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2024, European Scientific Journal, ESJ
Entrepreneurship is globally seen as a tool for job creation, contributing to the stability and economic development of nations. This is why the governments of many nations, including Ghana, put up initiatives to promote entrepreneurial activities. This paper focuses on assessing equity crowdfunding as an alternative source of generating fund for entrepreneurial projects in Ghana. A combination of qualitative and quantitative approaches were used in conducting this study in the Tema Municipality of the Greater Accra Region. A sample size of 149 entrepreneurs in various industries, 118 investors, and 90 respondents acting as both entrepreneurs and investors were chosen through purposive sampling method. Data were collected through the use of questionnaires and analyzed using descriptive statistics, employing tables and graphs. The results of the study showed that most entrepreneurs and investors had heard of equity crowdfunding but very few understood the operations of this type of funding. Also, it became evident that the investors and entrepreneurs had inadequate knowledge and understanding about crowdfunding adoption in Ghana. The study showed that equity crowdfunding is capable of bridging the funding gap and, therefore, is a suitable alternative in generating funds for entrepreneurship in Ghana. It is recommended that equity crowdfunding should be included as a source of funding in entrepreneurship curriculum. Also, policies should be made by government to establish regulations that will protect all the parties involved in equity crowdfunding.
Archives of Business Review
Crowdfunding: An Emerging Source of Raising Funds In Nigeria2020 •
Crowdfunding has become a new phenomenon of raising capital for business. Crowdfunding is prevalent in developed nations, while it is just getting popular in developing countries. The research method used for the research was multiple case studies. The purposive sampling method was used to select the five participants for the research. The questionnaire contained fifteen questions. Eighteen themes were generated from the questions. As a result of Social distancing for protection under COVID 19, questions were sent to the respondents via the Google form. The thematic analysis result revealed that agricultural business is the most popular when it comes to crowdfunding. It is an opportunity for entrepreneurs to raise money from another source, easier to access funds through crowdfunding. The crowdfunding approaches used to raise funds by the five participants are loans, hybrid, reward-based, and royalty-based approaches. Crowdfunding is an effective funding alternative for entrepreneurs.
2020 •
Recently, crowdfunding has gained significant recognition in entrepreneurial finance across the world. The goal of this current paper is to bring to fore better understanding of the under-researched funding behaviour of crowdfunding by employing social capital network theory to demonstrate that Small Medium Enterprises (SMEs) in Ghana can substantially benefit from crowdfunding source of finance. This research depends on social capital network theory to guide, organise, and explain the phenomenon. The study looks at the ecosystem standpoint to understand the various crowdfunding stakeholders and the roles they play in the process. The present study also reviews the related literature focusing on how the study fits into the general context of crowdfunding phenomenon. Based on the typology approach, our study identified four models of crowdfunding: namely, peer-to-peer lending, equity, rewards, and donation. Guided by the identified models and their importance, we propose a conceptual...
Open Journal of Business and Management
Crowdfunding: Genesis and Comprehensive Review of Its State in AfricaIn developing countries, the topic of crowdfunding is still in its infancy because Europe; Asia and North America have monopolized almost all the researchers’ attention. Nevertheless, the number of scholars stressing the fact that investigations should be conducted on the economic impact of crowdfunding in developing countries where financial systems are still struggling is incredibly increasing. But before getting to that point, as Gajda and Walton stated, “An analysis of primary and secondary data; in-depth assessment of live projects and statistical analysis could provide more insight (…) how to make crowdfunding more accessible to entrepreneurs in the developing world” (Gajda & Walton, 2013: p. iii). Drawing on this and the fact that none of the extant literature about crowdfunding in Africa has provided statistical assessment of existing platforms on the continent; how much crowdfunding has been adopted and sustainably implemented across various region on the continent, this paper’s main goal is to depict and describe the current situation of crowdfunding in Africa. Known as proven and accepted methods used for growing topics in the field of entrepreneurship, this paper used exploratory and descriptive methods. This paper provides everyone in need of clear understanding of crowdfunding’s origin; how it evolved; its level of penetration and use in Africa, with the necessary information. The study came to conclude that in West and North Africa only 22% and 33% of the platforms created in the span of 2012 to 2020 are still operating. East Africa and South Africa are doing far better as respectively 70% and 55% of their crowdfunding platforms are still operating. The study also found that French Speaking countries struggle a lot in implementing and sustaining crowdfunding platform. West Africa performs very poorly as rarely the projects listed on the scarce platforms still operating manage to gather more than 2% of their funding goals. The study also came to the conclusion that by May 2020, 64% of the crowdfunding operating in Africa are foreign based. Keywords: Crowdfunding, Entrepreneurship, Funding, Equity, Debt, FinTech, Equity Gap, Africa, Economic Development, Developing Countries
International Journal of Research in Finance and Management
Determinants of crowdfunding success in Ghana2023 •
Crowdfunding permits cultural, social, health, economic or for-profit initiatives that are marketed on the internet by individuals or groups of persons seeking financial assistance to raise funds from a broad pool of small-scale investors. In Ghana, the concept of crowdfunding is not particularly new. In recent times, various start-ups such as Kwidex, Crowdrica, and Payputt have been established as global crowdfunding platform through which people can donate to fund various projects. Like most social activities, various projects will have different success and this may be largely explained by the intentions of people to donate. However, there is no available data in Ghana to explain why crowdfunding projects fail or succeed. This study therefore sought to explore the determinants of crowdfunding Success in Ghana. The study relied on descriptive design within the quantitative framework to explain determinants of crowdfunding Success in Ghana. The study gathered 185 data from respondents that have contributed to crowdfunding campaigns. The data showed a higher shared identification with interpersonal connectivity, higher influence of recommendations, and moderate challenges as measured by the instrument. The paper recommends a less complex system of payment and also for facilitators and regulators to examine strategies to assist creators in developing realistic objectives for the projects.
LASU JOURNAL OF ACCOUNTING AND FINANCE
CROWDFUNDING AND MICRO SMALL AND MEDIUM ENTERPRISES GROWTH IN NIGERIA A REVIEW OF LITERATUREThis paper examined the effect of crowdfunding as a viable financing option in growing the micro, small and medium enterprises in Nigeria. Content analysis was employed in carrying out the study, it was discovered that crowdfunding though at its infancy in Nigeria is a better and effective way to grow the micro, small and medium enterprises sector. Therefore, there is the need to also critically examine the inherent risk in such financing option. It is recommended that, there should be an enabling environment and the creation of necessary laws and regulations for the successful operations of crowdfunding, more awareness should be created to arouse the interest of both the investors and the MSMEs owner to take advantage of the benefits inherent in crowdfunding.
Vidyabharati International Interdisciplinary Research Journal
Crowdfunding and Entrepreneurship Development for Inclusive Growth2021 •
Innovation is pre-requisite for survival, growth and a weapon to escape discontinuity. Innovation follows creativity which is not limited to few, whereas it flows from everywhere. Most of the creativity dies its own death for scarcity of funds. Crowdfunding is a novel way of funding such innovative and creative projects by enabling crowd to be part of the innovation they like and democratizing the access of funds to the project creators. The small scale and novice entrepreneurs with a creative business idea but no past business records can give wings to her dreams by opting crowdfunding. The paper attempts to aware the fund- seeker as to how this phenomenon can raise funds through crowdfunding platforms as an intermediary. The crowdfunding platforms’ perception towards crowdfunding is also analyzed to check on its viability and preparedness of people to accept this disruptive mechanism of funding. The article also studies various successful crowdfunding campaigns based on different criteria of projects on select crowdfunding platforms. Crowdfunding is seen as complementing the efforts of entrepreneurial promotion and inclusive growth particularly in developing and emerging economies.
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah
Prospects and Challenges of Crowdfunding as an Alternative Funding Option in NigeriaOJBM
Crowdfunding Adoption in Benin: Influencing Factors and Recommendations towards an Adapted ModelTo face the problem of lack of funds, many developed countries have adopted the crowdfunding system. Despite the fact it has been established that the lack of proper funding institutions is a barrier to African countries' economic takeoff , nothing sustainable has so far been done to tackle the issue. This paper aims to investigate factors influencing crowdfunding establishment as a substitute to formal financial organism in Benin republic, and give recommendations toward an adapted model to the country. To thoroughly conduct this study, both qualitative and quantitative methods are used. In Benin, some scholars in the domain of Finance and some people that have a good view of the current state of Benin economy were interviewed to know what they think about crowdfunding and the kind of models of crowdfunding they think may be adopted by Beninese. This helped to draw a final framework of the study, a questionnaire that served to collect first-hand data that were analyzed with SPSS (Statistical Package for Social Science) Statistics 26 through various tests. The study has revealed significantly positive correlation between each independent variable and the dependent variable which is the crowdfunding implementation. It also came out that to implement a sound and sustainable crowdfunding system particular care should be on a well-built regulatory framework, a well-managed technology transfer and a well-structured organizational environment. Notwithstanding the importance of all the variables, we came to notice that for people to accept and adopt crowdfunding as the study would like, some variables like "latory Framework" are of primordial importance, then follow the other variables. Suitable recommendations were given to a more customized and sustainable crowdfunding system.
International Journal of Management in Education
Effect of crowd-funding on entrepreneurial intentions among academic staff of Nigerian universities2017 •
International Journal of Research in Business and Social Science (2147- 4478)
The state of crowdfunding in Africa and its potential impact: a literature reviewThe purpose of this review is to shed light on the current state of crowdfunding and its possible effects on African communities. The goal of this article is to give a narrative overview of how crowdfunding has evolved, along with trends, challenges, and potential effects on African communities. Despite recent advancements in the usage of mobile technology on the continent, the growth of crowdfunding based on internet platforms has been quite gradual. According to research, the success of crowdsourcing initiatives in Africa depends on a hybrid strategy that involves the "offline" network of backers. The majority of research concluded that the biggest barriers to the growth of crowdfunding in Africa were a lack of knowledge and trust in public institutions, lax laws protecting the rights of backers and ensuring transparency, as well as technology (internet connection). Also mentioned was the possibility that significant cultural aspects of offline crowdfunding, if taken int...
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