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Abstract
In recent years, crowdfunding has attracted the attention of tech startups. It has become a good alternative way to readily raise funds, especially during the early startup stages. However, in the case of mass intelligence, it is quite difficult to ensure the accuracy and reliability of knowledge. Individual investors who are not experts in science and technology often face difficulties investing in technology companies. In this regard, a new type of collective intelligence formed by accredited professionals needs to be attempted. This paper explores an alternative crowdfunding model for enhancing access to technology investments by the general population through an investor acceptance model. We developed an investor acceptance model to examine how the crowdfunding model involving scientists and engineers is adopted by individual investors using survey data from the general population. The results revealed that individual investors have a positive attitude towards investing through the crowdfunding model when they perceive that the information provided by a group of scientific experts is useful. We found that the perceived usefulness of the information from scientists and engineers is affected by the perceived quality of the information and perceived credibility of the scientists and engineers. We also suggest a basic concept for the crowdfunding model utilizing the collective intelligence of scientists and engineers for tech startups. The results could suggest a policy direction for promoting innovation.
Highlights
Access to finance is one of the most important factors in supporting the innovation process of startups toward the maturity phase [1]
We developed the research framework consisting of seven variables and validated it through a structural equation model based on the survey
The perceived usefulness of information is determined by the perceived quality of information and the credibility of scientists and engineers
Summary
Access to finance is one of the most important factors in supporting the innovation process of startups toward the maturity phase [1]. Corporate venture capital is more likely to invest in companies with potentially lower information costs [3]. In recent years, crowdfunding has emerged as a new way to finance businesses for which it is difficult to set up an investment fund because of their innovative character [2,4,5]. Crowdfunding is defined as “the practice of obtaining needed funding by soliciting contributions from a large number of people, especially from the online community”, according to the Merriam-Webster dictionary [6]. Crowdfunding is a unique way of raising money promoted by an increasing number of internet sites [4]. According to a recent study, companies with successful crowdfunding show good economic performance and employ-
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