Crowdfunding model as a source of financing for entrepreneurship and innovation projects in higher-education entities

Julian Sebastian Perez Moreno; Juan Felipe Pulido Pérez; José Ignacio Palacios Osma

doi:10.16925/2357-6014.2023.03.08

Crowdfunding model as a source of financing for entrepreneurship and innovation projects in higher-education entities

Research Articles

https://doi.org/10.16925/2357-6014.2023.03.08

Julian Sebastián Pérez Moreno Ver Biografía

Universidad Distrital Francisco José de Caldas

Juan Felipe Pulido Pérez Ver Biografía

Universidad Distrital Francisco José de Caldas

José Ignacio Palacios Osma Ver Biografía

Universidad Distrital Francisco José de Caldas

Introduction: This article is the product of research on reducing the number of intermediaries by making use of Crowdfunding as an alternative source of low-cost financing, developed at the Universidad Distrital Francisco José de Caldas, in 2023.

Problem: Although the term Crowdfunding is not new in the financial field, it is not very well known by the community, which means that it has not been applied as a recurrent financing alternative for projects or businesses in Colombia.

Objective: This article presents a collaborative financing model for higher education institutions in Colombia, mainly for research groups oriented to the generation of new knowledge or spin-offs, with the aim of providing alternatives to classical financing models.

Methodology: A literature review was conducted using the PRISMA methodology to identify, evaluate, and synthesize the existing body of knowledge produced by researchers, academics, or professionals.

Results: The scope of this literature review encompasses the different types of crowdfunding, including its evolution over time and its inclusion in various economic areas. Additionally, it helps to visualize the level of knowledge about this concept among different university groups.

Conclusion: The literature review examines the state of crowdfunding in Latin America, highlighting the lack of research compared to other regions. The impact of crowdfunding in various sectors, including technology, finance, and legislation, is emphasized. Furthermore, the need for theoretical reflection on how crowdfunding affects projects in the Southern Cone region is noted. The objective is to increase understanding and knowledge of crowdfunding among Latin American entrepreneurs and young people.

Keywords: crowdfunding, collaborative financing, model, higher education

D. I. Molina, “Revista de economía, empresa y sociedad Las fintech y la reinvención de las finanzas,” OIKONOMICS Revista de economia,empresa y sociedad, pp. 22–44, 2018, [Online]. Available: http://oikonomics.uoc.edu

C. F. Tinajero Jiménez, G. S. Vizcaíno Cárdenas, and M. S. Albán Taipe, La educación superior y el desarrollo económico de América Latina, no. 9. 2015. doi: 10.32645/13906925.479.

C. Ferraro, “El financiamiento a las pymes en América Latina.,” Economíaunam, vol. 6, no. 17, pp. 69–91, 2009, [Online]. Available: https://repositorio.cepal.org/bitstream/handle/11362/35358/S2011124_es.pdf

S. A. Johan and J. Taylor, “Does Crowdfunding Democratize Success? Revisiting the Effects of Agglomeration and Localized Knowledge Spillover on Creative Projects,” SSRN Electronic Journal, pp. 1–41, 2019, doi: 10.2139/ssrn.3484487.

F. Di Pietro, “The Geography of Crowdfunding,” Crowdfunding for Entrepreneurs, pp. 31–60, 2020, doi: 10.4324/9780429319785-5.

E. Pyme, “La gran encuesta pyme,” 2020, [Online]. Available: https://www.anif.com.co/encuesta-mipyme-de-anif/gran-encuesta-pyme-nacional/

T. Y. Beaulieu, S. Sarker, and S. Sarker, “A conceptual framework for understanding crowdfunding,” Communications of the Association for Information Systems, vol. 37, pp. 1–31, 2015, doi: 10.17705/1cais.03701.

M. E. Jiménez-Cercado, “El crowdfunding como alternativa para el emprendedor del siglo XXI,” Fórum Empresarial, vol. 23, no. 2, pp. 81–93, 2018, doi: 10.33801/fe.v23i2.16411.

Juan Márquez María and M. C. M. Díaz, “Análisis del contexto jurídico del modelo Crowdfunding para la financiación de proyectos productivos de inversión en Colombia , a la luz del Decreto 1357 de 2018 Facultad de Derecho,” 2018.

J. C. Short, D. J. Ketchen, A. F. McKenny, T. H. Allison, and R. D. Ireland, “Research on Crowdfunding: Reviewing the (Very Recent) Past and Celebrating the Present,” Entrepreneurship: Theory and Practice, vol. 41, no. 2, pp. 149–160, 2017, doi: 10.1111/etap.12270.

