Philippine E-Journals

Enhancing Crowdfunding Potential through Lived Experiences of Entrepreneurs

Kimbearly R. Cheng

 

Abstract:

This research qualitatively investigated and analyzed lived experiences of entrepreneurs who successfully crowdfunded their ventures to enhance aspects of crowdfunding that amplify its potential of achieving funding success. Profiles, perceptions, and expertise of purposively selected enterprising individuals who effectively used the mechanism within the last six years were obtained. The findings showed that local crowdfunding is successfully utilized for the formation of small-scale startups and businesses by young, educated, and socially-aware entrepreneurs with substantial support networks. Furthermore, imposed funding limits, credibility issues, effective crowd engagement, and efficient handling of crowdfunding activities are identified as aspects in need of enhancement to increase crowdfunding success. Contributing to the augmentation process were four emergent themes based on propounded realistic information namely; the equal valuation of local crowdfunding’s marketing and funding activities, the integral role of first-degree contacts, the focus on crowd engagement, and the determination of the tool’s complexities, all leading to the creation of a realistic crowdfunding-specific policy for entrepreneurial use. Therefore, it is suggested that locally, being in a certain age bracket can contribute to crowdfunding success, that crowdfunding is highly valued for its marketing capability, that personal contact during the course of the campaign period is the foremost activity contributing to fundraising achievement, and that crowdsourcing is an efficient way to alleviate crowdfunding difficulties.