In crowdfunding, funders often have very little or no information about the social entrepreneur and the venture. This asymmetric information hinders funding in that potential funders only make a pledge if they can trust the entrepreneur and the seriousness of the project. Thus entrepreneurs have to signal information to potential funders. In the case of conventional ventures, this means showing that the company is committed to the financial returns or the quality of the product, for instance. However, in the case of social enterprises, entrepreneurs can signal their commitment to a social or an environmental challenge. The information that entrepreneurs want to convey to potential funders depends very much on the type of crowdfunding. The type of crowdfunding determines whether the entrepreneur is pitching to potential investors, lenders or potential consumers and general supporters of the project. While investors tend to be more concerned with the financial returns, the quality of the product or service tends to be the variable that matters most to the potential consumer. This thesis examines the crowdfunding campaigns of social ventures in order to understand how to crowdfund social enterprises. It identifies the signals with which, social entrepreneurs try to attract funding through different types of crowdfunding, mainly reward-based. It finds that reward-based crowdfunding offers a good basis for social entrepreneurs to attract funding by advertising and signaling their commitment to social or environmental issues. This is all the more true when the social enterprise seeking to be crowdfunded only aims to be financially autonomous and thus cannot offer attractive financial returns to potential investors.

The purpose of this essay is to examine the Swedish people’s level of knowledge about crowdfunding and their incentives and deterrents to crowdfunding investments. Early on crowdfunding was divided into two objectives: reward based and equity based crowdfunding. The division of objectives is logical due to the differencing conditions of the motivation for investors to invest. Supported by theories in crowdfunding incentives, commitment-trust, the prospect theory, and the diffusion of innovations, we aim to establish a comprehensive line of reasoning to support our model of motivation in the conclusive chapter. The results of this essay were achieved by a combined method. A quantitative survey tended to give us a sense of how well known the crowdfunding phenomenon is amongst the Swedish people. It was followed by a qualitative study consisting of interviews with crowdfunding investors with aim to understand their incentives and deterrents. The interviews served as the basis for our analysis. Our analysis reveals that the incentives to invest differ between equity based and reward based crowdfunding. The major common incitement was trusting the entrepreneur behind the project, rather than a neat investment prospectus. The seminal crowdfunding deterrent is ignorance. Today, the Swedish people are unknowing of the phenomenon and its significance.

Raising funds through crowdfunding has experienced an accelerated growth for start-up companies. Moreover, recent literature suggests that crowdfunding has developed from being just a fundraising tool to a versatile marketing tool (Brown et al., 2016). Even though the marketing aspect of crowdfunding has been researched, there are no clear distinctions of explicitly what marketing values a crowdfunding campaign may entail. This study investigates the two dominating crowdfunding approaches for commercialized ventures, namely, reward- and equity-based crowdfunding. A gap in literature has been identified regarding differentiating reward- and equity-based crowdfunding, in terms of what marketing values they encompass from an entrepreneur’s point of view. The authors’ theoretical position comprehends a connection between crowdfunding and marketing values, which the authors aim to investigate through an exploratory approach. The empirical findings are based upon eleven face-to-face, semi-structured interviews with entrepreneurs who has launched a successful crowdfunding campaign and can thereby be considered experts in the field. Through the empirical findings, the authors were able to identify how each approach creates value for the company. The empirical findings suggest that there are convergences and divergences, differentiating reward- from equity-based crowdfunding. This study aims to support and guide entrepreneurs who want to start a crowdfunding campaign by giving the entrepreneurs directions depending on what marketing values they may seek.