M. G. John P. Berns, Yankun Jiab, “Éxito del crowdfunding en proyectos orientados a la sostenibilidad.pdf.”

A. Agrawal, C. Catalini, and A. Goldfarb, Some simple economics of crowdfunding, vol. 14, no. 1. 2014. doi: 10.1086/674021.

U. Bretschneider and J. M. Leimeister, “Not just an ego-trip: Exploring backers’ motivation for funding in incentive-based crowdfunding,” Journal of Strategic Information Systems, vol. 26, no. 4, pp. 246–260, 2017, doi: 10.1016/j.jsis.2017.02.002.

S. Banerjee and I. Bose, “An attractive proposition? Persuading retail consumers to prefer reward-based crowdfunding for owning upcoming technologies,” Information and Management, vol. 59, no. 6, p. 103663, 2022, doi: 10.1016/j.im.2022.103663.

V. Kuppuswamy and B. L. Bayus, “Does my contribution to your crowdfunding project matter?,” J Bus Ventur, vol. 32, no. 1, pp. 72–89, 2017, doi: 10.1016/j.jbusvent.2016.10.004.

G. Fisher, D. F. Kuratko, J. M. Bloodgood, and J. S. Hornsby, “Legitimate to whom? The challenge of audience diversity and new venture legitimacy,” J Bus Ventur, vol. 32, no. 1, pp. 52–71, 2017, doi: 10.1016/j.jbusvent.2016.10.005.

A. S. & B. Larralde and CROWDFUNDING, “CROWDFUNDING OF SMALL ENTREPRENEURIAL VENTURES Book,” vol. 2010, pp. 5–7, 2010.

C. Labarta, “Presente y futuro del crowdfunding como fuente de financiación de proyectos empresariales,” Revista Española de Capital Riesgo, no. 1, pp. 3–19, 2014, [Online]. Available: http://www.ecija.com/wp-content/uploads/2014/05/Presente-y-futuro-del-crowdfunding-como-fuente-de-financiaci?n-de-proyectos-empresariales_CarolinaGracia.pdf

B. interamericano de Desarrollo., “FIN-TECH”.

L. J. V. Rodríguez, “Crowdfunding: Método de financiación ‘Educación a personas con discapacidad visual,’” 2018.

E. Mollick, “The dynamics of crowdfunding: An exploratory study,” J Bus Ventur, vol. 29, no. 1, pp. 1–16, 2014, doi: 10.1016/j.jbusvent.2013.06.005.

O. M. Lehner, “Crowdfunding social ventures: A model and research agenda,” Routledge Handbook of Social and Sustainable Finance, vol. 15, no. 3, pp. 139–160, 2016, doi: 10.4324/9781315772578.

P. Belleflamme, T. Lambert, and A. Schwienbacher, “Crowdfunding: Tapping the right crowd,” J Bus Ventur, vol. 29, no. 5, pp. 585–609, 2014, doi: 10.1016/j.jbusvent.2013.07.003.

P. Belleflamme, N. Omrani, and M. Peitz, “The economics of crowdfunding platforms,” Information Economics and Policy, vol. 33, pp. 11–28, 2015, doi: 10.1016/j.infoecopol.2015.08.003.

S. Vismara, “Equity retention and social network theory in equity crowdfunding,” Small Business Economics, vol. 46, no. 4, pp. 579–590, 2016, doi: 10.1007/s11187-016-9710-4.

J. P. Berns, Y. Jia, and M. Gondo, “Crowdfunding success in sustainability-oriented projects: An exploratory examination of the crowdfunding of 3D printers,” Technol Soc, vol. 71, no. July, p. 102099, 2022, doi: 10.1016/j.techsoc.2022.102099.

Y. Chen, R. Zhang, and B. Liu, “New product financing decision: Crowdfunding, bank or supply chain?,” Int J Prod Econ, vol. 249, no. December 2020, p. 108536, 2022, doi: 10.1016/j.ijpe.2022.108536.

L. Li, L. Yang, M. Zhao, M. Liao, and Y. Cao, “Exploring the success determinants of crowdfunding for cultural and creative projects: An empirical study based on signal theory,” Technol Soc, vol. 70, no. June, p. 102036, 2022, doi: 10.1016/j.techsoc.2022.102036.

