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POSITIONING OF CROWDFUNDING PLATFORMS: TURKEY AS AN EMERGING MARKET CASE

Yıl 2019, Cilt: 6 Sayı: 2, 84 - 94, 30.06.2019

Melek Demiray Sebnem Burnaz

https://doi.org/10.17261/Pressacademia.2019.1036

Öz

Purpose - Crowdfunding, as a novel concept, offers an alternative funding method that enables entrepreneurs to realize their original ideas. The aim of this study is to understand how crowdfunding platforms can be positioned in an emerging crowdfunding market.

Methodology - Turkey was chosen as a developing market which presents a real potential with newly regulated crowdfunding environment and rapidly flourishing entrepreneurship ecosystem. The analysis proposes a positioning map of crowdfunding platforms depending on two main dimensions: the level of complexity based on regulatory procedures and the level of expertise based on project categories.

Findings- Introducing positioning concept into crowdfunding literature broadens understanding of this phenomenon and contributes to the development of assessment criteria for crowdfunding platforms.

Conclusion- Platform managers who desire to develop their positioning strategy upon gaps in the crowdfunding market by differentiating their features in order to get advantages over their rivals can benefit using the proposed positioning map analysis.

Anahtar Kelimeler

Crowdfunding crowdfunding platform positioning emerging market entrepreneurship

Kaynakça

  • Aaker, D.A. (1996), Building Strong Brands, The Free Press, New York, NY.
  • Ahlers, G. K. C., Cumming, D. J., Guenther, C. and Schweizer, D. (2012). Signaling in equity crowdfunding. Retrieved from http://ssrn.com/abstract=2161587
  • Belleflamme, P., Lambert, T.and Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585– 609. doi:10.1016/j.jbusvent.2013.07.003
  • Bradford, C. S. (2012). Crowdfunding and the Federal Securities Laws. Columbia Business Law Review, 1, 1–150.
  • Braet, O., Spek, S. and Pauwels, C. (2013). Crowdfunding the movies: A Business Analysis of Crowdfinanced Moviemaking in Small Geographical Markets. Journal of Media Business Studies, 10(1), 1–23. doi:10.1080/16522354.2013.11073557
  • Bretschneider, U., Knaub, K. and Wieck, E. (2014). Motivations for crowdfunding: What drives the crowd to invest in start-ups? Twenty Second European Conference on Information Systems.
  • Buysere, K. D., Gajda, O., Kleverlaan, R. and Marom, D. (2012). A framework for European crowdfund- ing. Retrieved from www.crowdfundingframework.eu
  • Cholakova, M.and Clarysse, B. (2015). Does the possibility to make equity investments in crowd- funding projects crowd out reward-based investments?. Entrepreneurship Theory and Practice, 145-172.
  • Crowdfunding Industry Report. (2013). Retrieved from http://www.buzzacott.co.uk/getattach- ment/a4e47539-1038-40c9-b90d- 8709e3f4e4f/crowdfunding-industry-report-1.pdf.aspx
  • Crowdfunding’s Potential for the Developing World. (2013). infoDev, Finance and Private Sector Development Department. Washington, DC: World Bank.
  • Çıracı, G. (2019). Erken aşama yatırımcılık nedir? Retrieved from https://www.youtube.com/watch?v=TrKL3Mq5s9Eandfeature=youtu.be
  • Çubukçu, C. (2017). Kitlesel fonlama: Türkiye’deki kitlesel fonlama platformları üzerinden bir değerlendirme, Girişimcilik ve İnovasyon Yönetimi Dergisi, 6(2), 155-172.
  • Demiray, M. and Aslanbay, Y. (2017). The crowdfunding communities and the value of identification for sustainability of co-creation. In Crowdfunding for Sustainable Entrepreneurship and Innovation (pp. 155-174). IGI Global.
  • Demiray, M., Burnaz, S. and Aslanbay, Y. (2017). The crowdfunding market, models, platforms and projects. In Crowdfunding for Sustainable Entrepreneurship and Innovation (pp. 90-126). IGI Global.
  • Ertopuz, A. (2018) Turkcell, Girişimcileri 4,6 Milyon Tl Fonla Buluşturdu Retrieved from https://www.arti49.com/turkcell-girisimcileri-46-milyontl- fonla-bulusturdu-1388334h.htm
  • European Commission Report (2013). Crowdfunding innovative ventures in Europe - The financial ecosystem and regulatory landscape (Final Report). Retrieved from https://ec.europa.eu/digitalagenda/en/news/crowdfunding-innovative-ventures-europe-financial-ecosystem-andregulatorylandscape- smart
