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Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme

Year 2021, Volume: 29 Issue: 50, 521 - 545, 31.10.2021

Birten Akyıldız Selin Metin Camgöz Kazım Barış Atıcı

https://doi.org/10.17233/sosyoekonomi.2021.04.24

Abstract

Kitlesel fonlama, yeni girişimlere fon sağlamak üzere girişimciler veya işletmeler tarafından kullanılan alternatif bir finansman yöntemidir. Bu çalışmanın amacı, kitlesel fonlama projelerinin başarısına etki eden faktörlerin araştırılmasıdır. Bu doğrultuda, Türkiye ve Amerika Birleşik Devletleri’ndeki kitlesel fonlama platformlarından teknoloji ve film sektörlerine ait başarılı ve başarısız olmuş projelerin verisi toplanmıştır. Kapsamlı bir literatür taraması ile belirlenen ve Sinyal Teorisi ile Sosyal Ağ Teorisi çerçevesinde incelenen değişkenler kullanılarak proje başarısına etki eden faktörler analiz edilmiş ve tartışılmıştır. Kitlesel fonlama projeleri açısından oldukça kapsamlı bu çalışmanın bulgularının proje sahipliği yürütmek isteyen girişimciler veya projelerin etkinliğini araştıracak çalışmalar için yol gösterici nitelikte olacağı düşünülmektedir.

Keywords

Kitlesel Fonlama Ödül Temelli Fonlama Sinyal Teorisi Kitlesel Fonlama Başarı Faktörleri

