Abstract
Crowdfunding originated as start-up finance, yet in the meantime has undergone some change. Moreover, crowdfunding in China differs substantially from the original (Western) concept. This difference not least can be seen from the various terms that describe different forms of crowdfunding. Whilst Western literature mainly distinguish between four types of crowdfunding—donations, rewards, debts (P2P) and equity, Chinese scholars clearly distinguish between P2P and crowdfunding. Within the latter, Chinese further distinguish between product-based (donations and rewards) and equity-based crowdfunding. This chapter provides a detailed analysis of the different forms of crowdfunding in the context of New Institutional Economics, it contrasts crowdfunding to classical financial intermediaries and finally explains the rational argument behind the choice for crowdfunding.
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- 1.
Howe (2006).
- 2.
Kleemann and Voß (2008, p. 5).
- 3.
Belleflamme et al. (2010, p. 5).
- 4.
Belleflamme et al. (2013, p. 5).
- 5.
BBC News Magazine (2013, n.p.).
- 6.
This amount would equal to about USD 2.52 million today (BBC News Magazine 2013).
- 7.
Equity- and debt-based crowdfunding sometimes are further subsumed under the term crowdinvesting.
- 8.
de Buysere et al. (2012, p. 10 ff).
- 9.
infoDev (2013, p. 17).
- 10.
However, I argue that P2P also not necessarily meets all features of crowdfunding. If a project is realised by one singular person, then finance is also not outsourced to the crowd, but just to one single external peer. Yet, most Western scholars regard P2P as a sub-category of crowdfunding.
- 11.
Fink (2015, p. 4).
- 12.
I.e. the Western crowdfunding model.
- 13.
Cumming et al. (2016, p. 2). Some platforms like the American Indigogo in fact offer both models, KIA and AON.
- 14.
Cumming et al. (2016, p. 1).
- 15.
Press (2015).
- 16.
Ibid.
- 17.
- 18.
Wheat et al. (2013, p. 2).
- 19.
Belleflamme et al. (2010, p. 3).
- 20.
From the crowdfunders’ perspective it is in fact pre-ordering; see also further below.
- 21.
In this specific example of the musician, crowdfunding relies on what Scott has called fan-ancing as often such a project is realised by the contribution of fans (Scott 2015, p. 167 ff.).
- 22.
In order to cover all costs for the preparation of the campaign, the recording of the video, the production of the rewards, etc. usually the target sum is set higher than the actual funding demand.
- 23.
Kleemann and Voß (2008, p. 5).
- 24.
The term prosumer was first mentioned by Toffler (1980).
- 25.
The verb crowdfund refers to the act of funding a project through small contributions by many investors, usually via a CFP.
- 26.
Belleflamme et al. (2014).
- 27.
Leadbeater and Miller (2004, p. 12).
- 28.
“Web 2.0 has been the term used to describe the social Web, where social networking sites hold a prominent place in users’ online activities. The shift to this more interactive Web from Web 1.0 generally occurred as a result of technological changes that made the Internet—and the ability to develop content—more accessible. […] In Web 2.0, applications are also more likely to be open source, providing users with a greater ability to influence the Web.” (Techopedia n.d.).
- 29.
Lambert and Schwienbacher (2010, p. 5).
- 30.
Kleemann and Voß (2008, p. 6).
- 31.
Freedman and Nutting (2015, p. 1).
- 32.
infoDev (2013, p. 14).
- 33.
Kleemann and Voß (2008, p. 10).
- 34.
Startnext (2014).
- 35.
I assume that all projects which received sufficient funding were eventually realised, irrespective of BMW’s choice. However, the crowdfunders’ ranking was not said to have any impact on BMW’s final choice.
- 36.
Kühl (2013).
- 37.
Bradley (2008).
- 38.
McDonald (2015).
- 39.
- 40.
E.g. Wallhäuser (2014).
- 41.
E.g. Junge and Eidinger (2013).
- 42.
E.g. Koch Ramos (2014).
- 43.
Bachmann et al. (2011, p. 13).
- 44.
Lehner (2012).
- 45.
They explicitly mention peer-to-peer lending at interest (i.e. debt-based crowdfunding), peer-to-peer investing in return for equity/future income (i.e. equity-based crowdfunding), peer-to-peer funding given without expectation of return or with expectation of token return (i.e. donation- and reward-based crowdfunding respectively) (Feller et al. (2013, p. 5).
- 46.
I.e. debt-based or P2P crowdfunding.
- 47.
Feller et al. (2013, p. 11).
- 48.
Feller et al. (2013, p. 14).
- 49.
Presumably, some of the identified papers could not be assigned to any category as the sum of the three categories is less than 127.
- 50.
- 51.
- 52.
Belleflamme et al. (2013, p. 325).
- 53.
- 54.
Gerber et al. (2012).
- 55.
Schwienbacher and Larralde (2012, p. 378).
- 56.
Gerber et al. (2012, p. 5 ff).
- 57.
Dorfleitner et al. (2014, p. 32).
- 58.
Kim and Hann (2016, p. 1).
- 59.
Arner et al. (2015, p. 15).
- 60.
Lapavitsas (2013a, p. 18).
- 61.
Agrawal et al. (2013, p. 11).
- 62.
Kim and Hann (2016, p. 4).
- 63.
Cumming et al. (2016).
- 64.
Schwienbacher and Larralde (2012, p. 379).
- 65.
Hui et al. (2012, p. 2).
- 66.
Mollick (2014, p. 3).
- 67.
Agrawal et al. (2013, p. 7).
- 68.
Horwitz (2016).
- 69.
Agrawal et al. (2013, p. 18).
- 70.
Gerber et al. (2012, p. 8).
- 71.
Gerber et al. (2012, p. 3).
- 72.
Gerber et al. (2012, p. 6 ff).
- 73.
Schwienbacher and Larralde explicitly mentioned recognition as an intrinsic motivation to contribute to a CF campaign, though recognition per se is not an intrinsic phenomenon. I suppose that the authors in this context rather meant self-esteem.
- 74.
Schwienbacher and Larralde (2012, p. 386).
- 75.
Agrawal et al. (2013, p. 15).
- 76.
Burtch et al. (2014, p. 779).
- 77.
Blohm et al. (2013).
- 78.
Agrawal et al. (2013, p. 16).
- 79.
Agrawal et al. (2013, p. 19).
- 80.
Ahlers et al. (2012, p. 1).
- 81.
Frydrych et al. (2014).
- 82.
Mollick (2014, p. 1).
- 83.
Frydrych et al. (2014, p. 247).
- 84.
Kuppuswamy and Bayus (2016, p. 18).
- 85.
- 86.
Mollick and Kuppuswamy (2015, p. 2).
- 87.
Frydrych et al. (2014, p. 247).
- 88.
Kuppuswamy and Bayus (2016, p. 18).
- 89.
Ahlers et al. (2012, Abstract).
- 90.
Kuppuswamy and Bayus (2016, p. 1).
- 91.
Although the CFP provides the infrastructure for continuous updates, in fact, the PI is responsible for all contents of his campaign. Moreover, it is his task to regularly inform the crowd about news and the campaign’s progress.
- 92.
Nahapiet and Sumantra (1998, p. 243).
- 93.
Giudici et al. (2013, p. 2).
- 94.
Ibid.
- 95.
Colombo et al. (2015, p. 75).
- 96.
Lehner (2012, p. 478).
- 97.
Agrawal et al. (2011, p. 2).
- 98.
Wong et al. (2009).
- 99.
Burtch et al. (2014, p. 773).
- 100.
- 101.
Agrawal et al. (2011, p. 1).
- 102.
Agrawal et al. (2011, p. 15).
- 103.
Nahapiet and Sumantra (1998).
- 104.
Zheng et al. (2014, p. 490).
