The taxonomy of Crowdfunding - An actualized overview of the development of internet crowdfunding models
Abstract: Crowdfunding challenges century long boundaries between the public, the industry and innovation. In that respect the phenomenon holds the potential to decentralize and democratize the way ventures are financed and realized. Crowdfunding has seen a lot of exiting developments during the last few years, partly because of new crowdfunding platforms emerging on the internet, and partly because of new ground-breaking technology being used for funding purposes. Meanwhile research has not quite catched up with the recent developments of different models for crowdfunding. This study’s aim is therefor to give an comprehensive overview of the different models of crowdfunding that are being utilized by crowdfunding platforms on the internet today. A deductive content analysis has been made of 67 current crowdfunding platforms. The platforms have been analysed in order to determine what model of crowdfunding they utilize. The result has, apart from partly confirming prior studies, also produced new exiting findings on what mechanisms constitute some of the crowdfunding models we see today. A new taxonomy of crowdfunding models is discussed and proposed. The conclusion is that the need for a updated taxonomy, like the one this study provides, was well needed in order to understand the field. One important finding is that blockchain technology has produced a new form of crowdfunding through cryptocurrency: Initial coin offering. That particular area will likely develop and continue to decentralize and democratise the economical human interaction when it comes to financing.
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