References

  • Agrawal, A. et al. (2011), “The Geography of Crowdfunding”, NBER Working Paper 16820.
  • Alois, J.D. (2014), Crowdfund Global Expo Shares Encouraging Data on Crowdfunding, Crowdfund Insider.
  • Atsan, N. & E.O. Erdoğan (2015), “Girişimciler İçin Alternatif Bir Finansman Yöntemi: Kitlesel Fonlama (Crowdfunding)”, Eskişehir Osmangazi İİBF Dergisi, 10(1), 297-320.
  • Audretsch, D.B. et al. (2012), “Financial signaling by innovative nascent ventures: the relevance of patents and prototypes”, Research Policy, 41(8), 1407-1421.
  • Bakshy, E. et al. (2012), “The role of social networks in information diffusion”, Proceedings of the 21st International Conference on World Wide Web, 519-528.
  • Belleflamme, P. et al. (2012), “Crowdfunding: Tapping the Right Crowd”, Journal of Business Venturing, 29(5), 585-609.
  • Boeuf, B. et al. (2014), “Financing Creativity:Crowdfunding as a New Approach for Theatre Projects”, International Journal of Arts Management, 16(3), 33-48.
  • Borgatti, S.P. et al. (2014) “Social network research: confusions, criticisms, and controversies”, Research in the Sociology of Organizations, 40, 1-29.
  • Borst, I. et al. (2017), “From Friendfunding to Crowdfunding: Relevance of Relationships, Social Media, and Platform Activities to Crowdfunding Performance”, New Media & Society, 1-19.
  • Burtch, G. et al. (2013), “An Empirical Examination of The Antecedents And Consequences of Investment Patterns In Crowd-funded Markets”, SSRN Electronic Journal. Information Systems Research, 24(3), 499-519.
  • Chen, S. et al. (2016), “What Really Makes a Promotional Campaign Succeed on Crowdfunding Platform”, Journal of Advertising Research, 6(1), 81-94.
  • Clauss, T. et al. (2017), “Directing the wisdom of the crowd : the importance of social interaction among founders and the crowd during crowdfunding campaigns”, Economics of Innovation and New Technology, 27(8), 709-729.
  • Colombo, M. et al. (2014), “Internal Social Capital and the Attraction of Early Contributions in Crowdfunding”, Entrepreneurship Theory and Practice, 39(1), 75-100.
  • Cordova, A. et al. (2015), “The Determinants of Crowdfunding Success: Evidence from Technology Projects”, Procedia - Social and Behavioral Sciences, 181, 115-124.
  • Çokluk, O. vd. (2010), Sosyal bilimler için çok değişkenli istatistik SPSS ve LISREL Uygulamaları, Ankara: Pegem.
  • Çonkar, M.K. & M.F. Canbaz (2018), “Kitle Fonlaması Finansman Yöntemi: Türkiye’de Sistemin Geliştirilmesine Yönelik Öneriler”, Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 5(2), 119-132.
  • Drablos, C. (2015), “What Influences Crowdfunding Campaign Success”, Unpublished Master Thesis, University of Agder, Faculty of Economics and Social Science, Department of Economics and Business Administration, Norway.
  • Forbes, H. & D. Schaefer (2017), “Guidelines for Successful Crowdfunding”, Procedia CIRP, 60, 398-403.
  • Frydrych, D. et al. (2014), “Exploring Entrepreneurial Legitimacy in Reward-based Crowdfunding”, Venture Capital, 16(3), 247-269.
  • Gerber, E.M. et al. (2012), “Crowdfunding: Why people are motivated to post and fund projects on crowdfunding platforms”, in Proceedings of the International Workshop on Design, Influence, and Social Technologies: Techniques, Impacts and Ethics, 2(11), 10.
  • Griffin, Z. (2012), “Crowdfunding: Fleecing the American Masses”, Case Western Reserve Journal of Law, Technology & the Internet, 4, 375.
  • Gulati, S. (2014), “Crowdfunding: A Kick Stater for Startups”, Special Report, TD Economics.
  • Howe, J. (2006), “The Rise of Crowdsourcing”, Wired Magazin, <http://archive.wired.com/wired/archive/14.06/crowds.html>, 21.02.2015.
  • Hui, J. et al. (2014), “Understanding and leveraging social networks for crowdfunding: implications for support tools”, in CHI'14 Extended Abstracts on Human Factors in Computing Systems, 2083-2088.
  • InfoDev/The World Bank (2013), Crowdfunding’s Potential for the Developing World; Finance and Private Sector Development Depart¬ment, Washington, DC: World Bank.
  • Kıran, T. (2013), “Sermaye Piyasalarında Kitle Fonlaması”, Yeterlilik Etüdü, Sermaye Piyasası Kurulu Ortaklıklar Finansmanı Dairesi.
  • Kromidha, E. & P. Robson (2016), “Social Identity and Signalling Success Factors in Online Crowdfunding”, Entrepreneurship & Regional Development, 28(9-10), 605-629.
  • Kunz, M.M. et al. (2016), “An Empirical Investigation of Signaling in Reward-based Crowdfunding”, Electronic Commerce Research, 17(3), 425-461.
  • Kuppuswamy, V. & B.L. Bayus (2013), “Crowdfunding Creative Ideas: The Dynamics of Projects Backers”, in The economics of crowdfunding, 151-182, Palgrave Macmillan, Cham.
  • Lacan, C. & P. Desmet (2017), “Motivations for Participation and e-WOM Among Supporters of Crowdfunding Campaigns”, in Strategic innovative marketing, 315-321, Springer, Cham.
  • Lehner, O.M. (2013), “Crowdfunding social ventures: a model and research agenda”, Venture Capital, 15(4), 289-311.
  • Leite, P.M. & N. Moutinho (2012), “Innovation Through Crowdfunding: A Quantitative and Qualitative Analysis of Kickstarter”, in CINET 2012: 13th International CINet Conference, Continuous Innovation Across Boundaries.
  • Levin, F. (2015), “Success Determinants of Crowdfunding Projects”, Review of Business and Economics Studies, 3(4), 79-87.
  • Lounsbury, M. & M.A. Glynn (2001), “Cultural Entrepreneurship: Stories, Legitimacy, and the Acquisition of Resources”, Strategic Management Journal, 22(6-7), 545-564.
  • Lu, C.T. et al. (2014), “Inferring the Impacts of Social Media on Crowdfunding”, WSDM’14, February 24-28, New York, USA.
  • Marom, D. et al. (2018), “Are the Life and Death of an Early Stage Venture Indeed in the Power of the Tongue? Lessons from Online Crowdfunding Pitches”, Leeds & Kauffman Crowdfunding Conference, Jerusalem.
  • Mollick, E. (2014), “The Dynamics of Crowdfunding: An Exploratory Study”, Journal of Business Venturing, 29(1), 1-16.
  • Ordanini, A. et al. (2011), “Crowdfunding: Transforming customers into investors through innovative service platforms”, Journal of Service Management, 22(4), 443-470.
  • Petitjean, M. (2018), “What explains the success of reward-based crowdfunding campaigns as they unfold? Evidence from the French crowdfunding platform KissKissBankBank”, Finance Research Letters, 26, 9-14.
  • Sancak, E. (2016), “Applicability and Readiness of Crowdfunding in Turkey”, International Journal of Business and Social Science, 7(1), 99-110.
  • Skirnevsky, V. et al. (2017), “The Influence of Internal Social Capital on Serial Creators’ Success in Crowdfunding”, Entrepreneurship Theory and Practice, 41(2), 209-236.
  • Spence, M. (1973), “Job Market Signaling”, The Quarterly Journal of Economics, 87(3), 355-374.
  • Spence, M. (2002), “Signaling in retrospect and the informational structure of markets”, American Economic Review, 92, 434-459.
  • Swaminathan, S. & R. Kent (2013), “Second-by-Second Analysis of Advertising Exposure in TV Pods: The Dynamics of Position, Length, and Timing”, Journal of Advertising Research, 53(1), 91-100.
  • Şahinoğlu, E. (2019), “Kitlesel Fonlama Başarı Faktörleri: Türkiye’de Ödül Bazlı Kitlesel Fonlama Projelerinin Durumu”, Yüksek Lisans Tezi, Kırklareli.
  • Ünsal, S. (2017), Kitlesel Fonlama, İş Yapma Yöntemini Değiştirecek Yeni Sistem, İstanbul: Ceres Yayınları.
  • Valanciene, L. & S. Jegeleviciute (2013), “Valuation of Crowdfunding: Benefits and Drawbacks”, Economics and Management, 18(1), 39-48.
  • Valanciene, L. & S. Jegeleviciute (2014), “Crowdfunding for creating value: stakeholder approach”, Procedia-Social and Behavioral Sciences, 156, 599-604.
  • Wang, N. et al. (2015), “How to Crowdfund More: A Signaling Perspective”, DIGIT 2015 Proceedings, 15.