K. Nakagawa and G. Kosaka, “What social issues do people invest in? An examination based on the empathy–altruism hypothesis of prosocial crowdfunding platforms,” Technovation, vol. 114, no. January, 2022, doi: 10.1016/j.technovation.2022.102508.

M. Wessel, F. Thies, and A. Benlian, “The role of prototype fidelity in technology crowdfunding,” J Bus Ventur, vol. 37, no. 4, p. 106220, 2022, doi: 10.1016/j.jbusvent.2022.106220.

I. Gonzalez, “Bogotá , Mayo de 2016 PLATAFORMA DE CROWDFUNDING QUE BUSCA FINANCIAR IGNACIO GONZÁLEZ OÑATE CÓDIGO : 201126457 Universidad de los Andes Departamento de Ingeniería Industrial Asesora : Julia Hilarión,” Universidad de Los Andes, Departamento de ingenieria, pp. 1–63, 2016.

C. P. Palma Reyes, “Crowdfunding: Una revisión de la literatura,” Tesis, vol. 1, no. 69, pp. 5–24, 2018.

P. Belleflamme, T. Lambert, and A. Schwienbacher, “Individual crowdfunding practices,” Venture Capital, vol. 15, no. 4, pp. 313–333, 2013, doi: 10.1080/13691066.2013.785151.

J. H. Block, M. G. Colombo, D. J. Cumming, and S. Vismara, “New players in entrepreneurial finance and why they are there,” Small Business Economics, vol. 50, no. 2, pp. 239–250, 2018, doi: 10.1007/s11187-016-9826-6.

M. De Hacienda y Crédito Público, “Decreto 1357 de 2018,” pp. 1–9, 2018.

P. Márquez-Rodríguez, V. J. Santiago-Martínez, and A. E. Parody-Muñoz, “Dinámica de éxito del crowdfunding no financiero en un contexto emergente: el caso de Colombia,” Estudios Gerenciales, vol. 37, no. 161, pp. 566–578, 2021, doi: 10.18046/j.estger.2021.161.4306.

S. Siebeneicher and C. Bock, “Sustainable aim and personal gain? How sustainable value affects the relation between personal value and crowdfunding success,” Technol Forecast Soc Change, vol. 183, no. July, p. 121938, 2022, doi: 10.1016/j.techfore.2022.121938.

G. Barraza, J. Barros, J. Bernal, M. Canavate, G. Machacado, and J. Contrera Salinas, “Impacto del crowdfunding en el desarrollo de nuevos emprendimientos en Colombia entre los años 2015 y 2019,” Investigación y desarrollo en TIC, vol. 11, no. 2, pp. 14–25, 2020,

[Online]. Available: http://revistas.unisimon.edu.co/index.php/identic/article/view/4930

L. B. Junge, I. C. Laursen, and K. R. Nielsen, “Choosing crowdfunding: Why do entrepreneurs choose to engage in crowdfunding?,” Technovation, vol. 111, no. September 2021, p. 102385, 2022, doi: 10.1016/j.technovation.2021.102385.

R. Shneor, L. Zhao, and J. Fabian Michael Goedecke, “On relationship types, their strength, and reward crowdfunding backer behavior,” J Bus Res, vol. 154, no. September 2022, p. 113294, 2023, doi: 10.1016/j.jbusres.2022.08.058.

MinHacienda, “Avances regulatorios del Crowdfunding en Colombia y recientes modificaciones,” Actividad de Financiación Colaborativa.

J. J. Yepes-Nuñez, G. Urrútia, M. Romero-García, and S. Alonso-Fernández, “The PRISMA 2020 statement: an updated guideline for reporting systematic reviews,” Rev Esp Cardiol, vol. 74, no. 9, pp. 790–799, 2021, doi: 10.1016/j.recesp.2021.06.016.

G. Quindós, “Confundiendo al confuso: reflexiones sobre el factor de impacto, el índice h(irsch), el valor Q y otros cofactores que influyen en la felicidad del investigador,” Rev Iberoam Micol, vol. 26, no. 2, pp. 97–102, Jun. 2009, doi: 10.1016/S1130-1406(09)70018-X.

E. Galvis-Lista and J. M. Sánchez-Torres, “Revisión sistemática de literatura sobre procesos de gestión de conocimiento,” Revista Gerencia Tecnológica Informática Gerenc. Tecnol. Inform, vol. 13, no. 37, pp. 45–67, 2014.

