Micro-financiación Colectiva: Negocio o filantropía?

Transcription

1 Micro-financiación Colectiva: Negocio o filantropía? Javier Ramos Ateneu Barcelones Barcelona 28/05/2013 1

2 Si te conceden un sólo deseo, pide una idea Percy Sutton activista pro derechos humanos norteamericano y abogado defensor de Malcon X 2

3 la inteligencia del conjunto es siempre superior a la suma de las inteligencias individuales Peter Senge The fifth Discipline (Director del Centro de Aprendizaje Organizacional de la Sloan School of Management y fundador de la Society for Organizational Learning) 3

4 Defining Crowdfunding Crowd-funding seeks to collect money for investment through the Internet, but instead of raising the money from a very small group investors, the idea is to obtain funds from a large audience ( the crowd"), where each individual provides small amounts of money. Crowd-funding involves an open call for the provision of financial resources either in the form of donations, rewards or profits in order to support initiatives for specific purposes Belleamme Lambert & Schwienbacher, (2012) 4

5 CF exploits the capabilities of social networks ("viral networking and marketing ), which enables the mobilisation of a large number of users in specific Web communities within a relatively short time period (Hemer, 2011). Three elements i) fund-raising - collecting money from a high number of backers and donors in exchange for rewards (monetary and non-monetary), ii) Internetbased system iii) Wisdom of the crowd, or customer s capacity to participate in the process of product creation, improvement and diffusion 5

6 Networked Information Society Blenker (2006) The Wealth of Networks Economy increasingly dependent on the richness of networks and the efficiency of connections (Viral Economy) Networks organized in a radically more decentralized pattern than never before. Shift from hierarchies to networks, which allow better coordination and cooperation This patterns of production have increased the importance of non-market and non-proprietary production, which threatens the incumbents of the industrial society. 6

7 Ethic economy or traditional business by other means? Challenge the ethic code of the homos economicus maximising-profits by using rational calculations. Ethic economy where fairness, cooperation and solidarity matter and gains poignancy among large segments of the population Backers do accept rewards others than just equity or interest rates (being part of a venture to identify with). Entrepreneurs retain full control of the idea and its implementation and they can test the popularity of a project 7

8 71% of the launched projects and campaigns are based on donation and sponsorship and 16% are equity for-profits projects in USA (ipled,). Moreover, philanthropic organizations are more successful in achieving their funding targets because they are more flexible in maintaining a quality-quantity mix. They put less emphasis on profit making than on quality products or services if quality comes at the expense of quantity (Lambert and Schwienbacher, 2010). 8

9 Business by other means Entrepreneurship, rather than philanthropy, is the central motivation in CF expansion. True donations are only the strongest motivation for 12% of entrepreneurs, followed by active investment (32%) and passive investment (56%). Most use crowdfunding for Raising money (90%), or to get public attention (85%) and obtain feedback for their product and services (60%) (Lambert and Schwienbacher, out of the 50 highest funded projects in Kickstarter have turned into entrepreneurial firms (Mollick, 2013) 9

10 Equity CF platforms have grown 80% and it is expected to grow at a rate of 63%, while lending-based platforms are growing at a rate of 78% Philanthropic projects show the slowest growing of the ranking at 43%, (Massolution, 2012) Some CF platforms are evolving away from its original purpose. Kickstarter has been accused of deviation because it is involving big companies that use crowdfunding to raise money for their projects at the expense of small business and individual creators (Stone, 2012) 10

11 It is what Surowiecki (2004) called wisdom of the crowd (The inteligent minds the group for the benefits of each individual) But Kleemann (2008) referred to as working consumers (Another phase in the process of proletarisation at the global scale). 11

12 Crowdfunding in figures There are 452 CF platforms active worldwide, which have raised almost $1,5 billion and funded more than 1 million campaigns. CF forecasts $5,1 6 billion in 2013 In Spain, 21 CF has attracted to raise projects (cover rate 28,4%- 400 m) of which have raised 2825 CF projects, which have created 7500 direct crowd-jobs in This volume represents just 1,61% of the total target budget. 12

13 Crowdfunding in Figures World 452 CF platforms 1 million CF projects $1 trillion budget capital Spain 21 CF platforms 2825 CF projects $ 600/ 400 mil budget capit invested $1,5 billion Potential investors from 2 to over 50 millions (1,61%- 400 m) 7500 crowd-jobs (1 crowd-job every 679,2 ) crowdjobs if 100% 13

14 Crowd-jobs in Spain Cultural and entertainment (87,1%). Technology, innovation and internet (4,5%), Social sectors (4,1%), Entrepreneurship, start-ups (3,9%) Education (0,6%) 14

15 still some unknows Lack of accountability. CF are a intermediary - the responsibility in case of fraud diminishes Taxation: harmonisation or tax competition Fraud Bogeyman. A fear to a phantom that emerges from the shadow to steal all of our money via crowdfunding National, European o global Legislation Role of Public Institutions 15