An Investigation on Factors Affecting Crowdfunding Project Success

Year 2021, Volume: 29 Issue: 50, 521 - 545, 31.10.2021

Birten Akyıldız Selin Metin Camgöz Kazım Barış Atıcı

https://doi.org/10.17233/sosyoekonomi.2021.04.24

Abstract

Crowdfunding is an alternative financing method used by entrepreneurs or businesses to fund new ventures. This study aims to investigate the factors affecting the success of crowdfunding projects. Accordingly, data on successful and unsuccessful projects in the technology and film industries were collected from crowdfunding platforms in Turkey and the United States. The factors affecting the project's success are analysed and discussed using the variables determined by a comprehensive literature review and examined within the framework of Signalling Theory and Social Network Theory. It is thought that the findings of this study, which is quite comprehensive in terms of crowdfunding projects, will be a guide for entrepreneurs who want to carry out project ownership or for studies that will investigate the effectiveness of projects.

Keywords

Crowdfunding Reward Based Funding Signalling Theory Crowdfunding Success Factors

References

  • Agrawal, A. et al. (2011), “The Geography of Crowdfunding”, NBER Working Paper 16820.
  • Alois, J.D. (2014), Crowdfund Global Expo Shares Encouraging Data on Crowdfunding, Crowdfund Insider.
  • Atsan, N. & E.O. Erdoğan (2015), “Girişimciler İçin Alternatif Bir Finansman Yöntemi: Kitlesel Fonlama (Crowdfunding)”, Eskişehir Osmangazi İİBF Dergisi, 10(1), 297-320.
  • Audretsch, D.B. et al. (2012), “Financial signaling by innovative nascent ventures: the relevance of patents and prototypes”, Research Policy, 41(8), 1407-1421.
  • Bakshy, E. et al. (2012), “The role of social networks in information diffusion”, Proceedings of the 21st International Conference on World Wide Web, 519-528.
  • Belleflamme, P. et al. (2012), “Crowdfunding: Tapping the Right Crowd”, Journal of Business Venturing, 29(5), 585-609.
  • Boeuf, B. et al. (2014), “Financing Creativity:Crowdfunding as a New Approach for Theatre Projects”, International Journal of Arts Management, 16(3), 33-48.
  • Borgatti, S.P. et al. (2014) “Social network research: confusions, criticisms, and controversies”, Research in the Sociology of Organizations, 40, 1-29.
  • Borst, I. et al. (2017), “From Friendfunding to Crowdfunding: Relevance of Relationships, Social Media, and Platform Activities to Crowdfunding Performance”, New Media & Society, 1-19.
  • Burtch, G. et al. (2013), “An Empirical Examination of The Antecedents And Consequences of Investment Patterns In Crowd-funded Markets”, SSRN Electronic Journal. Information Systems Research, 24(3), 499-519.
  • Chen, S. et al. (2016), “What Really Makes a Promotional Campaign Succeed on Crowdfunding Platform”, Journal of Advertising Research, 6(1), 81-94.
  • Clauss, T. et al. (2017), “Directing the wisdom of the crowd : the importance of social interaction among founders and the crowd during crowdfunding campaigns”, Economics of Innovation and New Technology, 27(8), 709-729.
  • Colombo, M. et al. (2014), “Internal Social Capital and the Attraction of Early Contributions in Crowdfunding”, Entrepreneurship Theory and Practice, 39(1), 75-100.
  • Cordova, A. et al. (2015), “The Determinants of Crowdfunding Success: Evidence from Technology Projects”, Procedia - Social and Behavioral Sciences, 181, 115-124.
  • Çokluk, O. vd. (2010), Sosyal bilimler için çok değişkenli istatistik SPSS ve LISREL Uygulamaları, Ankara: Pegem.
  • Çonkar, M.K. & M.F. Canbaz (2018), “Kitle Fonlaması Finansman Yöntemi: Türkiye’de Sistemin Geliştirilmesine Yönelik Öneriler”, Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 5(2), 119-132.
  • Drablos, C. (2015), “What Influences Crowdfunding Campaign Success”, Unpublished Master Thesis, University of Agder, Faculty of Economics and Social Science, Department of Economics and Business Administration, Norway.
  • Forbes, H. & D. Schaefer (2017), “Guidelines for Successful Crowdfunding”, Procedia CIRP, 60, 398-403.
  • Frydrych, D. et al. (2014), “Exploring Entrepreneurial Legitimacy in Reward-based Crowdfunding”, Venture Capital, 16(3), 247-269.
  • Gerber, E.M. et al. (2012), “Crowdfunding: Why people are motivated to post and fund projects on crowdfunding platforms”, in Proceedings of the International Workshop on Design, Influence, and Social Technologies: Techniques, Impacts and Ethics, 2(11), 10.
