Post campaign performance of reward-based crowdfunded business ventures: a UK study
Ulster University
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Background: Crowdfunding has become an increasingly important alternative financing method for start-ups and small entrepreneurial business ventures in recent years. In Europe alone, this market grew by 36% in 2017 from €7.67billion to €10.44billion, with the UK accounting for 68% of total volume growth (Ziegler et al., 2019). Unsurprisingly, this growth has attracted much scholarly attention. To date, much of the published research in this domain has concentrated on the performance of crowdfunding campaigns.
Resultantly, the factors that influence campaign success across the various models are now at least partially known and include campaign attributes, crowdfunder characteristics and crowdfunding platform related factors (Kaartemo, 2017). However, knowledge relative to the post campaign phase and the performance of crowdfunded ventures over the longer-term remains limited (i.e. what happens after a successful campaign?), despite several calls for further research (Pollack et al., 2019; Short et al., 2017; McKenny et al, 2017; Macht and Weatherston, 2015).
The existing research in this area focuses primarily on exploring the post campaign scenarios and determinants in equity based crowdfunded firms (Eldridge et al 2019; Hornuf et al, 2018; Signori and Vismara, 2018; Walthoff-Borm et al., 2018). Only a handful of studies have investigated the longer-term performance of reward based crowdfunded ventures and these have mainly focused on the implications for follow-on-funding, in the US context (Mollick et al., 2014; Drover et al., 2017; Roma et al., 2017). However, it is well established that crowdfunding and reward-based crowdfunding in particular, can be an important value-enhancing tool in itself, capable of influencing various functional areas including research and development, marketing, operations and management.
Engagement with reward-based crowdfunding thereby, offers important learning opportunities for entrepreneurs and the potential benefits from engagement are likely to have longer-term consequences for the entrepreneurs and their associated business ventures. Thus, impacting their overall operations and ability to transition into a viable business venture, which is the ultimate goal of any entrepreneurial financing approach. Therefore, the longer-term performance of reward-based crowdfunded ventures in the UK context, remains an under investigated area.
Scope: This research study will seek to fulfil this gap and aims to examine the post campaign performance of reward based crowdfunded business ventures in the UK context. Adopting a mixed methodology, it will seek to address the following objectives:
i)Investigate the longer-term outcomes of reward based crowdfunded business ventures in the UK
ii)Identify the key factors that influence the longer-term performance (successes and failures) of reward based crowdfunded business ventures
Contributions: The research will 1) offer practical managerial recommendations for nascent entrepreneurial business ventures on how best to leverage crowdfunding to support growth and development, 2) provide practical recommendations for crowdfunding platforms regarding the creation of purposeful ecosystems that support firms in leveraging crowdfunding inputs over the medium to long-term and 3) provide policy recommendations for cost-effective complementary support mechanisms aimed at improving the performance of crowdfunded firms, which will play a critical role in driving economic recovery post COVID-19.
The University offers the following awards to support PhD study and applications are invited from UK, EU and overseas for the following levels of support:
Full award (full-time PhD fees + DfE level of maintenance grant + RTSG for 3 years).
This scholarship will cover full-time PhD tuition fees and provide the recipient with £15,500 (tbc) maintenance grant per annum for three years (subject to satisfactory academic performance). This scholarship also comes with £900 per annum for three years as a research training support grant (RTSG) allocation to help support the PhD researcher.
Part award (full-time PhD fees + 50% DfE level of maintenance grant + RTSG for 3 years).
This scholarship will cover full-time PhD tuition fees and provide the recipient with £7,750 maintenance grant per annum for three years (subject to satisfactory academic performance). This scholarship also comes with £900 per annum for three years as a research training support grant (RTSG) allocation to help support the PhD researcher.
Fees only award (PhD fees + RTSG for 3 years).
This scholarship will cover full-time PhD tuition fees for three years (subject to satisfactory academic performance). This scholarship also comes with £900 per annum for three years as a research training support grant (RTSG) allocation to help support the PhD researcher.
The scholarship will cover tuition fees at the Home rate and a maintenance allowance of £ 15,500 (tbc) per annum for three years (subject to satisfactory academic performance). EU applicants will only be eligible for the fee’s component of the studentship (no maintenance award is provided). For Non-EU nationals the candidate must be "settled" in the UK. This scholarship also comes with £900 per annum for three years as a research training support grant (RTSG) allocation to help support the PhD researcher.
Due consideration should be given to financing your studies; for further information on cost of living etc. please refer to: www.ulster.ac.uk/doctoralcollege/postgraduate-research/fees-and-funding/financing-your-studies
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