Presentasi Crowdfunding_Arsyil Hendra Saputra

8/19/2019 Presentasi Crowdfunding_Arsyil Hendra Saputra

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Mata Kuliah: Lingkungan Pasar dan Moneter

Kelas: PPIM FEB UI – Keuangan Malam

CROWFU!I!": #! I!U$%RI#L

OR"#!I%IO! PER$PEC%I'EPaul Belle(lamme) %homas Lam*ert) + #rmin $,h-ien*a,her .une /0) 10/0

!ama: #rs2il 3endra $a4utra

!PM: /506678019


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Arsyil Hendra Saputra | PPIM Keuangan – Universitas Indonesia

I!%ROUC%IO!

Music Industry

Internet-based record labels:

SellaBand, MyMajorCompany atau ArtisShare Business model:

artists can post a number of songs on a website !isitors to the site can then listen to the music free and may

choose artists they want to in!est on "with a minimum pledge# when artists reach a threshold pledge, the company use the

money to produce and distribute their album in!estors are either compensated by recei!ing a share of the

re!enues from the album, or are rewarded by ha!ing pri!ileged

access to the creati!e process or by being credited on the album$

%ther industries:

&ournalism "Spot$'s#, beer "BeerBan(roll#, software "Blender

)oundation, *rampoline Systems# and fashion "Cameesa#


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---m2ma;or,om4an2,om


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Instead of raising the money from a !ery small group of sophisticated

in!estors, entrepreneurs try to obtain it from a large audience, where each

indi!idual will pro!ide a !ery small amount$

I!%ROUC%IO!


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0 Associate crowdfunding with pre-ordering and price discrimination,

and the conditions under which crowdfunding is preferred to

traditional forms of e1ternal funding0 Crowdfunding as a way to ma(e a product better (nown by the

consumers and we gi!e some theoretical underpinning for the

empirical finding that non-profit organi2ations tend to be more

successful in using crowdfunding$

hat is e1actly crowdfunding3 hat are the particular aspects of crowdfunding that ma(e it

interesting to study from an industrial organi2ation perspecti!e3 hich strands of the literature could we use to study the issues

raised by the practice of crowdfunding3

*o Identify a number of issues related to crowdfunding that are

worth studying from an industrial organi2ation perspecti!e$

"O#L

/

*o propose some preliminary efforts towards the

modeli2ation of crowdfunding1


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EFI!I%IO! OF CROWFU!I!"

+Crowdsourcing ta(es place when a profit oriented firm outsources specific

tas(s essential for the ma(ing or sale of its product to the general public

"the crowd# in the form of an open call o!er the internet, with the intention

of animating indi!iduals to ma(e a 4!oluntary5 contribution to the firm/s

production process for free or for significantly less than that contribution is

worth to the firm$

6efinition 7

Crowdfunding in!ol!es an open call, essentially through the Internet, for the

pro!ision of financial resources either in form of donation or in e1change for

some form of reward and8or !oting rights$

6efinition 9


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#%#

*he authors hand-collected data from !arious sources on all possible

crowdfunding initiati!es that they could identify on the Internet$ 6ata collection too( place end of 9; and early 97$ Since there is no database a!ailable or e!en listing, the authors relied on

the Internet to construct their sample$ *he focus was on crowdfunded !entures and projects, which largely

e1cludes all initiati!es made by artists$ In total, they identified


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$UMM#R> $%#%I$%IC$

emogra4hi,s: .=$.@ of the initiati!es are from the 'nited States and

;@ from urope$

%24e o( organi?ational (orm: out of the = crowdfunding initiati!es forwhich the information was a!ailable, 9. are connected with a specific

project only, 7< stem from for-profit companies, < stem from non-profit

associations, and 7 is the wor( of an indi!idual$ Cro-d(unding is a re,ent 4henomenon: o!er


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$UMM#R> $%#%I$%IC$


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FROM I!U$%RI#L OR"#!I%IO! PER$PEC%I'E

Crowdfunding is not just about fundingit is also about information$/

Crowdfunding is a peculiar form of funding,

with customers as in!estors$1

Gon-profit organi2ations tend to be more successful

in using crowdfunding$9


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CROWFU!I!") PRE$#LE #! ME!U PRICI!"

e focus on crowdfunding e1periences where consumers are in!ited to pre-

order the product$

)or the firm to be able to launch production, the amount collected throughpre-ordering must co!er the fi1ed cost of production$

*he firm prefers therefore that the consumers who pre-order are those with a

high willingness to pay for the product$ Howe!er, a firm is generally unable to identify these consumers$ *he firm must then use some self-selecting de!ice so as to induce high-

paying consumers to re!eal themsel!es$ *he sort of community e1perienceE that web-based crowdfunding offers may

be a means by which the firm enhances the percei!ed >uality of the product

for the consumers who agree to pre-order it$


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MOEL


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C3OICE OF FU!I!" ME%3O

)or @er2 large !alues of the fi1ed cost neither e1ternal funding nor

crowdfunding allows the firm to enter the mar(et in a profitable way$ )or large !alues of the fi1ed cost, only e1ternal funding allows the firm to

enter profitably$ )or intermediate !alues of the fi1ed cost, crowdfunding is preferred to

e1ternal funding$ )or small !alues of the fi1ed cost, crowdfunding is preferred to e1ternal

funding$

In situations where a firm can use crowdfunding and pre-

sales to induce self-selection of high paying consumers,

crowdfunding is 4re(erred o!er e1ternal funding if the

dis,ount (a,tor is large enough and the (ied ,ost of

production is not too large$

Jroposition 7


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CROWFU!I!") PROUC% I!FORM#%IO! #! !O! PROFI% $%#%U$

In situations where crowdfunding is used to re!eal their preference to theconsumers regarding the hori2ontal attribute of a product, crowdfunding is

more li(ely than e1ternal funding to lead to the choice of the non-profit status

if the cost of pro!iding higher >uality is small enough and if the degree of

hori2ontal product differentiation is large enough$

Jroposition 9


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%3#!K >OU


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%he net 4ro(it under eternal (unding

%he net 4ro(it under eternal (unding


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Pro4osition /

Pro4osition 1

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Presentasi Crowdfunding_Arsyil Hendra Saputra