  • Griffin, Z. (2012), “Crowdfunding: Fleecing the American Masses”, Case Western Reserve Journal of Law, Technology & the Internet, 4, 375.
  • Gulati, S. (2014), “Crowdfunding: A Kick Stater for Startups”, Special Report, TD Economics.
  • Howe, J. (2006), “The Rise of Crowdsourcing”, Wired Magazin, <http://archive.wired.com/wired/archive/14.06/crowds.html>, 21.02.2015.
  • Hui, J. et al. (2014), “Understanding and leveraging social networks for crowdfunding: implications for support tools”, in CHI'14 Extended Abstracts on Human Factors in Computing Systems, 2083-2088.
  • InfoDev/The World Bank (2013), Crowdfunding’s Potential for the Developing World; Finance and Private Sector Development Depart¬ment, Washington, DC: World Bank.
  • Kıran, T. (2013), “Sermaye Piyasalarında Kitle Fonlaması”, Yeterlilik Etüdü, Sermaye Piyasası Kurulu Ortaklıklar Finansmanı Dairesi.
  • Kromidha, E. & P. Robson (2016), “Social Identity and Signalling Success Factors in Online Crowdfunding”, Entrepreneurship & Regional Development, 28(9-10), 605-629.
  • Kunz, M.M. et al. (2016), “An Empirical Investigation of Signaling in Reward-based Crowdfunding”, Electronic Commerce Research, 17(3), 425-461.
  • Kuppuswamy, V. & B.L. Bayus (2013), “Crowdfunding Creative Ideas: The Dynamics of Projects Backers”, in The economics of crowdfunding, 151-182, Palgrave Macmillan, Cham.
  • Lacan, C. & P. Desmet (2017), “Motivations for Participation and e-WOM Among Supporters of Crowdfunding Campaigns”, in Strategic innovative marketing, 315-321, Springer, Cham.
  • Lehner, O.M. (2013), “Crowdfunding social ventures: a model and research agenda”, Venture Capital, 15(4), 289-311.
  • Leite, P.M. & N. Moutinho (2012), “Innovation Through Crowdfunding: A Quantitative and Qualitative Analysis of Kickstarter”, in CINET 2012: 13th International CINet Conference, Continuous Innovation Across Boundaries.
  • Levin, F. (2015), “Success Determinants of Crowdfunding Projects”, Review of Business and Economics Studies, 3(4), 79-87.
  • Lounsbury, M. & M.A. Glynn (2001), “Cultural Entrepreneurship: Stories, Legitimacy, and the Acquisition of Resources”, Strategic Management Journal, 22(6-7), 545-564.
  • Lu, C.T. et al. (2014), “Inferring the Impacts of Social Media on Crowdfunding”, WSDM’14, February 24-28, New York, USA.
  • Marom, D. et al. (2018), “Are the Life and Death of an Early Stage Venture Indeed in the Power of the Tongue? Lessons from Online Crowdfunding Pitches”, Leeds & Kauffman Crowdfunding Conference, Jerusalem.
  • Mollick, E. (2014), “The Dynamics of Crowdfunding: An Exploratory Study”, Journal of Business Venturing, 29(1), 1-16.
  • Ordanini, A. et al. (2011), “Crowdfunding: Transforming customers into investors through innovative service platforms”, Journal of Service Management, 22(4), 443-470.
  • Petitjean, M. (2018), “What explains the success of reward-based crowdfunding campaigns as they unfold? Evidence from the French crowdfunding platform KissKissBankBank”, Finance Research Letters, 26, 9-14.
  • Sancak, E. (2016), “Applicability and Readiness of Crowdfunding in Turkey”, International Journal of Business and Social Science, 7(1), 99-110.
  • Skirnevsky, V. et al. (2017), “The Influence of Internal Social Capital on Serial Creators’ Success in Crowdfunding”, Entrepreneurship Theory and Practice, 41(2), 209-236.
  • Spence, M. (1973), “Job Market Signaling”, The Quarterly Journal of Economics, 87(3), 355-374.
  • Spence, M. (2002), “Signaling in retrospect and the informational structure of markets”, American Economic Review, 92, 434-459.
  • Swaminathan, S. & R. Kent (2013), “Second-by-Second Analysis of Advertising Exposure in TV Pods: The Dynamics of Position, Length, and Timing”, Journal of Advertising Research, 53(1), 91-100.
  • Şahinoğlu, E. (2019), “Kitlesel Fonlama Başarı Faktörleri: Türkiye’de Ödül Bazlı Kitlesel Fonlama Projelerinin Durumu”, Yüksek Lisans Tezi, Kırklareli.
  • Ünsal, S. (2017), Kitlesel Fonlama, İş Yapma Yöntemini Değiştirecek Yeni Sistem, İstanbul: Ceres Yayınları.
  • Valanciene, L. & S. Jegeleviciute (2013), “Valuation of Crowdfunding: Benefits and Drawbacks”, Economics and Management, 18(1), 39-48.
  • Valanciene, L. & S. Jegeleviciute (2014), “Crowdfunding for creating value: stakeholder approach”, Procedia-Social and Behavioral Sciences, 156, 599-604.
  • Wang, N. et al. (2015), “How to Crowdfund More: A Signaling Perspective”, DIGIT 2015 Proceedings, 15.
There are 49 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Birten Akyıldız This is me 0000-0002-3985-5626

