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Motivation of german entrepreneurs to seek equity via crowdfunding: an exploratory study

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
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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.

Identiferoai:union.ndltd.org:IBICT/oai:bibliotecadigital.fgv.br:10438/13623
Date10 March 2015
CreatorsRoggan, John
ContributorsEscolas::EAESP, Sarfati, Gilberto
Source SetsIBICT Brazilian ETDs
LanguageEnglish
Detected LanguageEnglish
Typeinfo:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis
Sourcereponame:Repositório Institucional do FGV, instname:Fundação Getulio Vargas, instacron:FGV
Rightsinfo:eu-repo/semantics/openAccess

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