Crowdfunding and Crowdsourcing Platforms: A Study of IT-Enabled Funding Mechanisms for Startups
DOI:
https://doi.org/10.53983/ijmds.v13n6.003Keywords:
Crowdfunding, Crowdsourcing, IT-enabled Platforms, Startup Funding, BlockchainAbstract
This research explores the transformative impact of IT-enabled platforms on startup funding through crowdfunding and crowdsourcing. Crowdfunding, encompassing reward-based, equity-based, donation-based, and debt-based models, alongside diverse crowdsourcing approaches such as idea generation and microtasking, has revolutionized access to capital and innovation. The study examines the historical evolution of these platforms, contrasting traditional funding mechanisms with modern IT-driven solutions, and highlights key milestones in their development. Emphasizing the role of technology, including social media, blockchain, and AI, the research investigates how these tools enhance the effectiveness and reach of crowdfunding and crowdsourcing. The economic and social impacts, including benefits to startups and community engagement, are analyzed through case studies of both successful and failed campaigns. Additionally, the study addresses regulatory challenges, risks, and the global perspective, offering insights into future trends and opportunities in this dynamic field.
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