The crowdfunding model, collective intelligence, and open innovation

In recent years, crowdfunding has attracted the attention of tech startups. It has become a good alternative way to readily raise funds, especially during the early startup stages. However, in the case of mass intelligence, it is quite difficult to ensure the accuracy and reliability of knowledge. I...

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Bibliographic Details
Published in:Journal of open innovation 2021-09, Vol.7 (3), p.1-14, Article 196
Main Authors: Pyo, Sangjae, Ma, Hyoung Ryul, Na, Sumi, Oh, Dong-Hoon
Format: Article
Language:English
Subjects:
Asymmetry
Attitudes
collective intelligence
Crowdfunding
Decision making
Digital storytelling
Engineers
Entrepreneurial finance
fund-raise
Funding
Hypotheses
individual investor
Information technology
Innovations
Intelligence (information)
investment
open innovation
Perceptions
Scientists
Social psychology
Startups
Success
technology
Technology Acceptance Model
Technology adoption
Trust
User behavior
Variables
Venture capital
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Summary:In recent years, crowdfunding has attracted the attention of tech startups. It has become a good alternative way to readily raise funds, especially during the early startup stages. However, in the case of mass intelligence, it is quite difficult to ensure the accuracy and reliability of knowledge. Individual investors who are not experts in science and technology often face difficulties investing in technology companies. In this regard, a new type of collective intelligence formed by accredited professionals needs to be attempted. This paper explores an alternative crowdfunding model for enhancing access to technology investments by the general population through an investor acceptance model. We developed an investor acceptance model to examine how the crowdfunding model involving scientists and engineers is adopted by individual investors using survey data from the general population. The results revealed that individual investors have a positive attitude towards investing through the crowdfunding model when they perceive that the information provided by a group of scientific experts is useful. We found that the perceived usefulness of the information from scientists and engineers is affected by the perceived quality of the information and perceived credibility of the scientists and engineers. We also suggest a basic concept for the crowdfunding model utilizing the collective intelligence of scientists and engineers for tech startups. The results could suggest a policy direction for promoting innovation.
ISSN:2199-8531
2199-8531
DOI:10.3390/joitmc7030196