  • Gerber, E. M., Hui, J. S. and Kuo, P. Y. (2013). Crowdfunding: Why people are motivated to post and fund Projects on crowdfunding platforms. Retrieved from http://www.juliehui.org/wp-content/uploads/2013/04/CSCW_Crowdfunding_Final.pdf
  • Global Entrepreneurship Index Report. (2017) Retrieved from https://thegedi.org/wp-content/uploads/dlm_uploads/2017/11/GEI-2018-1.pdf
  • Global Entrepreneurship Monitor Report. (2019). Retrieved from https://www.gemconsortium.org/report/50213
  • Hemer, J. (2011). A snapshot on crowdfunding. Working papers firms and region, No. R2/2011. Retrieved from http://hdl.handle.net/10419/52302
  • Heminway, J. M. and Hoffman, S. R. (2010). Proceed at your peril: crowdfunding and the securities act of 1933. Tenn. L. Rev., 78, 879.
  • Hooley, G., Piercy, N.F. and Nicoulaud, B. (2008), Marketing Strategy and Competitive Positioning, FT Prentice Hall, Harlow.
  • Kapferer, J.N. (2012), The New Strategic Brand Management, Kogan Page, London.
  • Keller, K.L. (2012), Strategic Brand Management, FT Prentice-Hall, Upper Saddle River, NJ.
  • Kirby, E. and Worner, S. (2014). Crowdfunding: An infant industry growing fast. Staff Working Paper of the International Organisation of Securities Commissions Research Department. Retrieved from http://www.memofin.fr/uploads/library/pdf/Crowd-funding-An-Infant-Industry- Growing- Fast[1].pdf
  • Kuppuswamy, V. and Bayus, B. L. (2014). Crowdfunding Creative Ideas: The Dynamics of Project Backers in Kickstarter. UNC Kenan-Flagler Research Paper. Retrieved from http://funginstitute. berkeley.edu/wp-content/uploads/2013/11/Crowdfunding_Creative_Ideas.pdf
  • Kuti, M. and Madarász, G. (2014). Crowdfunding. Public Finance Quarterly, 3, 355–366.
  • Macht, S. A. and Weatherston, J. (2014). The benefits of online crowdfunding for fund-seeking business ventures. Strategic Change, 23(1-2), 1– 14. doi:10.1002/jsc.1955
  • Marom, D. and Sade, O. (2014). Are the life and death of an early stage venture indeed in the power of the tongue? Lessons from online crowdfunding pitches. Retrieved from http://www. researchgate.net/publication/256060198
  • Massolution’s 2015 CF Industry Report (2015). Retrieved from http://www.crowdsourc- ing.org/editorial/global-crowdfunding-market-to-reach- 344b-in-2015-predicts-massolutions-2015cf- industry-report/45376
  • Meric, J., Bouiass, K. and Maque, I. (2015). More than three’s a crowd... in the best interest of companies: Crowdfunding as zeitgeist or ideology? Society and Business Review, 10(1), 23–39. doi:10.1108/ SBR-09-2014-0042
  • Milosevic, M. (2015). Crowdfunding as an innovation booster factor and its dependence on information systems. Retrieved from https://halparis1. archives-ouvertes.fr/hal-01158238/document
  • Mitra, D. (2012). The role of crowdfunding in entrepreneurial finance. Delhi Business Review, 13(2), 67–72.
  • Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. doi:10.1016/j.jbusvent.2013.06.005
  • Ordanini, A., Miceli, L., Pizzetti, M. and Parasuraman, A. (2011). Crowdfunding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443–470. doi:10.1108/09564231111155079
  • Porter, M.E. (1996), “What is strategy?”, Harvard Business Review, Vol. 74 No. 6, pp. 61-78.
  • Startups.watch. (2019). Türkiye Girişim Ekosistemi 2018/2019 Raporu. Retrieved from https://startups.watch
  • Statistica. (2017). Crowdfunding volume worldwide in 2017, by type. Retrieved from https://www.statista.com/statistics/946668/globalcrowdfunding- volume-worldwide-by-type/
  • Technavio. (2018). Global Crowdfunding Market 2018-2022. Retrieved from https://www.technavio.com/report/global-crowdfunding-marketanalysis- share?ctrly
  • Unsal, S. (2017). Kitlesel Fonlama: İş Yapma Yöntemini Değiştirecek Yeni Sistem, İstanbul, Ceres Yayınevi.
  • Wen, C. H. and Yeh, W. Y. (2010). Positioning of international air passenger carriers using multidimensional scaling and correspondence analysis. Transportation Journal, 7-23.
  • https://arikovani.com/
  • https://ideanest.org/
  • https://fonbulucu.com/
  • https://invest.fonbulucu.com/
  • https://startupfon.com/
  • https://www.bulusum.biz/
  • https://www.crowdfon.com/
  • https://www.fongogo.com/
  • https://www.fongogopro.com/
  • http://www.spk.gov.tr/Duyuru/Goster/20190103/0