V. Stefanelli, G. B. Ferilli, and V. Boscia, “Exploring the lending business crowdfunding to support SMEs’ financing decisions,” Journal of Innovation and Knowledge, vol. 7, no. 4, p. 100278, 2022, doi: 10.1016/j.jik.2022.100278.

J. Garcia Tocto, “El crowdfunding como herramienta alternativa de financiamiento para estudiantes de la facultad de negocios de una universidad de lima norte.,” Universidad Privada del Norte, p. 131, 2016, [Online]. Available: https://repositorio.upn.edu.pe/handle/11537/11291

Y. Akyüz, Global Economic Prospects: January 2022, no. January. 2022.

B. Barona-Zuluaga and J. A. Rivera-Godoy, “Análisis empírico de la financiación de nuevas empresas en Colombia,” Innovar, vol. 22, no. 43, pp. 5–18, 2012.

A. C. RODRIGUEZ and D. E. PAZ, “MORTALIDAD DE MIPYMES EN COLOMBIA EN LOS PRIMEROS 5 AÑOS DE VIDA,” UNIVERSIDAD SANTIAGO DE CALI, vol. 2507, no. February, pp. 1–9, 2020.

S. L. Henao Mesa, “Emprendimiento en Colombia, principales dificultades y consideraciones para sortearlas,” pp. 1–18, 2020, [Online]. Available: https://hdl.handle.net/10901/18448

R. Serrano and M. Callejas, “Causas de la Siniestralidad de las MiPymes en Colombia: Factores internos,” 2015, [Online]. Available: https://repository.eafit.edu.co/bitstream/handle/10784/7793/Daniela_ReinaSerrano_Marcela_CallejasMendoza_2015. pdf?sequence=2

R. Vesga, “Emprendimiento e Innovacion en Colombia,” Universidad de Los Andes, pp. 1–16, 2009, [Online]. Available: http://medcontent.metapress.com/index/A65RM03P4874243N.pdf

B. Yasar, I. Sevilay Yılmaz, N. Hatipoğlu, and A. Salih, “Stretching the success in reward-based crowdfunding,” J Bus Res, vol. 152, no. December 2021, pp. 205–220, 2022, doi: 10.1016/j.jbusres.2022.07.053.

F. Xu, X. Guo, G. Xiao, and F. Zhang, “Crowdfunding or Bank Financing: Effects of Market Uncertainty and Word-of-Mouth Communication,” SSRN Electronic Journal, no. Rubinton, 2018, doi: 10.2139/ssrn.3209835.

S. Zhang, Q. Meng, and J. Xie, “Closed-loop supply chain value co-creation considering equity crowdfunding,” Expert Syst Appl, vol. 199, no. January, p. 117003, 2022, doi: 10.1016/j.eswa.2022.117003.

Z. Song, D. Chen, and T. Yi, “The research on construction and application of college students entrepreneurship crowdfunding platform,” Proceedings of the 28th Chinese Control and Decision Conference, CCDC 2016, pp. 4483–4486, 2016, doi: 10.1109/CCDC.2016.7531792.

[1]

J. S. Perez Moreno, J. F. Pulido Pérez, and J. I. Palacios Osma, “Crowdfunding model as a source of financing for entrepreneurship and innovation projects in higher-education entities”, ing. Solidar, vol. 19, no. 3, pp. 1–31, Oct. 2023, doi: 10.16925/2357-6014.2023.03.08.

Download Citation

This work is licensed under a Creative Commons Attribution 4.0 International License.

Cession of rights and ethical commitment

As the author of the article, I declare that is an original unpublished work exclusively created by me, that it has not been submitted for simultaneous evaluation by another publication and that there is no impediment of any kind for concession of the rights provided for in this contract.

In this sense, I am committed to await the result of the evaluation by the journal Ingeniería Solidaría before considering its submission to another medium; in case the response by that publication is positive, additionally, I am committed to respond for any action involving claims, plagiarism or any other kind of claim that could be made by third parties.

At the same time, as the author or co-author, I declare that I am completely in agreement with the conditions presented in this work and that I cede all patrimonial rights, in other words, regarding reproduction, public communication, distribution, dissemination, transformation, making it available and all forms of exploitation of the work using any medium or procedure, during the term of the legal protection of the work and in every country in the world, to the Universidad Cooperativa de Colombia Press.

Issue

Vol. 19 No. 3 (2023)

Published

2023-10-18

Downloads

PDF (Spanish)

Metrics

Metrics Loading ...

https://plu.mx/plum/a/?doi=10.16925/2357-6014.2023.03.08