Girişimciler İçin Alternatif Bir Finansman Yöntemi: Kitlesel Fonlama (Crowdfunding)

Yeni doğan ve genç işletmelerin karşılaştığızorlukların başında yaşamalarını sağlayacakfinansman kaynağını yaratmak gelmektedir.Girişimcinin kendisi, ailesi, arkadaşları, melekyatırımcılar ve girişim sermayesi gibi gelenekselfinansman kaynaklarına, internet ve sosyalmedya kullanımının artışıyla birlikte alternatif birfinansman kaynağı olarak kitlesel fonlamaeklenmiştir. Girişimcinin sunduğu iş fikrininInternet üzerinden açık çağrıyla çok sayıdayatırımcıdan küçük miktarlarda toplanan fonlarlafinanse edilmesini sağlayan kitlesel fonlama,kitlelerin gücünü yansıtan bir sermaye yaratmamekanizmasıdır. Kitlesel fonlama, gerekuluslararası gerekse ulusal literatürde henüz yenitartışılan bir konu olduğu için kitlesel fonlamakararına temel oluşturacak bilimsel bilgi birikimieksiktir. Bu çalışmada konuya ilişkin mevcutliteratür incelenmiş olup, temel bilgi birikimininoluşturulmasına çalışılmıştır.

An Alternative Finance Method f or Entrepreneurs: Crowdf unding

The most important challenge f aced by thestartups or young enterprises is to create thesource of f inance, which will give them the meansto survive. In addition to traditional sources off inance such as the entrepreneurs themselves,their f amilies, f riends, business angels andventure capital, crowdf unding has been added asan alternative source of f inance with the increasein the use of the internet and social media.Crowdf unding, which ensures that the businessidea off ered by the entrepreneur is f inanced bythe f unds collected at small amounts f rom manyinvestors by means of an open call made on theinternet, is a capital creation mechanism thatref lects the power of the crowds. The scientif icknowledge accumulation to constitute the basisf or crowdf unding decisions is lacking, ascrowdf unding is j ust a recently debated subj ectboth in the international and national body ofliterature. In this study, the current body ofliterature on crowdf unding is examined and itwas endeavoured to create the basic knowledgeaccumulation.