Yıl 2019, Cilt: 6 Sayı: 2, 84 - 94, 30.06.2019

Melek Demiray Sebnem Burnaz

https://doi.org/10.17261/Pressacademia.2019.1036

Öz

Kaynakça

  • Aaker, D.A. (1996), Building Strong Brands, The Free Press, New York, NY.
  • Ahlers, G. K. C., Cumming, D. J., Guenther, C. and Schweizer, D. (2012). Signaling in equity crowdfunding. Retrieved from http://ssrn.com/abstract=2161587
  • Belleflamme, P., Lambert, T.and Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585– 609. doi:10.1016/j.jbusvent.2013.07.003
  • Bradford, C. S. (2012). Crowdfunding and the Federal Securities Laws. Columbia Business Law Review, 1, 1–150.
  • Braet, O., Spek, S. and Pauwels, C. (2013). Crowdfunding the movies: A Business Analysis of Crowdfinanced Moviemaking in Small Geographical Markets. Journal of Media Business Studies, 10(1), 1–23. doi:10.1080/16522354.2013.11073557
  • Bretschneider, U., Knaub, K. and Wieck, E. (2014). Motivations for crowdfunding: What drives the crowd to invest in start-ups? Twenty Second European Conference on Information Systems.
  • Buysere, K. D., Gajda, O., Kleverlaan, R. and Marom, D. (2012). A framework for European crowdfund- ing. Retrieved from www.crowdfundingframework.eu
  • Cholakova, M.and Clarysse, B. (2015). Does the possibility to make equity investments in crowd- funding projects crowd out reward-based investments?. Entrepreneurship Theory and Practice, 145-172.
  • Crowdfunding Industry Report. (2013). Retrieved from http://www.buzzacott.co.uk/getattach- ment/a4e47539-1038-40c9-b90d- 8709e3f4e4f/crowdfunding-industry-report-1.pdf.aspx
  • Crowdfunding’s Potential for the Developing World. (2013). infoDev, Finance and Private Sector Development Department. Washington, DC: World Bank.
  • Çıracı, G. (2019). Erken aşama yatırımcılık nedir? Retrieved from https://www.youtube.com/watch?v=TrKL3Mq5s9Eandfeature=youtu.be
  • Çubukçu, C. (2017). Kitlesel fonlama: Türkiye’deki kitlesel fonlama platformları üzerinden bir değerlendirme, Girişimcilik ve İnovasyon Yönetimi Dergisi, 6(2), 155-172.
  • Demiray, M. and Aslanbay, Y. (2017). The crowdfunding communities and the value of identification for sustainability of co-creation. In Crowdfunding for Sustainable Entrepreneurship and Innovation (pp. 155-174). IGI Global.
  • Demiray, M., Burnaz, S. and Aslanbay, Y. (2017). The crowdfunding market, models, platforms and projects. In Crowdfunding for Sustainable Entrepreneurship and Innovation (pp. 90-126). IGI Global.
  • Ertopuz, A. (2018) Turkcell, Girişimcileri 4,6 Milyon Tl Fonla Buluşturdu Retrieved from https://www.arti49.com/turkcell-girisimcileri-46-milyontl- fonla-bulusturdu-1388334h.htm
  • European Commission Report (2013). Crowdfunding innovative ventures in Europe - The financial ecosystem and regulatory landscape (Final Report). Retrieved from https://ec.europa.eu/digitalagenda/en/news/crowdfunding-innovative-ventures-europe-financial-ecosystem-andregulatorylandscape- smart
  • Gerber, E. M., Hui, J. S. and Kuo, P. Y. (2013). Crowdfunding: Why people are motivated to post and fund Projects on crowdfunding platforms. Retrieved from http://www.juliehui.org/wp-content/uploads/2013/04/CSCW_Crowdfunding_Final.pdf
  • Global Entrepreneurship Index Report. (2017) Retrieved from https://thegedi.org/wp-content/uploads/dlm_uploads/2017/11/GEI-2018-1.pdf
  • Global Entrepreneurship Monitor Report. (2019). Retrieved from https://www.gemconsortium.org/report/50213
  • Hemer, J. (2011). A snapshot on crowdfunding. Working papers firms and region, No. R2/2011. Retrieved from http://hdl.handle.net/10419/52302
  • Heminway, J. M. and Hoffman, S. R. (2010). Proceed at your peril: crowdfunding and the securities act of 1933. Tenn. L. Rev., 78, 879.
  • Hooley, G., Piercy, N.F. and Nicoulaud, B. (2008), Marketing Strategy and Competitive Positioning, FT Prentice Hall, Harlow.