Selin Metin Camgöz 0000-0002-3304-7177

Kazım Barış Atıcı 0000-0003-0786-9641

Publication Date October 31, 2021
Submission Date August 25, 2021
Published in Issue Year 2021 Volume: 29 Issue: 50

Cite

APA Akyıldız, B., Metin Camgöz, S., & Atıcı, K. B. (2021). Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme. Sosyoekonomi, 29(50), 521-545. https://doi.org/10.17233/sosyoekonomi.2021.04.24
AMA Akyıldız B, Metin Camgöz S, Atıcı KB. Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme. Sosyoekonomi. October 2021;29(50):521-545. doi:10.17233/sosyoekonomi.2021.04.24
Chicago Akyıldız, Birten, Selin Metin Camgöz, and Kazım Barış Atıcı. “Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme”. Sosyoekonomi 29, no. 50 (October 2021): 521-45. https://doi.org/10.17233/sosyoekonomi.2021.04.24.
EndNote Akyıldız B, Metin Camgöz S, Atıcı KB (October 1, 2021) Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme. Sosyoekonomi 29 50 521–545.
IEEE B. Akyıldız, S. Metin Camgöz, and K. B. Atıcı, “Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme”, Sosyoekonomi, vol. 29, no. 50, pp. 521–545, 2021, doi: 10.17233/sosyoekonomi.2021.04.24.
ISNAD Akyıldız, Birten et al. “Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme”. Sosyoekonomi 29/50 (October 2021), 521-545. https://doi.org/10.17233/sosyoekonomi.2021.04.24.
JAMA Akyıldız B, Metin Camgöz S, Atıcı KB. Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme. Sosyoekonomi. 2021;29:521–545.
MLA Akyıldız, Birten et al. “Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme”. Sosyoekonomi, vol. 29, no. 50, 2021, pp. 521-45, doi:10.17233/sosyoekonomi.2021.04.24.
Vancouver Akyıldız B, Metin Camgöz S, Atıcı KB. Kitlesel Fonlama Projelerinin Başarılarını Etkileyen Faktörler Üzerine Bir İnceleme. Sosyoekonomi. 2021;29(50):521-45.
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