- 105.
Guanxi are “personalized connections and related social networks characterized by relations of reciprocity, i.e. the giving and receiving of favours. […] [One can] note the significance of such personal relationships in the supposedly impersonal world of business networks” (Castree et al. 2013, n.p.).
- 106.
Zheng et al. (2014, p. 493).
- 107.
Agrawal et al. (2013, abstract).
- 108.
- 109.
Hui et al. (2012, p. 4).
- 110.
Hui et al. (2012, p. 10).
- 111.
“The JOBS Act works to increase access to capital by scaling back new regulations and modifying old regulations through three main mechanisms: the initial public offerings (IPO) ‘on-ramp,’ crowdfunding, and mini-public offerings. It affects an extensive list of laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, Regulation FD (Fair Disclosure), the Sarbanes-Oxley Act of 2002 (SOX), and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.” (Salzsieder and Cornell 2013, p. 18).
- 112.
Salzsieder and Cornell (2013, p. 18).
- 113.
- 114.
Gabison (2015).
- 115.
Hooghiemstra and Buysere (2016, p. 146).
- 116.
infoDev (2013, p. 5).
- 117.
Xia et al. (2015).
- 118.
The keyword search was conducted on November 12, 2015.
- 119.
One reason for Baidu’s prominence in China, amongst others, is that Google is officially banned there.
- 120.
This database was provided by CrossAsia.org.
- 121.
As internet finance is a subcategory of FinTech, two further keyword searches were conducted with FinTech and its Chinese equivalent jinrong keji (金融科技) on October 30, 2016. These searches produced 33,900,000 results on Google, and 18,400,000 records on Baidu. From my own observations, I assume that in the West the term FinTech is more prominent than internet finance, whereas Chinese rather use hulianwang jinrong (互联网金融) (i.e. internet finance) than jinrong keji (金融科技) (i.e. FinTech). However, as mentioned in Sect. 2.5 despite their difference in definition, internet finance and FinTech are often used as synonyms. In order to get an idea of the prominence of crowdfunding, two further keyword searches were conducted on Google (with crowdfunding) and on Baidu (with zhongchou (众筹)) respectively as of October 30, 2016. Crowdfunding on Google provided 31,300,000 results, which was less than half of the 69,600,000 records related to zhongchou (众筹) on Baidu.
- 122.
The keyword search was conducted on November 12, 2015.
- 123.
Sheng et al. (2014, pp. 5–13).
- 124.
- 125.
- 126.
Wen (2015, p. 75).
- 127.
Tu [涂涛] (2014, p. 103).
- 128.
- 129.
P2P is overseen by the China Banking Regulatory Commission (CBRC), whereas (equity-based) crowdfunding in China is regulated by the China Securities Regulatory Commission (CSRC). Donation- and reward-based crowdfunding do not demand any supervision. (Interview with Du Mengjie, 2015-04-16.)
- 130.
See e.g. Zheng et al. (2015).
- 131.
Sun (2015, p. 32).
- 132.
Ding (2015, p. 51).
- 133.
See Sect. 3.1.
- 134.
Yu (2015a, p. 12).
- 135.
Sun (2015).
- 136.
Fan (2013).
- 137.
Meng et al. (2014).
- 138.
Jiang (2015).
- 139.
See e.g. Shao (2012).
- 140.
Sun (2015).
- 141.
- 142.
- 143.
- 144.
see e.g. Zhong and Wang (2015).
- 145.
- 146.
- 147.
The evolvement of real estate crowdfunding correlates with the creation of China’s recent real estate bubble, of which analysts in 2016 feared that it could burst in the near future (Sands (2016)).
- 148.
Tan (2015).
- 149.
n.a. (2014, p. 43).
- 150.
JD.com is “China’s largest online direct sales company.” (JD.com n.d.).
- 151.
For more information on Alibaba see Sect. 4.4.2.1.
- 152.
Tan (2015, p. 74 ff).
- 153.
