2016 Fiscal Year Annual Research Report
Exploring Crowdfunding Potential for Promoting Regional Small Businesses in Japan
| Project/Area Number |
15H03378
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| Research Institution | Kobe University |
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Principal Investigator |
ADHIKARY B.K. 神戸大学, 経営学研究科, 特命准教授 (40512976)
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| Co-Investigator(Kenkyū-buntansha) |
忽那 憲治 神戸大学, 科学技術イノベーション研究科, 教授 (00275273)
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Keywords | クラウドファンディング / ベンチャー企業 / スタートアップ / 家族経営 / 地方銀行 / 地方創生 |
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| Outline of Annual Research Achievements |
In the FY 2016-17 (second year), We collected financial and non-financial information from the crowdfund backed-firms in Japan taking a list of firms that received crowdfunding from Music Securities, a crowdfunding platform in Japan. We collected fund related information from 154 companies. This was one of our key objectives in FY 2016-17, and We did it successfully. Our second objective was to model the relationship between VC firms, crowdfunding platforms, and investee firms to promote startups. In doing so, I visited crowdfunding platforms in Malaysia and venture capital firms in Bangladesh. Besides, I designed a questionnaire and interviewed small firms in India and Bangladesh and collected primary information on various aspects of financing. I used all those information to design a framework for financing startups with the participations of venture capitalists. Another objective in the FY2016-17 was to explore the potential of creating derivative securities (debt instrument, asset securitization) by crowdfunding platforms and link it with the stock markets. In this regard, I reviewed theories and empirical literature on financing innovations and startups through partnerships of various institutions. In fact, I proposed a model where crowdfunding platforms can create an asset-backed security and sell it in the traditional stock market by creating a separate institution called special purpose vehicle.
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| Current Status of Research Progress |
Current Status of Research Progress
2: Research has progressed on the whole more than it was originally planned.
Reason
In the FY 2016-17 (2nd year), my plan was to collect financial and non-financial information from the crowdfund backed-firms in Japan. Besides, my plan was to model the relationship between VC firms, crowdfunding platforms, and investee firms to promote startups. To this tune, I collected fund related information from 154 companies that obtained funds from Music Securities in Japan. I also interviewed crowdfunding platforms in Malaysia, obtained hand-collected information from small firms in India and Bangladesh. As a whole, I carried out my plan smoothly in the FY 2016-17.
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| Strategy for Future Research Activity |
In FY 2017-18, I have planned to publish a book on “Understanding Crowdfunding: Concepts, Models, Trends, Cases, and Lessons with a Special Reference to Japan” and to publish a paper on “Exploring the link between VCs, local banks, and crowdfunding platforms to promote regional startups”. To this tune, I have already collected some primary information from VCs and local banks, and designed a model for integrating VCs, local banks, and crowdfunding platforms in promoting innovation financing. I have planned to present the above paper in a conference in Thailand, Japan, and Bangladesh. Further, I have planned to visit some family firms in Bangaldesh to understand the suitability of crowdfunding for those firms. I have also planned to present my findings in the University of Buckingham, U.K.
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