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Girişimciler için Alternatif bir Finansman Yöntemi: Kitlesel Fonlama Crowdfunding

Year 2015, Volume: 10 Issue: 1, 297 - 320, 01.04.2015

Abstract

Yeni doğan ve genç işletmelerin karşılaştığı zorlukların başında yaşamalarını sağlayacak finansman kaynağını yaratmak gelmektedir. Girişimcinin kendisi, ailesi, arkadaşları, melek yatırımcılar ve girişim sermayesi gibi geleneksel finansman kaynaklarına, internet ve sosyal medya kullanımının artışıyla birlikte alternatif bir finansman kaynağı olarak kitlesel fonlama eklenmiştir. Girişimcinin sunduğu iş fikrinin Internet üzerinden açık çağrıyla çok sayıda yatırımcıdan küçük miktarlarda toplanan fonlarla finanse edilmesini sağlayan kitlesel fonlama, kitlelerin gücünü yansıtan bir sermaye yaratma mekanizmasıdır. Kitlesel fonlama, gerek uluslararası gerekse ulusal literatürde henüz yeni tartışılan bir konu olduğu için kitlesel fonlama kararına temel oluşturacak bilimsel bilgi birikimi eksiktir. Bu çalışmada konuya ilişkin mevcut literatür incelenmiş olup, temel bilgi birikiminin oluşturulmasına çalışılmıştır.

References

  • Agrawal, A, Catalini, C., ve Goldfarb, A. (2011). The Geography of Crowdfunding, NBER Working Paper 16820. http://www.nber.org/papers/w16820. (Erişim: 15.10.2014)
  • Agrawal, A, Catalini, C., ve Goldfarb, A. (2013). Some Simple Economics Of Crowdfunding, NBER Working Paper 19133.
  • http://www.nber.org/papers/w19133. (Erişim: 15.10.2014)
  • Ahlers, G. K.C., Cumming, D. J., Guenther, C., ve Schweizer, D. (2013) Signaling in Equity . http://ssrn.com/abstract=2362340. (Erişim: 10.10. 2014).
  • Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2010). Crowdfunding: An Industrial Organization Perspective, http://economix.fr/pdf/workshops/2010_dbm/Belleflamme_al.pdf . (Erişim: 15.10.2014).
  • Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2013). Individual crowdfunding practices, Venture Capital: An International Journal of Entrepreneurial Finance, 15:4, 313-333.
  • Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2014). Crowdfunding: tapping the right crowd, Journal of Business Venturing, 29, 585-609.
  • Burtch, G., Ghose, A., ve Wattal, S., (2013). An Empirical Examination Of The Antecedents And Consequences Of Investment Patterns In Crowd-funded Markets. SSRN Electronic Journal. (Erişim: 20.11.2014)
  • Collins, L., ve Pierrakis, Y. (2012). The Venture Crowd. Nesta Report, July. http://www.nesta.org.uk/sites/default/files/the_venture_crowd.pdf. (Erişim: 19.10.2014).
  • Cosh, A., Cumming D., ve Hughes A. (2009). Outside Entrepreneurial Capital. Economic Journal, 119, 1494-1533.
  • EBAN, Statistic Compendium Report, (2014). http://www.eban.org/wpcontent/uploads/2014/09/13.-Statistics-Compendium-2014.pdf. (Erişim: 20.12.2014)
  • Ergen, M., Lau, J., ve Bilginoğlu, K. (2013). Dağıtık Girişimci Sermayesi: Kitle Fonlaması, http://incubation.ku.edu.tr/en/wpcontent/uploads/2014/02/DagitikGirisimciSermayesi-2.pdf. (Erişim: 10.10.2014).
  • Fink, A. (2012). Protecting the Crowd and Raising Capital Through the JOBS Act, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2046051 (Erişim: 15.04.2015).
  • Fisch, J. (1998). Can Internet offerings bridge the small business capital barrier? The Journal of Small and Emerging Business Law, 2, 57-90.
  • Gelfond, S.H., ve Foti, A.D. (2012). US$500 and a click: investing the “crowdfunding way”, Journal of Investment Compliance, 13(4), 9-13.
  • Gerber, E.M., Hui, J.S., ve Kuo, P. (2012). Crowdfunding: Why People Are Motivated to Post and Fund Projects on Crowdfunding Platforms. http://www.juliehui.org/wpcontent/uploads/2013/04/CSCW_Crowdfunding_Final.pdf. (Erişim: 15.10.2014).
  • Griffin, Z. (2012). Crowdfunding: Fleecing the American Masses . Case Western Reserve Journal of Law, Technology & the Internet. http://ssrn.com/abstract=2030001. (Erişim: 15.10.2014).
  • Gulati, S. (2014) Crowdfunding: A Kick Starter for Startups, Special Report TD Economics, www.td.com/economics. (Erişim: 04.11.2014)
  • Hazine Müsteşarlığı Bireysel Katılım Sermayesi İlerleme Raporu-Aralık (2014) http://www.hazine.gov.tr/File/?path=ROOT%2FDocuments%2FGenel+%C4 %B0%C3%A7erik%2FBKS%2FARALIK+2014.pdf (Erişim: 20.12.2014)
  • Herdem, Ş. (2014). Turkey: Girişimcilikte Finansmanin Yeni Yüzü: Kitlesel Fonlama(Crowdfunding).
  • http://www.mondaq.com/x/345614/Corporate%20Commercial%20Law/Gi riimcilikte%20Finansmanin%20Yeni%20Yz%20Kitlesel%20Fonlama%20Cro wdfunding. (Erişim: 10.12. 2014).
  • Howe, J. (2006). The Rise of Crowdsourcing. Wired Magazine,14, 6, http://www.wired.com/wired/archive/14.06/crowds.html (Erişim: 20.12.2014)
  • Irwin, D., ve Scott, J.M. (2010). Barriers faced by SMEs in raising bank finance. International Journal of Entrepreneurial Behavior & Research, 16(3), 245-259.
  • İşler, S.T. (2014). Modern Finansmanda Yeni Bir Dönem: Kitlesel FonlamaCrowdfunding. Gösterge, Sonbahar, 51-65.
  • Joenssen, D.V., Michaelis, A.,Müllerleile, T. (2014) A Link to New Product Preannouncement: Success Factors in Crowdfunding, SSRN:http://ssrn.com/abstract=2476841 (Erişim: 15.11.2014).
  • Kitchens, R., P.D. Torrence P.D. (2012). The JOBS Act – crowdfunding and beyond. Economic Development Journal, 4, 42–47.
  • Kleemann, F., Voß, G.G., ve Rieder, K. ( 2008). Un (der) Paid Innovators: The Commercial Utilization of Consumer Work Through Crowdsourcing. Science, Technology & Innovation Studies, 4 (1): 5–26.
  • Lambert T., ve Schwienbacher, A. (2010). An emprical anaysis of crowdfunding. http://www.crowdsourcing.org/document/an-empirical-analysis-ofcrowdfunding-/2458. (Erişim: 04.11.2014).
  • Lehner, O.M. (2013) Crowdfunding social ventures: a model and research agenda, Venture Capital: An International Journal of Entrepreneurial Finance, 15(4), 289- 311.
  • Macht S.A., ve Weatherson, J. (2014). The Benefits of Online Crowdfunding for Fund-Seeking Business Ventures. Strategic Change, 23, 1-14.
  • 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, 1-16.
  • Morduch, J. (1999). The MicroFinance Promise. Journal of Economic Literature, 37, 1569-1614.
  • Nieder, S., ve VanDijck, (2010) Wisdom of the crowd or technicity of content? Wikipedia as a sociotechnical system, New Media & Society, 12(8), 1368-1387.
  • Ordanini, A., Meceli, L., Pizzeti, M., ve Parasuraman, A. (2011). Crowdfunding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443-470.
  • Pazowski, P., ve Czudec, W. (2014). Economic Prospects and Conditions of Crowdfunding, management. Knowledge and Learning International Conference, 25-27 June 2014, Slovenia.
  • Schwienbacher, A., ve . Larralde B. (2010). Crowdfunding of small entrepreneurial ventures. In The Oxford Handbook of Entrepreneurial Finance, edited by Douglas Cumming, 369–392. Oxford: Oxford University Press.
  • Silver, L., Berggren, B., ve Fili, A. (2013). Increasing the heterogeneity and competition of early stage financing: An analysis of the role of cowdfunding in entrepreneurial ventures. International Journal of Social, Management, Economics and Business Engineering, 7(1), 108-112.
  • Stemler, A.R. (2013). The JOBS Act and crowdfunding: Harnessing the power-and money-of the masses. Business Horizons, 56, 271-275.
  • Surowiecki, J. (2009) Kitlelerin Bilgeliği, Çev. Osman Deniztekin, Varlık Yayınları, 1. Basım, İstanbul.
  • The World Bank Report (2013) Crowdfunding’s Potential for the Developing World. infoDev, Finance and Private Sector Development Department. Washington, DC: World Bank.
  • Valanciene, L., ve Jegeleviciute, S. (2013) Valuation of Crowdfunding: Benefits and Drawbacks, Economics and Management, 18(1), 39-48.
  • Valanciene, L., ve Jegeleviciute, S. (2014). Crowdfunding for creating value: stakeholder approach. 19th International Scientific Conference; Economics and Management , Procedia - Social and Behavioral Sciences, 156, 599-604.
  • Wash, R. (2013). The value of completing crowdfunding projects. Proceedings of the Seventh International AAAI Conference on Weblogs and Social Media. http://www.rickwash.com/papers/donors-choose-icwsm.pdf. (Erişim:05.10.2014)
  • Rock The Post Report (2013), What Angel Investors Know About Startup Investing That You Don’t, https://onevest.com/cdn-static/files/reports. (Erişim: 24.10.2014)
  • https://robertsspaceindustries.com/funding-goals. (Erişim: 25.12.2014)
  • www.crowdsourcing.org/research (Erişim: 25.12.2014)
  • www.forbes.com (Erişim: 25.12.2014)
  • www.statista.com (Erişim: 25.12.2014)
  • en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects www.fongogo.com (Erişim: 25.12.2014)
  • www.biayda.com (Erişim: 25.12.2014)
  • www.crowdfon.com (Erişim: 25.12.2014)
  • www.fonlabeni.com (Erişim: 25.12.2014)
  • www.crowdcube.com (Erişim: 15.04.2015)

An Alternative Finance Method for Entrepreneurs: Crowdfunding

Year 2015, Volume: 10 Issue: 1, 297 - 320, 01.04.2015

Abstract

The most important challenge faced by the startups or young enterprises is to create the source of finance, which will give them the means to survive. In addition to traditional sources of finance such as the entrepreneurs themselves, their families, friends, business angels and venture capital, crowdfunding has been added as an alternative source of finance with the increase in the use of the internet and social media. Crowdfunding, which ensures that the business idea offered by the entrepreneur is financed by the funds collected at small amounts from many investors by means of an open call made on the internet, is a capital creation mechanism that reflects the power of the crowds. The scientific knowledge accumulation to constitute the basis for crowdfunding decisions is lacking, as crowdfunding is just a recently debated subject both in the international and national body of literature. In this study, the current body of literature on crowdfunding is examined and it was endeavoured to create the basic knowledge accumulation.

References

  • Agrawal, A, Catalini, C., ve Goldfarb, A. (2011). The Geography of Crowdfunding, NBER Working Paper 16820. http://www.nber.org/papers/w16820. (Erişim: 15.10.2014)
  • Agrawal, A, Catalini, C., ve Goldfarb, A. (2013). Some Simple Economics Of Crowdfunding, NBER Working Paper 19133.
  • http://www.nber.org/papers/w19133. (Erişim: 15.10.2014)
  • Ahlers, G. K.C., Cumming, D. J., Guenther, C., ve Schweizer, D. (2013) Signaling in Equity . http://ssrn.com/abstract=2362340. (Erişim: 10.10. 2014).
  • Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2010). Crowdfunding: An Industrial Organization Perspective, http://economix.fr/pdf/workshops/2010_dbm/Belleflamme_al.pdf . (Erişim: 15.10.2014).
  • Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2013). Individual crowdfunding practices, Venture Capital: An International Journal of Entrepreneurial Finance, 15:4, 313-333.
  • Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2014). Crowdfunding: tapping the right crowd, Journal of Business Venturing, 29, 585-609.
  • Burtch, G., Ghose, A., ve Wattal, S., (2013). An Empirical Examination Of The Antecedents And Consequences Of Investment Patterns In Crowd-funded Markets. SSRN Electronic Journal. (Erişim: 20.11.2014)
  • Collins, L., ve Pierrakis, Y. (2012). The Venture Crowd. Nesta Report, July. http://www.nesta.org.uk/sites/default/files/the_venture_crowd.pdf. (Erişim: 19.10.2014).
  • Cosh, A., Cumming D., ve Hughes A. (2009). Outside Entrepreneurial Capital. Economic Journal, 119, 1494-1533.
  • EBAN, Statistic Compendium Report, (2014). http://www.eban.org/wpcontent/uploads/2014/09/13.-Statistics-Compendium-2014.pdf. (Erişim: 20.12.2014)
  • Ergen, M., Lau, J., ve Bilginoğlu, K. (2013). Dağıtık Girişimci Sermayesi: Kitle Fonlaması, http://incubation.ku.edu.tr/en/wpcontent/uploads/2014/02/DagitikGirisimciSermayesi-2.pdf. (Erişim: 10.10.2014).
  • Fink, A. (2012). Protecting the Crowd and Raising Capital Through the JOBS Act, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2046051 (Erişim: 15.04.2015).
  • Fisch, J. (1998). Can Internet offerings bridge the small business capital barrier? The Journal of Small and Emerging Business Law, 2, 57-90.
  • Gelfond, S.H., ve Foti, A.D. (2012). US$500 and a click: investing the “crowdfunding way”, Journal of Investment Compliance, 13(4), 9-13.
  • Gerber, E.M., Hui, J.S., ve Kuo, P. (2012). Crowdfunding: Why People Are Motivated to Post and Fund Projects on Crowdfunding Platforms. http://www.juliehui.org/wpcontent/uploads/2013/04/CSCW_Crowdfunding_Final.pdf. (Erişim: 15.10.2014).
  • Griffin, Z. (2012). Crowdfunding: Fleecing the American Masses . Case Western Reserve Journal of Law, Technology & the Internet. http://ssrn.com/abstract=2030001. (Erişim: 15.10.2014).
  • Gulati, S. (2014) Crowdfunding: A Kick Starter for Startups, Special Report TD Economics, www.td.com/economics. (Erişim: 04.11.2014)
  • Hazine Müsteşarlığı Bireysel Katılım Sermayesi İlerleme Raporu-Aralık (2014) http://www.hazine.gov.tr/File/?path=ROOT%2FDocuments%2FGenel+%C4 %B0%C3%A7erik%2FBKS%2FARALIK+2014.pdf (Erişim: 20.12.2014)
  • Herdem, Ş. (2014). Turkey: Girişimcilikte Finansmanin Yeni Yüzü: Kitlesel Fonlama(Crowdfunding).
  • http://www.mondaq.com/x/345614/Corporate%20Commercial%20Law/Gi riimcilikte%20Finansmanin%20Yeni%20Yz%20Kitlesel%20Fonlama%20Cro wdfunding. (Erişim: 10.12. 2014).
