Abstract
The study examines the operations of Susu, which is a Ghanaian indigenous crowdfunding concept of fund mobilization in support of micro enterprises. The study further explores a typology of the Susu concept known as Yibima, which is an emerging concept, which has not been explored by existing literature. The key concepts of these indigenous crowdfunding models are critically considered and the study is conducted using qualitative research method. The study presents an inductive approach from data samples using Grounded Theory to develop a theoretical framework for the study. There was a constant comparison of analyzed data, grounded theory coding, observation and personal experience to come out with a theoretical view that Susu bears similarities with crowdfunding and that Yibima is a typology of Susu that has not been explored by other scholars. This assertion is reinforced by the application of inductive reasoning based on interview data. The findings, therefore, reveal that during Yibima campaigns, project initiators make a general appeal to the public (crowd) and these campaigns are launched on social media platforms and funds raised from such campaigns could be used as startup capital for business ventures or for supporting community projects. Following on the reviewed of existing literature and based on Grounded Theory from analyzed data, the study put forward a theory that Susu satisfies all the conditions to be classified as a crowdfunding concept. In addition, the findings also shows that Yibima satisfies the requirements to be a typology of the Susu as a concept.
Highlights
The study attempts to establish a link between Susu, which is an overarching form of indigenous crowd financing in Ghana and the modern-day concept of Crowdfunding (CF)
There was a constant comparison of analyzed data, grounded theory coding, observation and personal experience to come out with a theoretical view that Susu bears similarities with crowdfunding and that Yibima is a typology of Susu that has not been explored by other scholars
Findings and Discussions The evidence emerging from analyzed data suggests that earlier literature on the Susu concept is focused on it being a concept of microfinancing system in support of business ventures (Aryeetey, 2005; Anku-Tsede, 2013)
Summary
The study attempts to establish a link between Susu, which is an overarching form of indigenous crowd financing in Ghana and the modern-day concept of Crowdfunding (CF). In trying to achieve our aim, we reviewed the defining literature on Susu and crowdfunding concepts in detail and evaluated applications of these in practical terms. Existing research suggests that crowdfunding, just like Susu, serves as an alternative source of funding for most micro enterprises because of the inability of these micro enterprises to raise funds from the banks and other traditional sources. We introduced Yibima, a new definition of the concept, which has not been covered in literature and included it as a typology of the known Susu models. We categorized the research problem set for this study as follows: First, we aimed to study and explain Susu as a crowdfunding concept. We explored a justification for including Yibima as a typology of the Susu concept and provided a definition for it
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