  • Kapferer, J.N. (2012), The New Strategic Brand Management, Kogan Page, London.
  • Keller, K.L. (2012), Strategic Brand Management, FT Prentice-Hall, Upper Saddle River, NJ.
  • Kirby, E. and Worner, S. (2014). Crowdfunding: An infant industry growing fast. Staff Working Paper of the International Organisation of Securities Commissions Research Department. Retrieved from http://www.memofin.fr/uploads/library/pdf/Crowd-funding-An-Infant-Industry- Growing- Fast[1].pdf
  • Kuppuswamy, V. and Bayus, B. L. (2014). Crowdfunding Creative Ideas: The Dynamics of Project Backers in Kickstarter. UNC Kenan-Flagler Research Paper. Retrieved from http://funginstitute. berkeley.edu/wp-content/uploads/2013/11/Crowdfunding_Creative_Ideas.pdf
  • Kuti, M. and Madarász, G. (2014). Crowdfunding. Public Finance Quarterly, 3, 355–366.
  • Macht, S. A. and Weatherston, J. (2014). The benefits of online crowdfunding for fund-seeking business ventures. Strategic Change, 23(1-2), 1– 14. doi:10.1002/jsc.1955
  • Marom, D. and Sade, O. (2014). Are the life and death of an early stage venture indeed in the power of the tongue? Lessons from online crowdfunding pitches. Retrieved from http://www. researchgate.net/publication/256060198
  • Massolution’s 2015 CF Industry Report (2015). Retrieved from http://www.crowdsourc- ing.org/editorial/global-crowdfunding-market-to-reach- 344b-in-2015-predicts-massolutions-2015cf- industry-report/45376
  • Meric, J., Bouiass, K. and Maque, I. (2015). More than three’s a crowd... in the best interest of companies: Crowdfunding as zeitgeist or ideology? Society and Business Review, 10(1), 23–39. doi:10.1108/ SBR-09-2014-0042
  • Milosevic, M. (2015). Crowdfunding as an innovation booster factor and its dependence on information systems. Retrieved from https://halparis1. archives-ouvertes.fr/hal-01158238/document
  • Mitra, D. (2012). The role of crowdfunding in entrepreneurial finance. Delhi Business Review, 13(2), 67–72.
  • Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. doi:10.1016/j.jbusvent.2013.06.005
  • Ordanini, A., Miceli, L., Pizzetti, M. and Parasuraman, A. (2011). Crowdfunding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443–470. doi:10.1108/09564231111155079
  • Porter, M.E. (1996), “What is strategy?”, Harvard Business Review, Vol. 74 No. 6, pp. 61-78.
  • Startups.watch. (2019). Türkiye Girişim Ekosistemi 2018/2019 Raporu. Retrieved from https://startups.watch
  • Statistica. (2017). Crowdfunding volume worldwide in 2017, by type. Retrieved from https://www.statista.com/statistics/946668/globalcrowdfunding- volume-worldwide-by-type/
  • Technavio. (2018). Global Crowdfunding Market 2018-2022. Retrieved from https://www.technavio.com/report/global-crowdfunding-marketanalysis- share?ctrly
  • Unsal, S. (2017). Kitlesel Fonlama: İş Yapma Yöntemini Değiştirecek Yeni Sistem, İstanbul, Ceres Yayınevi.
  • Wen, C. H. and Yeh, W. Y. (2010). Positioning of international air passenger carriers using multidimensional scaling and correspondence analysis. Transportation Journal, 7-23.
  • https://arikovani.com/
  • https://ideanest.org/
  • https://fonbulucu.com/
  • https://invest.fonbulucu.com/
  • https://startupfon.com/
  • https://www.bulusum.biz/
  • https://www.crowdfon.com/
  • https://www.fongogo.com/
  • https://www.fongogopro.com/
  • http://www.spk.gov.tr/Duyuru/Goster/20190103/0
Toplam 51 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Articles
Yazarlar

Melek Demiray Bu kişi benim 0000-0002-5147-0809

Sebnem Burnaz 0000-0002-4845-4031

Yayımlanma Tarihi 30 Haziran 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 6 Sayı: 2

Kaynak Göster

APA Demiray, M., & Burnaz, S. (2019). POSITIONING OF CROWDFUNDING PLATFORMS: TURKEY AS AN EMERGING MARKET CASE. Journal of Management Marketing and Logistics, 6(2), 84-94. https://doi.org/10.17261/Pressacademia.2019.1036

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