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A Study on Resource Allocation and Competitive Strategies of Crowd-Funding Platform
trust pyramid theory
Internet consumer confidence
Crowdfunding is a new Internet industry in Taiwan in recent years. Startups and investors can be matched together on these platforms. Startup teams show their fundraising projects on crowdfunding websites, so that everyone can view these projects and back what they like. This operating model enables startup teams to raise small capital from the crowd, instead of collecting money from venture capital or angel investors. This way, which has more possibility to make dreams come true than traditional fundraising way, can not only raise money easily but also do market research. However, more and more companies and big organizations also come to crowdfunding websites to raise money, and these projects generally have high quality and abundant enterprise resource. Comparing to fundraising projects from startup teams, the former has greater ability to build consumer confidence. This research collected 1,183 fundraising projects from six Taiwanese comprehensive crowdfunding websites, flyingV, ZECZEC, HereO, Fuudai, WeBackers and DIT funding as research objects. We used secondary data analysis, observing method and in-depth interview to examine whether resource difference would result in difference of fundraising performance. We also discussed the factors and strategies for startup teams and crowdfunding websites in face of this situation. According to the research findings, comparing to the fundraising projects from startup teams, both the goal and actual fund of big companies’ projects were significantly higher than the former. We also used the Trust Pyramid Theory (Dayal, 1999) to analyze the reason why big companies’ projects could build consumer confidence better. Merchant Legitimacy, Tone and Ambience, Customer Control and Customer Collaboration were four advantages of projects from big companies. On the other hand, Tone and Ambience was advantage of projects from startup teams. In face of this situation, there were seven competition strategies for startup teams: enhance project completeness, the importance of interpersonal relation, the project characteristics, the interaction with target audience, fundraising timing, special sponsor events and project variety. As for crowdfunding platforms, research suggested that they could set a group especially for startup teams’ projects to protect them from harsh competitiveness of free market mechanism.
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