Huang et al. (2015).
- 154.
I.e. Kickstarter and Indigogo.
- 155.
Zero2IPO (2014, p. 9).
- 156.
USD 509 versus USD 77.
- 157.
The platform Demohour, for instance, no longer counts as CFP.
- 158.
E.g. Jingdong zhongchou and Taobao zhongchou.
- 159.
Li (2014, p. 50).
- 160.
Zero2IPO (2015).
- 161.
iResearch is a Chinese analytics and consulting company focussing on online consumption in China.
- 162.
iResearch (2016a).
- 163.
Zhang et al. (2014, p. 42).
- 164.
Ibid.
- 165.
Zhang et al. (2014, p. 43 ff).
- 166.
Both, from Western and also Asian researchers.
- 167.
Interview with Luke Deer, one of the editors of The Asia-Pacific Alternative Finance Benchmarking Report, 2016-01-21.
- 168.
As both, the PI and the crowd only indirectly cooperate with the trustee, I do not analyse the relationships between the trustee and the PI and the trustee and the crowd respectively. Still the trustee can be relevant as in some countries CFPs are not allowed to manage the investments of the crowd themselves.
- 169.
Kortleben and Vollmar (2012, p. 3).
- 170.
Kortleben and Vollmar (2012, p. 3) in this regard also state that PIs cannot ensure the solvency of interested crowdfunders. The authors exclusively refer to equity-based crowdfunders (i.e. crowdinvestors). Whilst for donation-/rewards-/debt-based crowdfunders, this danger can be neglected, for equity-based crowdfunding insolvency indeed is relevant.
- 171.
Kortleben and Vollmar (2012, p. 5).
- 172.
Ibid.
- 173.
Platforms can demonstrate the quality of their services by e.g. stating the number of successfully funded projects in relation to the overall number of listed projects.
- 174.
Kortleben and Vollmar (2012).
- 175.
This only refers to reward-based CF; in case of equity CF, the PI has to think of the number of shares and the value per share.
- 176.
E.g. in comparison to the PI.
- 177.
CF transactions can be occasional, if a PI starts another project or if a crowdfunder invests in several projects.
- 178.
See Mollick and Kuppuswamy (2015, p. 2), who have discovered that a listing on Kickstarter correlates with a successful funding.
- 179.
- 180.
Civic crowdfunding describes the funding of a public good financed by the crowd via crowdfunding.
- 181.
See e.g. Dapp (2013).
- 182.
However, as noted in Sect. 3.3.1, different regulations across countries still impede cross-country crowdfunding projects.
- 183.
Sometimes the disbursements of a credit association are adjusted to inflation; however, commonly members of a ROSCA do not pay any interest on their loans.
- 184.
- 185.
Interview with Conor Roche, 2015-05-06.
- 186.
Frearson (2015).
- 187.
Volksbanken Raiffeisenbanken (n.d).
- 188.
See e.g. Agrawal et al. (2011).
- 189.
By contrast, Schwienbacher and Larralde (2012, p. 378) regard a bank loan as “stupid money”.
- 190.
For instance, in 2014, the average project on the German donation-/rewards-based CFP Startnext achieved EUR 8415 (own calculation based on Startnext n.p.). Projects on Seedmatch, a German equity-based CFP, on average collected EUR 312,213 (own calculation based on Seedmatch n.d.).
- 191.
Donation-based crowdfunding is an exception as crowdfunders of donation-based campaigns deliberately contribute funds without expecting any returns.
- 192.
Klein (2014); and own observation.
- 193.
- 194.
Giudici et al. (2013).
- 195.
Agrawal et al. (2011).
- 196.
Artmorpheus, (2012).
- 197.
This refers to countries where Facebook is the dominant social medium. For other countries (like China) other social media (like WeChat) would be a better indicator.
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Funk, A.S. (2019). The Concept of Crowdfunding in the West Versus in China. In: Crowdfunding in China. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-319-97253-4_3
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