Success Factors in Crowdfunding: An Interdisciplinary Review

Transcription

1 Success Factors in Crowdfunding: An Interdisciplinary Review The young phenomenon of crowdfunding is usually defined as capital funding through the use of (internet) technology and the power of an (anonymous) crowd that supports by many giving small amounts of money for a specific project (Beaulieu et al. 2015). The phenomenon draws from many disciplines such as information systems for the technological base, finance as for the investment part, and entrepreneurship for founders needing resources to realize their projects. However, this makes it complex for scholars to gain an overview on what has been done in research yet. This seminar tries to shed light on the factors of success that can be influenced by the founders in crowdfunding by answering the research question: Which factors have been found to influence crowdfunding and crowdinvesting success in existing literature from a founder communication perspective? This question is addressed by systematically reviewing the interdisciplinary research landscape. T: Beaulieu, T., Sarker, S., and Sarker, S A Conceptual Framework for Understanding Crowdfunding, Communications of the Association for Information Systems (37:1). T: Belleflamme, P., Lambert, T., and Schwienbacher, A Crowdfunding: Tapping the right crowd, Journal of Business Venturing (29:5), pp T: Bruton, G., Khavul, S., Siegel, D., and Wright, M New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer-to- Peer Innovations, Entrepreneurship Theory and Practice (39:1), pp T: Burtch, G., Ghose, A., and Wattal, S An Empirical Examination of the Antecedents and Consequences of Contribution Patterns in Crowd-Funded Markets, Information Systems Research (24:3), pp T: Mollick, E The Dynamics of Crowdfunding: An Exploratory Study, Journal of Business Venturing (29:1), pp Future: Writing a Literature Review, MIS Quarterly (26:2), pp Literature Review of Information Systems Research, Sprouts: Working Papers on Information Systems (10:26), pp

2 How Do Incentives Work in Crowdfunding? A Systematic Literature Review One of the main differences in crowdfunding compared to regular funding for startups is the fact that on many platforms, founders can offer additional incentives when setting up their crowdfunding campaign. This allows further motivating investors beyond the main investment reason. This seminar paper tries to summarize existing findings in the field by conducting a systematic literature review in the Information Systems, Entrepreneurship, General Management, and Marketing disciplines. It thereby tries to answer questions on what type of incentives are common, how impactful are they in which settings? T: Beaulieu, T., Sarker, S., and Sarker, S A Conceptual Framework for Understanding Crowdfunding, Communications of the Association for Information Systems (37:1). T: Belleflamme, P., Lambert, T., and Schwienbacher, A Crowdfunding: Tapping the Right Crowd, Journal of Business Venturing (29:5), pp

3 How can Electronic Word of Mouth be Managed? A Literature Analysis Customers and guests are empowered by today s digital technologies. They create reviews on hotel booking platforms or online marketplaces. Furthermore, they post their positive but particularly their negative experiences with the products and services via social media and others share, like, or comment these experiences. These discussions pose a new challenge to firms because word of mouth (WOM) is very crucial when marketing products and services. Hence, they try to manage word of mouth in electronic environments (ewom). This seminar paper tries to shed light on existing research in the IS and Marketing disciplines on ewom. It thereby summarizes existing research and discusses how firms can successfully manage ewom in their favor. T: Aggarwal, R., Gopal, R., Gupta, A., and Singh, H Putting Money Where the Mouths Are: The Relation Between Venture Financing and Electronic Word-of- Mouth, Information Systems Research (23:3-part-2), pp T: Gu, B., Park, J., and Konana, P Research Note The Impact of External Word-of-Mouth Sources on Retailer Sales of High-Involvement Products, Information Systems Research (23), pp T: Rui, H., Liu, Y., and Whinston, A. B Chatter Matters: How Twitter Can Open the Black Box of Online Word-of-Mouth. ICIS 2010 Proceedings

4 Signaling in Online Purchasing and Crowdfunding Contexts A State of the Art Review Face-to-face communication is rather seldom in digital environments and therefore trust needs to be established and uncertainties regarding seller or product qualities need to be mitigated in digital environments. Hence, signaling security, quality, or education is a very crucial issue for founders running a crowdfunding campaign as well as for sellers trying to successfully market their products. This seminar paper tries to summarize existing findings in the field by conducting a systematic literature review on signaling theory in these contexts. It thereby tries to answer questions such as which types of signals have been researched and which seem to work well regarding the results of existing research. T: Dimoka, A., Hong, Y., & Pavlou, P. A. (2012). On product uncertainty in online markets: theory and evidence. MIS Quarterly (36:2), pp T: Ghose, A. (2009). Internet exchanges for used goods: An empirical analysis of trade patterns and adverse selection. MIS Quarterly (33:2), pp

5 Leveraging Social Media Data A Literature Review Social media posts, discussions, likes, and trends have gained large visibility over the recent years. They build a very important source of data for firms but also market research agencies and can be analyzed and leveraged in many ways. This seminar paper tries to shed light on existing research on the field and thereby summarizes what has been done, which types of analysis techniques have been found to be effective for which types of data, analyses, and predictions. Based on these insights, an agenda for interesting future research questions in the field is developed. T: Lai, L. S., and To, W. M Content Analysis of Social Media: A Grounded Theory Approach, Journal of Electronic Commerce Research (16:2), p T: Oh, O., Agrawal, M., and Rao, H. R Community Intelligence and Social Media Services: A Rumor Theoretic Analysis of Tweets During Social Crises, MIS Quarterly (37:2), pp. 407-A7. 5

