas av Crowdfunding och för att få en lyckad kampanj krävs många av de egenskaper som man letar efter hos en klassisk entreprenör.