Synthesis of the factors affecting the implementation of crowdfunding based on entrepreneurship in digital businesses
Subject Areas : Computational economicshadi sanati 1 , Hossein Vazifeh Doost 2 , afsane zamanimoghadam 3 , seyedshamsaldin hossieni 4
1 - PhD student in Sports Management, Islamic Azad University, Qeshm branch, Qeshm, Iran
2 - Professor, Department of Business Management, Faculty of Management and Economics, Islamic Azad University, Science and Research Branch, Tehran, Iran
3 - Associate Professor, Department of Educational Management, Faculty of Management and Economics, Islamic Azad University, Science and Research Unit, Tehran, Iran
4 - Associate Professor, Accounting, Department of Business Economics, Faculty of Economics, Allameh Tabatabai University, Tehran, Iran.
Keywords: Crowdfunding, entrepreneurship, digital businesses,
Abstract :
Extended Abstract
Purpose
The necessity of crowdfunding based on entrepreneurship and its components have been discussed in many studies such. However, despite the importance of crowdfunding based on entrepreneurship in the digital space, and addressing it in recent years, its components and dimensions are still unclear, and its implementation in digital-oriented businesses has faced difficulties. Therefore, in the current research, by using the research synthesis of the existing theoretical foundations, it has been addressed to identify the axes and components effective on the implementation of crowdfunding based on entrepreneurship in digital-oriented businesses.
Methodology
The current research method is a research synthesis that is used to analyze studies related to the dimensions and components of crowdfunding based on entrepreneurship in digital businesses. Research synthesis is an explicit method to identify, evaluate and analyze the work done by researchers, researchers and scholars (Okoli & Schabram, 2011). The studies that can be evaluated in this method must be published online and be the result of field and research work. Therefore, the field of research includes all valid scientific articles in the field of dimensions and components of crowdfunding based on entrepreneurship in digital businesses. In this regard, due to the fact that collective financing strategies based on entrepreneurship have undergone many changes in recent years, therefore, all the selected articles of this research are also based on this period of time. The scope of the research is all the articles (189 articles) that have been presented in the last decade about the components of crowdfunding based on entrepreneurship in business and related concepts in specialized and scientific databases. The sample of the research is 27 articles, which have been selected based on thematic monitoring, theoretical data saturation and purposefully. The data of the research was collected from the qualitative analysis of the studied documents. To ensure the coding method, four evaluators were used to recode the findings, which was used to confirm the Scott method (2012) that in this research, the level of agreement between the number of evaluators was 77, which indicated the agreement between the evaluators in coding.
Findings
The results showed that the indicators and components of crowdfunding based on entrepreneurship in digital-oriented businesses in four selected codes and 11 axes of management factors (including management of working capital based on entrepreneurship, financial development management, design of entrepreneurial policies) strategies (including direct crowdfunding strategies, indirect crowdfunding strategies), background factors (including cultural factors, economic factors, digital factors, legal factors), programmatic factors (including networking in entrepreneurship, analysis of conditions and needs assessment, creativity (partly to crowdfunding) was organized.
Conclusion
The management components in crowdfunding based on entrepreneurship in digital-oriented businesses were focused on working capital, financial development management and entrepreneurial policy design by referring to the dimensions of financial management and paying attention to the direction of entrepreneurship in business. In explaining the core code of working capital management based on entrepreneurship, its dimensions in financing were discussed. The findings of this part of the research, which are more consistent with the findings of Leon et al (2023) and Chandna (2022), have attributed the attention to capital preservation and risk assessment in crowdfunding to management and managerial factors.
In this research, crowdfunding strategies based on entrepreneurship in digital businesses were divided into direct and indirect crowdfunding strategies by examining the theoretical foundations. The basis of this division according to the theoretical background is the immediate and unmediated communication of the companies applying for crowdfunding or their intermediation. The findings of the research in the strategy section were almost derived from the major findings of the researches mentioned in the table... and most of the researches dealt with crowdfunding strategies in various ways, and the research synthesis aspect of this research was their separation and summation.
Background factors in crowdfunding based on entrepreneurship in digital-oriented businesses pointed to the influential platforms in the implementation of crowdfunding according to the components of the current research. The research findings in this section were divided into cultural, economic, digital and legal factors. Cultural factors, as mentioned in the research of Herrera et al (2020) and Chandna (2022), referred to the participatory culture and risk-taking in achieving collective financing goals, and having a culture of risk-taking and the institutionalization of society's values in the field of business as influential components in They considered the implementation of collective financing based on entrepreneurship, which explains the culture of teamwork and cooperation in line with the collective component of financing.
Program factors, referring to the dimensions of crowdfunding programs based on entrepreneurship in business, suggest a framework for the correct implementation of these programs. Networking in entrepreneurship, as one of the axes of this sector, deals with creating coordination and attracting participation to share resources and use collective capacities in collective financing programs. Analysis of conditions and needs assessment deals with the investigation and recognition of the market and the needs of the audience as an investor or applicant, and includes components such as the examination of business dimensions and its analysis, continuous communication with business customers, recognition of market conditions and crowdfunding channels, development of analysis protocols in order to improve It takes into account the knowledge of business and at the end, the creativity part of crowdfunding deals with competitive advantages and the ability to expand it with the help of creative dimensions in crowdfunding programs. The findings of this section are mostly derived from the findings of Abu Amana (2019), Chandler et al (2022).
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