Abstract

http://ssrn.com/abstract=2102525
 
 

References (176)



 


 



Crowdfunding Social Ventures: A Model and Research Agenda


Othmar Manfred Lehner


University of Oxford - Skoll Centre for Social Entrepreneurship

July 16, 2012

Presented first at the 2012 Research Colloquium on Social Entrepreneurship, 16th – 19th July, University of Oxford, Skoll Center of SAID Business School UK

Abstract:     
Crowdfunding (CF) in a social entrepreneurship context is praised in narrations for its multifaceted potential - to access much needed financial resources, to gain legitimacy through crowd participation, and to further tap the crowd as a resource for numerous activities of the venture. From an academic point of view however, little has been written about CF as a whole, and inquiries from the social entrepreneurship sphere are so far mostly concerned with CF donations. In order to overcome the scarcity of the resource ‘crowd’ being asked for gifts, new approaches, including tailored reward systems, more structured bond-like investments and equity based CF are experimented with. Finance literature scarcely addresses these new forms, and no article so far shows concern for the idiosyncrasies of social ventures and the differing rationale of the social entrepreneurs and investors in CF activities.

This paper thus sets out to first review existing literature on financing social ventures as well as on crowdfunding. Based upon the findings, the author subsequently draws up an early scheme of CF in order to structure future inquiries and to provide a common ground for discussion. Based upon the two streams, and in reflection to perspectives from traditional finance, a research agenda of eight themes for CF of social ventures is set up. The themes proposed are: investor types and utility-functions; corporate governance and structure in CF ventures; investor relations, risk and disclosure; applications and comparative approaches; network tie formation; legitimacy, institutions and democracy; challenging finance metrics; and legal and regulative hurdles for equity and debt CF.

Number of Pages in PDF File: 28

Keywords: Crowd, Funding, Financing, Social, Ventures, Entrepreneurship, Investor-relations

JEL Classification: G24, L14, L26, M13, M14

Accepted Paper Series





Download This Paper

Date posted: July 9, 2012 ; Last revised: August 7, 2014

Suggested Citation

Lehner, Othmar Manfred, Crowdfunding Social Ventures: A Model and Research Agenda (July 16, 2012). Presented first at the 2012 Research Colloquium on Social Entrepreneurship, 16th – 19th July, University of Oxford, Skoll Center of SAID Business School UK. Available at SSRN: http://ssrn.com/abstract=2102525

Contact Information

Othmar Manfred Lehner (Contact Author)
University of Oxford - Skoll Centre for Social Entrepreneurship ( email )
Park End Street
Oxford, OX1 1HP
United Kingdom
Feedback to SSRN


Paper statistics
Abstract Views: 5,356
Downloads: 2,048
Download Rank: 3,481
References:  176
Paper comments
No comments have been made on this paper

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo8 in 0.266 seconds