Aging research on item- and associative-recognition memory has demonstrated that older adults are deficient in forming associations between two unrelated stimuli. Although older adult performance on tests of item-recognition is similar to younger adult performance, older adults perform worse than younger adults on tests of associative memory (Naveh-Benjamin, Hussain, Guez, & Bar-On, 2003). In addition to the idea that younger adult performance on associative-recognition tests is superior to that of older adults, research has shown that reward cues can enhance motivated learning and item memory performance of younger adults. In an fMRI study that examined the influence of reward anticipation on episodic memory formation, Adcock and colleagues (2006) examined memory performance in response to reward cues that preceded single stimuli and found that young adult participants remembered more stimuli associated with high value reward cues than those associated with low value reward cues. The aim of the current study was to examine whether reward cues that precede a stimulus pair might enhance an association between two stimuli and influence younger and older adult performance on tests of item- and associative-recognition. Our study confirms the idea that while older adult memory for individual items is intact, older adult memory for associations is impaired (Naveh-Benjamin et al., 2003). The results supported the idea that younger and older adult item-recognition is better for high versus low reward cues, but the reward cues had no influence on the associative-recognition of either age group. Therefore, the age-related associative deficit was not improved by reward cues that preceded each stimulus pair.

Die Dissertation beschäftigt sich mit der Frage, ob und wie Feedback-basiertes Lernen durch Stress moduliert wird. Der Zusammenhang zwischen Stress und Kognition sowie die zugrunde liegenden biologischen Mechanismen sind Gegenstand der kognitiven Stressforschung. Während der Einfluss von Stress und Stresshormonen auf andere Lernformen bereits gut etabliert ist, gibt es bisher kaum Studien, die Feedback-basiertes Lernen unter Stress bei Menschen betrachtet haben. In der vorliegenden Arbeit werden daher die Auswirkungen akuten Stresses auf diese Lernform untersucht. Es werden gezielt Auswirkungen auf die generelle Akquisition einer Lernaufgabe mittels Feedback, auf die Nutzung sowohl positiven als auch negativen Feedbacks beim Lernen sowie auf die Fähigkeit der flexiblen Anpassung an sich änderndes Feedback betrachtet. Dafür werden in den experimentellen Untersuchungen der Arbeit Feedback-basierte Aufgaben mit einer vorangestellten Induktion akuten psychosozialen Stresses kombiniert. Die Ergebnisse der vorliegenden Arbeit deuten darauf hin, dass akuter psychosozialer Stress das generelle Erlernen Feedback-basierter Aufgaben nicht beeinflusst, jedoch die Nutzung positiven und negativen Feedbacks beim Lernen verändert. Im Speziellen wird negatives Feedback nach einer Stressinduktion weniger genutzt, während über eine möglicherweise stärkere Nutzung positiven Feedbacks aufgrund der vorliegenden Ergebnisse keine fundierte Aussage getroffen werden kann. Zudem finden sich in der vorliegenden Arbeit Hinweise auf einen positiven Zusammenhang zwischen Cortisolwerten und der Flexibilität in Feedback-basierten Lernaufgaben. Als Erklärungsansätze werden veränderte Aufmerksamkeitsprozesse nach einer Stressinduktion sowie andere psychologische Faktoren wie eine kognitive Nachbeschäftigung mit dem Stresstest und eine geringere Involviertheit in die kognitiven Aufgaben diskutiert. Die berichteten Korrelationen zwischen Cortisolwerten und kognitiven Parametern werden dahingehend interpretiert, dass Cortisol ein vermittelnder Faktor des Stresseffekts auf die Nutzung und neuronale Verarbeitung negativen Feedbacks sein könnte. Zur Integration der Ergebnisse aller Studien wird eine Modulation der dopaminergen Signalübertragung durch Stress und erhöhte Cortisolspiegel und damit verbundene Auswirkung auf Feedback-basiertes Lernen vorgeschlagen. Die vorliegende Arbeit gibt zum ersten Mal Hinweise auf eine veränderte Nutzung und Verarbeitung von Feedback nach psychosozialem Stress und bestätigt frühere Befunde eines Zusammenhangs zwischen Cortisol und der Flexibilität beim Lernen.

Submitted by Monica Monteiro (monicapenido@gmail.com) on 2015-02-11T22:58:32Z No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-02-19T13:39:11Z (GMT) No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-02-23T17:01:03Z (GMT) No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) / Made available in DSpace on 2015-02-23T17:01:17Z (GMT). No. of bitstreams: 1 Dissertacao - Monica Penido Monteiro - Versao Final_aprovada.pdf: 2084491 bytes, checksum: c27de5572b906187326a4529214de1a1 (MD5) Previous issue date: 2014-12-12 / The purpose of this paper is to examine the motivations for the participation of supporters in the Brazilian reward-based model of crowdfunding, taking into consideration the aspects disclosed in the north-american research of Gerber and Hui (2014). Since the participation in such model is voluntary, it is important to understand the reasons that move a person to participate. Therefore, we believe that the purpose of this study has been completely fulfilled, providing contributions in various ways. To deepen the understanding of this new social phenomenon, a qualitative research based on a multiple case study was presented in which supporters represented the analysis unit in three of the largest crowdfunding platforms in Brazil: Queremos, Catarse and Benfeitoria. In addition, the qualitative method of in-depth interviews with the elements of the analysis unit has been chosen as the source of information for this methodology. There were 11 interviews conducted with supporters, 06 men and 05 women. The study also aimed at a better understanding of the national panorama of this market, starting from in-depth interviews among platform founders and a heavy user (over 140 supported projects) of the model. After the consolidation and analysis of the collected data, it has been verified the presence of the motivations found in Gerber’s studies (GERBER and HUI, 2014), although with a few reservations regarding the motivation 'Be part of a community', explained below. The qualitative research substantially polished the understanding of whatever motivates any supporter to participate in crowdfunding, including important aspects regarding market practices that ought to be taken into consideration. In the end part of this paper, the conclusions and implications of the research were described in detail. / Este trabalho procurou investigar as motivações para a participação de apoiadores no modelo de recompensa de crowdfunding no Brasil, sob a luz dos aspectos encontrados na pesquisa americana de Gerber e Hui (2014). Como a participação nesse modelo é voluntária, entendeu- se ser importante compreender os motivos que levam pessoas a apoiarem projetos. Acredita- se que este trabalho tenha atingido o que foi por ele proposto, deixando contribuições em diversos sentidos. A fim de aprofundar o entendimento desse novo fenômeno social, apresentou-se uma pesquisa qualitativa fundamentada em um estudo de caso múltiplo, em que os apoiadores eram a unidade de análise, nas três maiores plataformas de crowdfunding do Brasil: Queremos, Catarse e Benfeitoria. E, como fonte de informações para esta metodologia, optou-se pelo método qualitativo de entrevistas em profundidade com os elementos da unidade de análise. Foram realizadas 11 entrevistas com apoiadores, sendo 06 homens e 05 mulheres. O trabalho também teve o objetivo de conhecer melhor o cenário nacional desse mercado, a partir de entrevistas em profundidade com os fundadores das plataformas e um heavy user (mais de 140 projetos apoiados) do modelo. Após a consolidação e análise dos dados obtidos, verificou-se a presença das motivações encontradas nos estudos de Gerber (GERBER e HUI, 2014), porém com algumas ressalvas quanto a motivação 'Fazer parte de uma comunidade', explicitada a seguir. A pesquisa qualitativa refinou substancialmente a compreensão do que motiva apoiadores a participar de crowdfunding, incluindo aspectos importantes que devem ser levados em consideração quanto a práticas do mercado. Ao final, as conclusões e implicações deste estudo foram detalhadamente apresentadas.

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.

Die Dissertation beschäftigt sich mit der Frage, ob und wie Feedback-basiertes Lernen durch Stress moduliert wird. Der Zusammenhang zwischen Stress und Kognition sowie die zugrunde liegenden biologischen Mechanismen sind Gegenstand der kognitiven Stressforschung. Während der Einfluss von Stress und Stresshormonen auf andere Lernformen bereits gut etabliert ist, gibt es bisher kaum Studien, die Feedback-basiertes Lernen unter Stress bei Menschen betrachtet haben. In der vorliegenden Arbeit werden daher die Auswirkungen akuten Stresses auf diese Lernform untersucht. Es werden gezielt Auswirkungen auf die generelle Akquisition einer Lernaufgabe mittels Feedback, auf die Nutzung sowohl positiven als auch negativen Feedbacks beim Lernen sowie auf die Fähigkeit der flexiblen Anpassung an sich änderndes Feedback betrachtet. Dafür werden in den experimentellen Untersuchungen der Arbeit Feedback-basierte Aufgaben mit einer vorangestellten Induktion akuten psychosozialen Stresses kombiniert. Die Ergebnisse der vorliegenden Arbeit deuten darauf hin, dass akuter psychosozialer Stress das generelle Erlernen Feedback-basierter Aufgaben nicht beeinflusst, jedoch die Nutzung positiven und negativen Feedbacks beim Lernen verändert. Im Speziellen wird negatives Feedback nach einer Stressinduktion weniger genutzt, während über eine möglicherweise stärkere Nutzung positiven Feedbacks aufgrund der vorliegenden Ergebnisse keine fundierte Aussage getroffen werden kann. Zudem finden sich in der vorliegenden Arbeit Hinweise auf einen positiven Zusammenhang zwischen Cortisolwerten und der Flexibilität in Feedback-basierten Lernaufgaben. Als Erklärungsansätze werden veränderte Aufmerksamkeitsprozesse nach einer Stressinduktion sowie andere psychologische Faktoren wie eine kognitive Nachbeschäftigung mit dem Stresstest und eine geringere Involviertheit in die kognitiven Aufgaben diskutiert. Die berichteten Korrelationen zwischen Cortisolwerten und kognitiven Parametern werden dahingehend interpretiert, dass Cortisol ein vermittelnder Faktor des Stresseffekts auf die Nutzung und neuronale Verarbeitung negativen Feedbacks sein könnte. Zur Integration der Ergebnisse aller Studien wird eine Modulation der dopaminergen Signalübertragung durch Stress und erhöhte Cortisolspiegel und damit verbundene Auswirkung auf Feedback-basiertes Lernen vorgeschlagen. Die vorliegende Arbeit gibt zum ersten Mal Hinweise auf eine veränderte Nutzung und Verarbeitung von Feedback nach psychosozialem Stress und bestätigt frühere Befunde eines Zusammenhangs zwischen Cortisol und der Flexibilität beim Lernen.

Hippocampal place-cell sequences observed during awake immobility often represent previous experience, suggesting a role in memory processes. However, recent reports of goals being overrepresented in sequential activity suggest a role in short-term planning, although a detailed understanding of the origins of hippocampal sequential activity and of its functional role is still lacking. In particular, it is unknown which mechanism could support efficient planning by generating place-cell sequences biased toward known goal locations, in an adaptive and constructive fashion. To address these questions, we propose a model of spatial learning and sequence generation as interdependent processes, integrating cortical contextual coding, synaptic plasticity and neuromodulatory mechanisms into a map-based approach. Following goal learning, sequential activity emerges from continuous attractor network dynamics biased by goal memory inputs. We apply Bayesian decoding on the resulting spike trains, allowing a direct comparison with experimental data. Simulations show that this model (1) explains the generation of never-experienced sequence trajectories in familiar environments, without requiring virtual self-motion signals, (2) accounts for the bias in place-cell sequences toward goal locations, (3) highlights their utility in flexible route planning, and (4) provides specific testable predictions.

Crowdfunding challenges century long boundaries between the public, the industry andinnovation. In that respect the phenomenon holds the potential to decentralize and democratizethe way ventures are financed and realized. Crowdfunding has seen a lot of exitingdevelopments during the last few years, partly because of new crowdfunding platformsemerging on the internet, and partly because of new ground-breaking technology being used forfunding purposes. Meanwhile research has not quite catched up with the recent developments ofdifferent models for crowdfunding. This study’s aim is therefor to give an comprehensiveoverview of the different models of crowdfunding that are being utilized by crowdfundingplatforms on the internet today. A deductive content analysis has been made of 67 currentcrowdfunding platforms. The platforms have been analysed in order to determine what model ofcrowdfunding they utilize. The result has, apart from partly confirming prior studies, alsoproduced new exiting findings on what mechanisms constitute some of the crowdfundingmodels we see today. A new taxonomy of crowdfunding models is discussed and proposed. Theconclusion is that the need for a updated taxonomy, like the one this study provides, was wellneeded in order to understand the field. One important finding is that blockchain technology hasproduced a new form of crowdfunding through cryptocurrency: Initial coin offering. Thatparticular area will likely develop and continue to decentralize and democratise the economicalhuman interaction when it comes to financing.