Financing paths, firms’ governance and corporate entrepreneurship : Accessing and applying operant and operand resources in biotechnology firms
مسیرهای تأمین مالی ، حاکمیت شرکت ها و کارآفرینی شرکتی : دسترسی و استفاده از منابع عملیاتی و عملگرایی در شرکتهای بیوتکنولوژی-2020
This study investigates the systemic relationship between financing paths used by early-stage biotechnology firms, the accessed resources, the subsequent reconfiguration of management and governance structures, and their effect on the level of corporate entrepreneurship. Adopting a qualitative methodology based on an inductive approach, in 2018 and 2019 we observed 12 UK biotechnology ventures that accessed private, corporate or crowdfunding equity investments. We collected primary data through open-ended and semi-structured interviews with CEOs and board members of these firms. Findings were interpreted applying a resource-based perspective, which unveiled the role and importance of operant and operand resources for organizational coordination and functioning. The way in which the controlled operant resources are used to improve the management and governance structures, and their functional interdependence, ultimately determines an optimal level of corporate entrepreneurship for effectively exploiting the accessed operand resources. The results provide useful insights regarding the systemic interdependence between financing paths, organizational resources, management team, governance bodies, and corporate entrepreneurship, that can enhance the understanding and performance of managers, shareholders and policy-makers involved in biotechnology business.
Keywords: Equity financing paths | Operand and operant resources | Governance and management structures | Corporate entrepreneurship | Systemic perspective
Crowdfunding networks: Structure, dynamics and critical capabilities
شبکه های سرمایه گذاری گسترده: ساختار ، پویایی و قابلیت های حیاتی-2020
Crowdfunding platforms – bringing together entrepreneurs, investors and customers – have grown rapidly over recent years. Crowdfunding networks are open, multisided markets that match founders and funders on crowdfunding platforms. The unique structure of these networks blends social and business networks and comprises a complex array of closer and more distant network relationships. Research investigating the chaacteristics of these open and highly dynamic network structures is in its infancy and capabilities critical to operating in them are under-explored. Thus, this study follows an abductive reasoning process to understand critical capabilities for influencing and orchestrating crowdfunding networks. It draws on a thematic content analysis of 1484 blog entries written by crowdfunding experts and a comprehensive review of (i) literature on crowdfunding networks and (ii) five literature streams dealing with dynamic capabilities in evolving network structures. As a substantial contribution, this research delineates a portfolio of four collaborative capabilities – visioning, dynamic business modelling, engaging, and attaining social continuity – essential for operating successfully in crowdfunding networks. These new collaborative capability sets assume a new understanding of agency as a continuum of managerial and collective agency, an understanding that is novel within the network management and the capabilities literature.
Keywords: Crowdfunding | Platform businesses | Dynamic capabilities | Network management | Collaborative economy
How signal intensity of behavioral orientations affects crowdfunding performance: The role of entrepreneurial orientation in crowdfunding business ventures
چگونه شدت سیگنال جهت گیری های رفتاری بر عملکرد سرمایه گذاری جمعی تأثیر می گذارد: نقش جهت گیری کارآفرینی در سرمایه گذاری های سرمایه گذاری جمعی-2020
Backers assess a crowdfunding campaign description not merely for a project’s capacity to deliver a reward, but also for the manner in which that reward is delivered. Viewed through the lens of signalling theory, crowd- funding performance depends on the signals of behavioural orientations. While earlier research has explored the positive and negative effects of signals of behavioural orientation, signal intensity merits exploration. We ex- plored signal intensity among 48,628 reward-based crowdfunding campaigns and focused on entrepreneurial orientation to categorize signals of behavioural orientations. We show that signals of autonomy, innovativeness, competitive aggressiveness, and risk-taking have an inverted-U-shaped relationship with crowdfunding perfor- mance. Signals of proactiveness have a positive non-monotonic relationship with crowdfunding performance.
Keywords: Crowdfunding | Entrepreneurship | Entrepreneurial orientation | Signalling | Entrepreneurial financing | Kickstarter
Women backing women: The role of crowdfunding in empowering female consumer-investors and entrepreneurs
حمایت زنان از زنان: نقش سرمایه گذاری جمعی در توانمندسازی مصرف کنندگان زن و سرمایه گذاران-2020
Compared with their male counterparts, female entrepreneurs receive a disproportionately small amount of funding. One frequently cited reason for this disparity is the lack of female representation in the entrepreneurial funding decision-making process. Today, crowdfunding offers an innovative avenue for both male and female entrepreneurs and democratizes the funding decision-making process. Individual consumers (i.e., consumer- investors or backers) can now unite to influence funding outcomes. Yet, questions remain as to the motivations and behaviors of these backers supporting entrepreneurial projects through crowdfunding. This study integrates social capital theory along with the theory of choice homophily to examine the motivating factors of both male and female backers. It tests the conceptual model by analyzing empirical data collected from more than 2,000 Spanish crowdfunding backers. The findings confirm that compared with male backers, female backers support internal and external social ties to a greater extent when deciding on what projects to support.
Keywords: Crowdfunding | Entrepreneurship | Innovation | Startups | Social capital | Female empowerment
Social media and entrepreneurship research: A literature review
رسانه های اجتماعی و تحقیقات کارآفرینی: مروری بر ادبیات-2020
The rise of social media has led to changes in how entrepreneurs carry out their day-to-day activities. Studies on social media and entrepreneurship are relatively new and fragmented in their focus, however there is increasing interest from academia and practitioners for further research and investigation within this area. This study systematically reviews research carried out in the domain of social media and entrepreneurship. A total of 160 papers, published between 2002 and 2018 were synthesized to identify critical theories and research methods used in the domain. Based on the extent review, an integrative framework was developed to identify relation- ships amongst elucidated constructs. While most papers investigated the factors that drive social media adoption and use by entrepreneurs, it was found that the use of social media by entrepreneurs had transcended marketing and it is now used in business networking, information search and crowdfunding for their business. This has led to signiﬁcant impact with improved ﬁrm performance and innovation enhancement being the essential out- comes. The literature review and framework further understanding of social media and entrepreneurship re- search, providing a useful basis for future studies and informs practice in this area.
Keywords: Social media | Entrepreneur | SMEs | Literature review | Integrated framework
Investigating the impact of multidimensional social capital on equity crowdfunding performance
بررسی تأثیر سرمایه اجتماعی چند بعدی بر عملکرد سرمایه گذاری جمعی سهام-2020
This research explores how social capital, in the multidimensional perspective using cognitive, relational and structural dimensions influences equity-crowdfunding (ECF) performance considering both the number of investors engaged and the funds collected. Our results demonstrate that cognitive dimensions in part affects ECF performance, in fact shared meaning has a little positive impact on both funding collected and the number of investors, while shared language has a negative effect on the investors involved. Both obligation and trust- worthiness (relational dimension) positively influence ECF performance. Regarding the structural dimension, social network ties has positive effects on ECF performance, while social interactions has a positive impact on funding collected. The research contributes to the current literature on ECF and highlights new factors affecting ECF performance. The study has implications from both a theoretical and a practical perspective. The study findings will be relevant for entrepreneurs, platforms managers and policymakers and offers avenues for further research.
Keywords: Crowdfunding | Entrepreneurship | Social capital | Equity | Campaigns
Digital social capital and performance of initial coin offerings
سرمایه اجتماعی دیجیتال و عملکرد ارائه سکه های اولیه-2020
The Initial Coin Offering (ICO) has emerged as an original way for companies to leverage funding. In this study, we analyze 537 companies that chose the ICO model in 2017 and investigate how their digital social capital is related to the rank of the ICO based on the market capitalization. The goal of this work is to better understand the role of digital social capital in ICO success. Multiple facets of digital presence are analyzed, such as website, ICO activity on social networks like Twitter, the community built and the activeness of the community. We apply an exploratory factor analysis to leverage the main factors that can be used as latent variables, and build an original research model. Structural equation modelling is used for model evaluation and hypothesis testing. Curvilinear analyses allow us to obtain a finer vision of our results. We also verify the robustness of our results in predicting the ICO rank further in time. Our results suggest that social capital is indicative of the ICO performance. The website audience is found to be the most predictive. However, the audience and the centrality of an ICO in the community seems less important than the activeness of an ICO and of the related community on social networks.
Keywords: Initial coin offering | Cryptocurrency | Digital presence | Public interest | Social networks | Website | Crowdfunding | Ewom | Marketing | Visibility
Deterrents of tourism business crowdfunding: Aversion decision and aversion behavior
عوامل بازدارنده سرمایه گذاری سرمایه گذاری در مشاغل گردشگری: تصمیم بیزاری و رفتار بیزاری-2020
Crowdfunding has been recently suggested as an eﬀective means for tourism business founders to gain ﬁnancial support. Yet, few business founders in tourism have employed the method to fund their business creation and development. Using the behavioral decision model in complex and uncertain business situations, this qualitative study explored the deterrents to crowdfunding adoption and the factors that shape the perception of the de- terrents in tourism business founders. The data collected by in-depth and face-to-face semi-structured interviews with 22 informants. Our ﬁndings revealed a combination of perceived personal, social and contextual deterrents that avert crowdfunding adoption decision and actual behavior. More speciﬁcally, our analysis explored attitude towards crowdfunding, perceived control over using crowdfunding, social norms and perceived contextual feasibility of crowdfunding as the determinants of crowdfunding aversion decision and aversion behavior. This study contributes deeper insights into tourism business ﬁnancial management and crowdfunding policy, theory, practice and research development.
Keywords: Tourism business founders | Crowdfunding deterrents | Crowdfunding adoption decision | Crowdfunding participation | Iran
Working the crowd for forensic research: A review of contributor motivation and recruitment strategies used in crowdsourcing and crowdfunding for scientific research
کارکردن جمعیتی برای تحقیقات پزشکی قانونی: مروری بر انگیزه مشارکت کنندگان و استراتژی های استخدام مورد استفاده در منابع عمومی و سرمایه گذاری جمعی برای تحقیقات علمی-2020
Crowdsourcing and crowdfunding have been successfully used in a range of scientific disciplines and present opportunities for forensic researchers to draw on the power of large numbers of people to contribute to research projects through participation or by providing an alternative source of funding. This review aimed to examine whether contributors to crowd science and crowdfunding for scientific research are motivated to participate or provide financial support by the same factors, and to examine recruitment strategies in an attempt to identify a potential crowd for forensic researchers to approach. There was found to be limited research into crowdfunding for scientific research that addressed the motivations of contributors or recruitment strategies used, and no conclusions could be made. There is a need to overcome low response rates and high attrition over the lifetime of a crowd science project or crowdfunding appeal. It is necessary to target a large number of people who are interested in the subject studied and who want to make a difference in some way and contribute to science. True crime podcast audiences are proposed as they present large numbers of listeners who are interested in forensic science, criminal investigation or law enforcement. These audiences have been targeted for successful fundraising efforts and invitations to participate in crowd activities previously. They should be considered by forensic researchers who are looking to venture into crowdsourcing or crowdfunding for research projects.
Keywords: Crowdsourcing | Crowdfunding | Scientific research | Citizen science | True crime podcasts
The copycat conundrum: The double-edged sword of crowdfunding
معمای کپی برداری: شمشیر دو لبه سرمایه گذاری جمعی-2020
Crowdfunding has proliferated over the past decade, creating various platforms on which new entrepreneurs signal their value to potential backers in order to attract funding. The boons of crowdfunding have blinded both practitioners and scholars alike, leaving potential negative unintended consequences underexplored. Copycats, for example, are a potential problem for crowdfunding ventures. In this article, we examine the consequences of signaling to these ill-intentioned, opportunistic audiences on crowdfunding platforms and propose a solution to aid novice entrepreneurs in making a more informed decision on platform selection. Specifically, we provide guidance on when to select an open, semi-open, or closed crowdfunding platform to reduce the impact of copycats. We conclude with prescriptive advice to novice entrepreneurs.
KEYWORDS : Crowdfunding | Entrepreneurship | Copycats | Patents | Speed to market | Inimitability