6 What are the Decision Criteria of Investors when Investing in High-Tech Startups? Venture Capitalists need to manage a large number of uncertainties when approaching an investment decision for a startup. Therefore they need to evaluate on the business idea and model a venture is pursuing. This paper tries to shed light on the process of these evaluation approaches and decisions through a systematic literature review on the topic. It thereby tries to answer questions such as: What does this evaluation process look like? What are the major criteria within the process that impact the decision of investors? T: Dos Santos, B. L., Patel, P. C., and D Souza, R. R Venture Capital Funding for Information Technology Businesses, Journal of the Association for Information Systems (12:1), pp T: Dixon R Venture Capitalists and the Appraisal of Investments, Omega (19:5), pp T: Franke, N., Gruber, M., Harhoff, D., and Henkel, J What You Are Is What You Like - Similarity Biases in Venture Capitalists Evaluations of Start-up Teams, Journal of Business Venturing (21:6), pp T: Hall, J., and Hofer, C. W Venture Capitalists Decision Criteria in New Venture Evaluation, Journal of Business Venturing (8:1), pp Anna Budrevich 6

7 How Does Team Heterogeneity Influence Performance in High-Tech Startups? It is commonly seen that heterogeneous founder teams pursue more successful startup projects. Heterogeneity comes in many variations: gender, age, culture, educational background, social capital. But which are most analyzed in existing literature and which are seen as most impactful on firm performance? This paper tries to shed light on these questions through a systematic literature review on the topic. It thereby tries to give an overview of the existing literature in the Information Systems, Entrepreneurship, General Management, and Marketing Literature. T: Amason, A. C., Shrader, R. C., and Tompson, G. H Newness and Novelty: Relating Top Management Team Composition to New Venture Performance. Journal of Business Venturing (21:1), pp T: Jehn, K. A., Northcraft, G. B., & Neale, M. A. (1997). Why Differences Make a Difference: A Field Study of Diversity, Conflict, and Performance in Workgroups. Administrative Science Quarterly, 44(4), Anna Budrevich 7

8 Service Innovations A literature review How enterprises view the nature and process of innovation has undergone radical shifts in the past decade. No longer innovations are developed from within the confines of an organization. Nowadays they evolve from the joint action of a network of actors ranging from suppliers and partners to customers and independent inventors. Aim of this thesis is to provide a structured review of studies in the information systems area that have already examined service innovations in different areas. The investigated studies should be categorized and analyzed. T: Lusch, R. F., & Nambisan, S. (2015). Service Innovation: A Service- Dominant Logic Perspective. Mis Quarterly, 39(1), T: Ghazawneh, A., & Henfridsson, O. (2013). Balancing platform control and external contribution in third-party development: the boundary resources model. Information Systems Journal, 23(2), M: Webster, J. and Watson, R.T Analyzing the Past to Prepare for the Alexander Frey Title Uncertainties in online markets How intermediaries mitigate uncertainties for their users Today online markets are ubiquitous and many people are using these platforms. For instance, ebay, Amazon, Kleiderkreisel or other second hand online markets pose a difficulty for evaluating products. Especially, if the product is an experience good, like a used car, it cannot be easily described online. This leads to several uncertainties for the buyer and for the seller of the product. Therefore, providers of online markets offer a variety of mechanisms to reduce these uncertainties. Aim of this thesis is to provide a structured review of studies in the information systems area that have already examined uncertainties and the mitigation of these uncertainties in online markets. The investigated uncertainties should be categorized and analyzed. T: Dimoka, A., Hong, Y., & Pavlou, P. A. (2012). On Product Uncertainty in Online Markets: Theory and Evidence. MIS Quarterly, 36(2), 395-A15. T: Hong, Y. (Kevin), & Pavlou, P. A. (2014). Product Fit Uncertainty in Online Markets: Nature, Effects, and Antecedents. Information Systems Research, 25(2), M: Webster, J. and Watson, R.T Analyzing the Past to Prepare for the Alexander Frey 8

9 AirBnB in academia A literature review on peer-to-peer accommodation The Sharing Economy is a rapidly growing economic and technological phenomenon that postulates access over ownership and could have the potential to become as important as the industrial revolution in terms of the way we think about ownership. The accommodation sharing services AirBnB is often mentioned as a prime example for the Sharing Economy. Nowadays a variety of studies employed peer-to-peer accommodation services such as AirBnB as object of investigation. Aim of this thesis is to provide a structured review of studies that have already examined peer-to-peer accommodation services. The investigated studies and topics should be categorized and analyzed. T: Tussyadiah, I. P. (2016). Factors of satisfaction and intention to use peer-to-peer accommodation. International Journal of Hospitality Management, 55, T: Zhang, S., Lee, D., Singh, P. V., & Srinivasan, K. (2016). How Much Is An Image Worth? An Empirical Analysis of Property s Image Aesthetic Quality on Demand at AirBNB. M: Webster, J. and Watson, R.T Analyzing the Past to Prepare for the Alexander Frey 9