Agrawal, A., Catalini, C., & Goldfarb, A. ( 2011). The geography of crowdfunding. NBER Working Paper, No

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8 Appendices Appendix A - Crowdfunding Growth Development Appendix Figure : Growth of Crowdfunding Platforms (Statista, 204) Appendix Figure 2: Worldwide Crowdfunding Volume (Statista, 204) 77 N. Scholz, The Relevance of Crowdfunding, DOI 0.007/ , Springer Fachmedien Wiesbaden 205

9 Appendix B - Overview of Selected Reward-Based Crowdfunding Platforms Characteristics Buzzbnk is a platform for social enterprises and other ventures persuing social change. It allows fundraisers to set milestones that breaks the overall target into interim steps while all funds can be kept after reaching the first milestone. Backers can also pledge their time and support next to money in the form of writing a blog or sharing the campaign via their own website. As the sister site of Crowdcube, an equity based-platform, Crowdfunder is the UK's largest Crowdfunding network which merged with Peoplefund.it in 202. The website allows any type of project looking for funding. Specialised Crowdfunding platform on (hardware) products and designdriven businesses looking to take their ideas to market through prepurchase of the Crowd. The platform works on an 'all-or-nothing-rule' and projects are vetted for their feasability before going online. Indiegogo is a global fundraising site that hosts any type of Crowdfunding project, e.g. film, music, technology, personal causes, charity, gaming, etc. Next to the 'all-or-nothing-rule' it offers the opportunity to keep the money raised from a campaign that does not reach its goal. Cumulated Funded Projects Cumulate d Pledges 80 sociallyand environment ally minded over projects n.a. n.a. n.a. n.a. n.a. n.a. Website Platform Country Founded Buzzbnk UK, 20 Crowdfunder UK, 20 Crowdrooster UK, 203 IndieGogo USA, 2008

10 Kickstarter is the world's largest funding platform for any type of project, everything from films, games, music, design and technology. To create a campaign, you must have citizenship in the US or UK, Canada, New Zealand, Australia or the Netherlands. Funds raised can only be kept if the funding goal is met ('all-or-nothing-rule'). Kickstarter USA, 2009 RocketHub is an open community platform and open to any kind of project. It exhibits a more social concept beyond funding projects such as options to vote for projects and earn badges on the site for special promotion purposes. Fundraisers can keep all the money raised. ca. 6.6m over projects people have pledged $ billion n.a. n.a. RocketHub USA,

11 Appendix C - Interview Guide Questions for Crowdfunding Projects Who (team/product): When: Where: Length (ca minutes): Brief Background: I am Nadine Scholz, a Master student in the programme Innovation Management and Entrepreneurship at Manchester University, UK. I am researching the relevance and impacts of Crowdfunding on the innovation process of small entrepreneurial firms in developed countries. I invite you to be part of this research through an interview to contribute to a better understanding of the Crowdfunding phenomenon and generation of valuable findings for start-up founders and stakeholders. Thank you very much for your co-operation and time! A. General Part. Could you please briefly specify what makes you and your team entrepreneurial and how your personal environment supports you? 2. Can you please describe your reasons/motivations to use Crowdfunding over traditional financing methods? 80

12 3. Which factors influenced your choice of the used Crowdfunding platform? 4. Can you please explain in which development state your idea was when you used Crowdfunding? B. The Crowdfunding Impact B. The Role of the Backers 5. Can you please explain how your project benefited from the 'collective wisdom' of the Crowd as a resource (e.g. finance, knowledge, feedback, networks, etc.)? 6. How do you see the role of your backers in creating a link between potential customers and your good idea for subsequent product launch? How do you interact with them and what are the difficulties in interacting with them? B.2 Your Crowdfunding Campaign 7. Can you please explain how you involved your Crowdfunding community in terms of co-creation in new product development (e.g. in the concept, design, etc.)? 8. Could you please describe the development progress of your product during and after your campaign? What difficulties did you face? 9. Please elaborate on the main benefits and challenges in realising product launch with respect to Crowdfunding? How did you overcome these challenges? Can you provide examples? 0. Could you please describe the progress during and after your campaign in terms of the development of backer numbers? How were your pre-orders/sales affected by Crowdfunding? 8

13 B.3 Post Crowdfunding Campaign. How did Crowdfunding impact scaling-up your business after the campaign in terms of managing resources (e.g. customers, sales, product diversification, knowledge)? How did you manage business growth in terms of the transition to other financing instruments? 2. Can you please specify how Crowdfunding affects your cost and revenue streams in the innovation process? C. Finishing Questions 3. Please explain three key factors that facilitated and hindered the process of launching your innovation with respect to Crowdfunding? 4. Can you see Crowdfunding as an equal financing instrument to traditional ones such as Venture Capital or Angel investment? Questions for Crowdfunding Experts Who (team/product): When: Where: Length (ca minutes): Brief Background: I am Nadine Scholz, a Master student in the programme Innovation Management and Entrepreneurship at Manchester University, UK. I am researching the relevance and impacts 82

14 of Crowdfunding on the innovation process of small entrepreneurial firms in developed countries. I invite you to be part of this research through an interview to contribute to a better understanding of the Crowdfunding phenomenon and generation of valuable findings for start-up founders and stakeholders. Thank you very much for your co-operation and time!. Can you please explain Crowdfunding's main functions in bringing innovations to the market? 2. How do you see the role of backers in creating a link between potential customers and the entrepreneur's good idea for innovation commercialisation? 3. Could you please explain the main benefits and challenges of a Crowdfunding campaign regarding the innovation process? 4. How does Crowdfunding potentially impact and change the typical innovation cycle? 5. In your view, how can Crowdfunding potentially impact and change the typical innovation adoption cycle? 6. Can you please explain from your perspective, how Crowdfunding impacts scaling-up the business after a Crowdfunding campaign and how it changes the way resources are managed? 7. What is your future perspective on Crowdfunding? Can you possibly see Crowdfunding as an equal financing instrument to traditional ones such as VC? 83

15 Appendix D - Overview of Interviewees Type Crowdfunding Projects Crowdfunding Experts Interviewee Project Type/ Company Type Location Size Year A Co-founder, COO consumer small UK electronics company 202 new B Co-founder technological Germany start-up 203 design C Co-founder consumer small USA electronics company 202 D Co-founder consumer recently USA electronics founded 204 E Founder consumer recently USA electronics founded 204 Chamber of A Start-up consultant Industry and Commerce Germany Munich B PhD Researcher in Crowdfunding University France C Venture Capitalist Investor UK D Crowdfund Research Specialist Capital and academic Advisors USA 84

16 Appendix E Overview of Kickstarter Projects for Quantitative Analysis Length Project Company Country Year Total # backers $ goal Total $ pledges (days) total # comments RigidBot 3D Printer Invent-A-Part Provo, UT, USA May-3 45,952 3,500,092,098 2,693 2 Lix- Smallest 3D Printer Lix London, UK May ,030 30,000 73, Plug: the brain of your 3 devices CGC team Newark, USA Sep ,840 69,000,229,074 2,369 4 Neptune Pine Smartwatch Neptune Montreal, Canada Dec ,839 00,000 80,224 9,328 5 Circuit Scribe ElectronInks Urbana, IL, USA Jan ,277 85, , Pixelstick Bitbanger Labs NY, USA Dec ,7 0, , remee Bitbanger Labs NY, USA May ,557 35, ,89 77 Bethesda, MD, 8 The Micro: 3D Printer M3D USA May-4 30,855 50,000 3,40,36 4,292 9 FlyKly Smart Wheel FlyKly NY, USA Nov-3 4 2,358 00,000 70, SmartThings SmartThings Minneapolis, USA Sep , ,000,209,423 2,567 Nifty MiniDrive NiftyDrives Manchester, UK Aug ,805, ,39,30 85

17 2 AirDog Helico Aerospace Ind. Palo Alto, USA Jul-4 40, ,000,368, Kano Kano London, UK Dec ,387 00,000,522, Scrooser Scrooser Manufactory Dresden, Germany Jul ,000 86, tado cooling Tado Inc. Munich, Germany Jun-4 30,60 50, , The Pocket TV Infinitec Dubai, UAE Jul ,64 00,000 50,32,77 7 Pebble E-Paper watch Pebble Technology Palo Alto, USA May ,928 00,000 0,266,844 5,63 8 Dash - Wireless Headphones Bragi LLC Munich, Germany Mar , ,000 3,390,2 4,943 9 GameStick GameStick San Francisco, USA Feb ,69 00, ,658 4, Pono Music PonoMusic Team San Francisco, USA Apr , ,000 6,225,354 2,46 Mean ,247 40,075,786,93 3,299 Project data is taken from 86