  • Howe, J. (2006). The Rise of Crowdsourcing. Wired Magazine,14, 6, http://www.wired.com/wired/archive/14.06/crowds.html (Erişim: 20.12.2014)
  • Irwin, D., ve Scott, J.M. (2010). Barriers faced by SMEs in raising bank finance. International Journal of Entrepreneurial Behavior & Research, 16(3), 245-259.
  • İşler, S.T. (2014). Modern Finansmanda Yeni Bir Dönem: Kitlesel FonlamaCrowdfunding. Gösterge, Sonbahar, 51-65.
  • Joenssen, D.V., Michaelis, A.,Müllerleile, T. (2014) A Link to New Product Preannouncement: Success Factors in Crowdfunding, SSRN:http://ssrn.com/abstract=2476841 (Erişim: 15.11.2014).
  • Kitchens, R., P.D. Torrence P.D. (2012). The JOBS Act – crowdfunding and beyond. Economic Development Journal, 4, 42–47.
  • Kleemann, F., Voß, G.G., ve Rieder, K. ( 2008). Un (der) Paid Innovators: The Commercial Utilization of Consumer Work Through Crowdsourcing. Science, Technology & Innovation Studies, 4 (1): 5–26.
  • Lambert T., ve Schwienbacher, A. (2010). An emprical anaysis of crowdfunding. http://www.crowdsourcing.org/document/an-empirical-analysis-ofcrowdfunding-/2458. (Erişim: 04.11.2014).
  • Lehner, O.M. (2013) Crowdfunding social ventures: a model and research agenda, Venture Capital: An International Journal of Entrepreneurial Finance, 15(4), 289- 311.
  • Macht S.A., ve Weatherson, J. (2014). The Benefits of Online Crowdfunding for Fund-Seeking Business Ventures. Strategic Change, 23, 1-14.
  • 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, 1-16.
  • Morduch, J. (1999). The MicroFinance Promise. Journal of Economic Literature, 37, 1569-1614.
  • Nieder, S., ve VanDijck, (2010) Wisdom of the crowd or technicity of content? Wikipedia as a sociotechnical system, New Media & Society, 12(8), 1368-1387.
  • Ordanini, A., Meceli, L., Pizzeti, M., ve Parasuraman, A. (2011). Crowdfunding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443-470.
  • Pazowski, P., ve Czudec, W. (2014). Economic Prospects and Conditions of Crowdfunding, management. Knowledge and Learning International Conference, 25-27 June 2014, Slovenia.
  • Schwienbacher, A., ve . Larralde B. (2010). Crowdfunding of small entrepreneurial ventures. In The Oxford Handbook of Entrepreneurial Finance, edited by Douglas Cumming, 369–392. Oxford: Oxford University Press.
  • Silver, L., Berggren, B., ve Fili, A. (2013). Increasing the heterogeneity and competition of early stage financing: An analysis of the role of cowdfunding in entrepreneurial ventures. International Journal of Social, Management, Economics and Business Engineering, 7(1), 108-112.
  • Stemler, A.R. (2013). The JOBS Act and crowdfunding: Harnessing the power-and money-of the masses. Business Horizons, 56, 271-275.
  • Surowiecki, J. (2009) Kitlelerin Bilgeliği, Çev. Osman Deniztekin, Varlık Yayınları, 1. Basım, İstanbul.
  • The World Bank Report (2013) Crowdfunding’s Potential for the Developing World. infoDev, Finance and Private Sector Development Department. Washington, DC: World Bank.
  • Valanciene, L., ve Jegeleviciute, S. (2013) Valuation of Crowdfunding: Benefits and Drawbacks, Economics and Management, 18(1), 39-48.
  • Valanciene, L., ve Jegeleviciute, S. (2014). Crowdfunding for creating value: stakeholder approach. 19th International Scientific Conference; Economics and Management , Procedia - Social and Behavioral Sciences, 156, 599-604.
  • Wash, R. (2013). The value of completing crowdfunding projects. Proceedings of the Seventh International AAAI Conference on Weblogs and Social Media. http://www.rickwash.com/papers/donors-choose-icwsm.pdf. (Erişim:05.10.2014)
  • Rock The Post Report (2013), What Angel Investors Know About Startup Investing That You Don’t, https://onevest.com/cdn-static/files/reports. (Erişim: 24.10.2014)
  • https://robertsspaceindustries.com/funding-goals. (Erişim: 25.12.2014)
  • www.crowdsourcing.org/research (Erişim: 25.12.2014)
  • www.forbes.com (Erişim: 25.12.2014)
  • www.statista.com (Erişim: 25.12.2014)
  • en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects www.fongogo.com (Erişim: 25.12.2014)
  • www.biayda.com (Erişim: 25.12.2014)
  • www.crowdfon.com (Erişim: 25.12.2014)
  • www.fonlabeni.com (Erişim: 25.12.2014)
  • www.crowdcube.com (Erişim: 15.04.2015)
There are 54 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Nuray Atsan This is me

Eda Oruç Erdoğan This is me

Publication Date April 1, 2015
Published in Issue Year 2015 Volume: 10 Issue: 1

Cite

APA Atsan, N., & Oruç Erdoğan, E. (2015). Girişimciler için Alternatif bir Finansman Yöntemi: Kitlesel Fonlama Crowdfunding. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 10(1), 297-320.