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Additionally five value dimensions are found to define the driving intention of participation in a crowdfunding project. 1. Financial Value: It is based on the individual’s return as a result of his/her investment. This is the strongest of all predictor variables. 2. Functional Value: According to the functionality of the project according to the supporter plays an important role in the intention to participate. 3. Social Value: Some people take part in a crowdfunding project for self-expression. This also motivates people to support projects. 4. Epistemic Value: It is not found to have a positive effect on the intention to invest. 5. Emotional Value: The feeling of enjoyment is a significant driver to invest (Harms 2007).
3. Global Intermediaries & Example Projects 4.6. Kickstarter (www.kickstarter.com): According to their website, the owners of Kickstarter describe themselves and what they are doing as a funding platform for creative ideas. This website has been launched on April 28, 2009. Since that time over $350 million has been pledged by more than 2.5 million people and more than 300.000 projects have been funded. So far, the most popular pledge for the projects has been 25$ and the average pledge is around $70. On the website, you can find designers, musicians, artists, filmmakers and people from many other professions searching for funding for their projects. They shoot videos, brainstorm for rewards to offer the backers and after they set a funding goal and deadline, they launch their projects and share it with the public. Kickstarter works on an all-or-nothing funding model. If the necessary amount is reached, all the money is withdrawn from the backers’ credit cards after the deadline. However, no one gets charged if the project falls short. Kickstarter allows projects related to Art, Comics, Dance, Design, Fashion, Film, Food, Games, Music, Photography, Publishing, Technology, and Theater to be present on its website. It only supports projects with a clear goal. It does not allow charity, cause or life-support projects. It also does not support financial returns or equity. Thus, backers cannot seek financial profit from the projects they fund. Kickstarter gets 5% of the funds collected for each project. There are legal requirements for creators, who cannot complete their projects as promised after receiving the funding. For the backers, Kickstarter offers four types of rewards. * Copies of the thing: the album, the DVD, a print from the show. These items should be priced what they would cost in a retail environment. * Creative collaborations: a backer appears as a hero in the comic, everyone gets painted into the mural, two backers do the handclaps for track 3. * Creative experiences: a visit to the set, a phone call from the author, dinner with the cast, a concert in your backyard. * Creative mementos: Polaroids sent from location, thanks in the credits, meaningful tokens that tell a story. (www.kickstarter.com) If we look at the statistics, we see that in all categories, almost all dollars spent on projects were successful. The success rate of projects at Kickstarter is an inspiring %43.62. Category | Launched Projects | Total Dollars | Successful Dollars | Unsuccessful Dollars | Live …show more content…
For example Kadıköy municipality used its 260 Million TL budget in 2008, where they spent around one fourth of it to new projects and infrastructure. Their income was around 200 Million TL in that year. A way of involving also the passive locals in the making of local environment and projects they are conducting researches with the local community on what to prioritize and the results of that is also attached in the figure below.
Figure 09. Priority list of project fields from a local community survey
In this research, there are some 10% of the people which provided no answer since they don’t know what to ask as priority from municipalities. Being able to contribute on the decisions of local project will also attract this group of people which are not aware of what is going on around them. Around 54% of the attendees give an answer of green site, sports, cultural and social projects and 35 % of the people said infrastructure, car park and road projects needs to be prioritized.
7.3. Global Benchmarks
There are also intermediary models created for government and local city projects in different countries. It seems that local projects got attention in northern Europe at most like Sweden and
3. Global Intermediaries & Example Projects 4.6. Kickstarter (www.kickstarter.com): According to their website, the owners of Kickstarter describe themselves and what they are doing as a funding platform for creative ideas. This website has been launched on April 28, 2009. Since that time over $350 million has been pledged by more than 2.5 million people and more than 300.000 projects have been funded. So far, the most popular pledge for the projects has been 25$ and the average pledge is around $70. On the website, you can find designers, musicians, artists, filmmakers and people from many other professions searching for funding for their projects. They shoot videos, brainstorm for rewards to offer the backers and after they set a funding goal and deadline, they launch their projects and share it with the public. Kickstarter works on an all-or-nothing funding model. If the necessary amount is reached, all the money is withdrawn from the backers’ credit cards after the deadline. However, no one gets charged if the project falls short. Kickstarter allows projects related to Art, Comics, Dance, Design, Fashion, Film, Food, Games, Music, Photography, Publishing, Technology, and Theater to be present on its website. It only supports projects with a clear goal. It does not allow charity, cause or life-support projects. It also does not support financial returns or equity. Thus, backers cannot seek financial profit from the projects they fund. Kickstarter gets 5% of the funds collected for each project. There are legal requirements for creators, who cannot complete their projects as promised after receiving the funding. For the backers, Kickstarter offers four types of rewards. * Copies of the thing: the album, the DVD, a print from the show. These items should be priced what they would cost in a retail environment. * Creative collaborations: a backer appears as a hero in the comic, everyone gets painted into the mural, two backers do the handclaps for track 3. * Creative experiences: a visit to the set, a phone call from the author, dinner with the cast, a concert in your backyard. * Creative mementos: Polaroids sent from location, thanks in the credits, meaningful tokens that tell a story. (www.kickstarter.com) If we look at the statistics, we see that in all categories, almost all dollars spent on projects were successful. The success rate of projects at Kickstarter is an inspiring %43.62. Category | Launched Projects | Total Dollars | Successful Dollars | Unsuccessful Dollars | Live …show more content…
For example Kadıköy municipality used its 260 Million TL budget in 2008, where they spent around one fourth of it to new projects and infrastructure. Their income was around 200 Million TL in that year. A way of involving also the passive locals in the making of local environment and projects they are conducting researches with the local community on what to prioritize and the results of that is also attached in the figure below.
Figure 09. Priority list of project fields from a local community survey
In this research, there are some 10% of the people which provided no answer since they don’t know what to ask as priority from municipalities. Being able to contribute on the decisions of local project will also attract this group of people which are not aware of what is going on around them. Around 54% of the attendees give an answer of green site, sports, cultural and social projects and 35 % of the people said infrastructure, car park and road projects needs to be prioritized.
7.3. Global Benchmarks
There are also intermediary models created for government and local city projects in different countries. It seems that local projects got attention in northern Europe at most like Sweden and