PDF

___

Agrawal, A, Catalini, C., ve Goldfarb, A. (2011). The Geography of Crowdfunding, NBER Working Paper 16820. http://www.nber.org/papers/w16820. (Erişim: 15.10.2014)
Agrawal, A, Catalini, C., ve Goldfarb, A. (2013). Some Simple Economics Of Crowdfunding, NBER Working Paper 19133. http://www.nber.org/papers/w19133. (Erişim: 15.10.2014)
Ahlers, G. K.C., Cumming, D. J., Guenther, C., ve Schweizer, D. (2013) Signaling in Equity . http://ssrn.com/abstract=2362340. (Erişim: 10.10. 2014).
Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2010). Crowdfunding: An Industrial Organization Perspective, http://economix.fr/pdf/workshops/2010_dbm/Belleflamme_al.pdf . (Erişim: 15.10.2014).
Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2013). Individual crowdfunding practices, Venture Capital: An International Journal of Entrepreneurial Finance, 15:4, 313-333.
Belleflamme, P., Lambert, T., ve Schwienbacher, A. (2014). Crowdfunding: tapping the right crowd, Journal of Business Venturing, 29, 585-609.
Burtch, G., Ghose, A., ve Wattal, S., (2013). An Empirical Examination Of The Antecedents And Consequences Of Investment Patterns In Crowd-funded Markets. SSRN Electronic Journal. (Erişim: 20.11.2014)
Collins, L., ve Pierrakis, Y. (2012). The Venture Crowd. Nesta Report, July. http://www.nesta.org.uk/sites/default/files/the_venture_crowd.pdf. (Erişim: 19.10.2014).
Cosh, A., Cumming D., ve Hughes A. (2009). Outside Entrepreneurial Capital. Economic Journal, 119, 1494-1533.
EBAN, Statistic Compendium Report, (2014). http://www.eban.org/wp- content/uploads/2014/09/13.-Statistics-Compendium-2014.pdf. (Erişim: 20.12.2014)
Ergen, M., Lau, J., ve Bilginoğlu, K. (2013). Dağıtık Girişimci Sermayesi: Kitle Fonlaması, http://incubation.ku.edu.tr/en/wp- content/uploads/2014/02/DagitikGirisimciSermayesi-2.pdf. (Erişim: 10.10.2014).
Fink, A. (2012). Protecting the Crowd and Raising Capital Through the JOBS Act, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2046051 (Erişim: 15.04.2015).
Fisch, J. (1998). Can Internet offerings bridge the small business capital barrier? The Journal of Small and Emerging Business Law, 2, 57-90.
Gelfond, S.H., ve Foti, A.D. (2012). US$500 and a click: investing the crowdfunding way, Journal of Investment Compliance, 13(4), 9-13.
Gerber, E.M., Hui, J.S., ve Kuo, P. (2012). Crowdfunding: Why People Are Motivated to Post and Fund Projects on Crowdfunding Platforms. http://www.juliehui.org/wp- content/uploads/2013/04/CSCW_Crowdfunding_Final.pdf. (Erişim: 15.10.2014).
Griffin, Z. (2012). Crowdfunding: Fleecing the American Masses . Case Western Reserve Journal of Law, Technology & the Internet. http://ssrn.com/abstract=2030001. (Erişim: 15.10.2014).
Gulati, S. (2014) Crowdfunding: A Kick Starter for Startups, Special Report TD Economics, www.td.com/economics. (Erişim: 04.11.2014)
Hazine Müsteşarlığı Bireysel Katılım Sermayesi İlerleme Raporu-Aralık (2014) http://www.hazine.gov.tr/File/?path=ROOT%2FDocuments%2FGenel+%C4 %B0%C3%A7erik%2FBKS%2FARALIK+2014.pdf (Erişim: 20.12.2014)
Herdem, Ş. (2014). Turkey: Girişimcilikte Finansmanin Yeni Yüzü: Kitlesel Fonlama(Crowdfunding).
http://www.mondaq.com/x/345614/Corporate%20Commercial%20Law/Gi riimcilikte%20Finansmanin%20Yeni%20Yz%20Kitlesel%20Fonlama%20Cro wdfunding. (Erişim: 10.12. 2014).
Howe, J. (2006). The Rise of Crowdsourcing. Wired Magazine,14, 6,
http://www.wired.com/wired/archive/14.06/crowds.html (Erişim: 20.12.2014)
Irwin, D., ve Scott, J.M. (2010). Barriers faced by SMEs in raising bank finance. International Journal of Entrepreneurial Behavior & Research, 16(3), 245-259.
İşler, S.T. (2014). Modern Finansmanda Yeni Bir Dönem: Kitlesel Fonlama- Crowdfunding. Gösterge, Sonbahar, 51-65.
Joenssen, D.V., Michaelis, A.,Müllerleile, T. (2014) A Link to New Product Preannouncement: Success Factors in Crowdfunding, SSRN:http://ssrn.com/abstract=2476841 (Erişim: 15.11.2014).
Kitchens, R., P.D. Torrence P.D. (2012). The JOBS Act crowdfunding and beyond. Economic Development Journal, 4, 4247.
Kleemann, F., Voß, G.G., ve Rieder, K. ( 2008). Un (der) Paid Innovators: The Commercial Utilization of Consumer Work Through Crowdsourcing. Science, Technology & Innovation Studies, 4 (1): 526.
Lambert T., ve Schwienbacher, A. (2010). An emprical anaysis of crowdfunding. http://www.crowdsourcing.org/document/an-empirical-analysis-of- crowdfunding-/2458. (Erişim: 04.11.2014).
Lehner, O.M. (2013) Crowdfunding social ventures: a model and research agenda, Venture Capital: An International Journal of Entrepreneurial Finance, 15(4), 289- 311.
Macht S.A., ve Weatherson, J. (2014). The Benefits of Online Crowdfunding for Fund-Seeking Business Ventures. Strategic Change, 23, 1-14.
Mitra, D. (2012). The Role of Crowdfunding in Entrepreneurial Finance. Delhi Business Review, 13(2), 67-72.
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29, 1-16.
Morduch, J. (1999). The MicroFinance Promise. Journal of Economic Literature, 37, 1569-1614.
Nieder, S., ve VanDijck, (2010) Wisdom of the crowd or technicity of content? Wikipedia as a sociotechnical system, New Media & Society, 12(8), 1368-1387.
Ordanini, A., Meceli, L., Pizzeti, M., ve Parasuraman, A. (2011). Crowdfunding: Transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443-470.
Pazowski, P., ve Czudec, W. (2014). Economic Prospects and Conditions of Crowdfunding, management. Knowledge and Learning International Conference, 25-27 June 2014, Slovenia.
Schwienbacher, A., ve . Larralde B. (2010). Crowdfunding of small entrepreneurial ventures. In The Oxford Handbook of Entrepreneurial Finance, edited by Douglas Cumming, 369392. Oxford: Oxford University Press.
Silver, L., Berggren, B., ve Fili, A. (2013). Increasing the heterogeneity and competition of early stage financing: An analysis of the role of cowdfunding in entrepreneurial ventures. International Journal of Social, Management, Economics and Business Engineering, 7(1), 108-112.
Stemler, A.R. (2013). The JOBS Act and crowdfunding: Harnessing the power-and money-of the masses. Business Horizons, 56, 271-275.
Surowiecki, J. (2009) Kitlelerin Bilgeliği, Çev. Osman Deniztekin, Varlık Yayınları, 1. Basım, İstanbul.
The World Bank Report (2013) Crowdfundings Potential for the Developing World. infoDev, Finance and Private Sector Development Department. Washington, DC: World Bank.
Valanciene, L., ve Jegeleviciute, S. (2013) Valuation of Crowdfunding: Benefits and Drawbacks, Economics and Management, 18(1), 39-48.
Valanciene, L., ve Jegeleviciute, S. (2014). Crowdfunding for creating value: stakeholder approach. 19th International Scientific Conference; Economics and Management , Procedia - Social and Behavioral Sciences, 156, 599-604.
Wash, R. (2013). The value of completing crowdfunding projects. Proceedings of the Seventh International AAAI Conference on Weblogs and Social Media. http://www.rickwash.com/papers/donors-choose-icwsm.pdf. (Erişim:05.10.2014)
Rock The Post Report (2013), What Angel Investors Know About Startup Investing That You Dont, https://onevest.com/cdn- static/files/reports. (Erişim: 24.10.2014)
https://robertsspaceindustries.com/funding-goals. (Erişim: 25.12.2014)
www.crowdsourcing.org/research (Erişim: 25.12.2014)
www.forbes.com (Erişim: 25.12.2014)
www.statista.com (Erişim: 25.12.2014)
en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects
www.fongogo.com (Erişim: 25.12.2014)
www.biayda.com (Erişim: 25.12.2014)
www.crowdfon.com (Erişim: 25.12.2014)
www.fonlabeni.com (Erişim: 25.12.2014)
www.crowdcube.com (Erişim: 15.04.2015)

Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi-Cover

ISSN: 1306-6730
Yayın Aralığı: Yılda 3 Sayı
Başlangıç: 2006
Yayıncı: Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi