群眾募資之產業發展與經營模式分析

A Research of Industrial Development and Business Model Analysis of Crowdfunding

曾柏澔(Po-Hao Tseng)

指導教授 ： 郭瑞祥

共同指導教授 ： 陳忠仁(Chung-Jen Chern)

國立臺灣大學/管理學院/商學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.02412

摘要

自2008年Indiegogo以及2009年Kickstarter等網路群眾募資平台出現後，此種創新的募資模式從美國開始擴散至全世界，為一種「去中間化」且降低募資方與出資方雙方門檻的資金媒合方式，透過募資方展示理念或商品原型，來換取出資方的贊助，並於成功執行計畫後提供回饋給出資方。目前全世界據估計已經有超過500個以上的群眾募資平台，並依據回饋方式的不同，分為四種主要類型，分別為獎勵回報型、捐贈型、股權質押型、借貸型募資平台。

目前全世界募資產業處於快速成長階段，而進入門檻低，產業中競爭激烈，尚未出現足以通吃市場的贏家，但衍生生態圈已漸漸成形，各國也開始制定相關法規因應此種新募資方式。在台灣也已有約十個較具規模的募資平台，但相關法規尚未建立，也導致借貸型及股權質押型的平台難以建立和發展。

本研究希望藉由對產業資料的蒐集，了解群眾募資產業的發展情形以及其在募資市場上的定位，以及其作為平台中介網路，目前商業模式與策略中的缺點以及可能的改善方向。本研究從破壞性創新的觀點出發，來解析此種新型態募資方式與傳統創投模式的異同，另外透過平台中介網路及平台策略的觀點，將群眾募資平台作為多邊平台網路來進行質化分析。並透過商業模式圖的角度來解析募資平台的商業模式，將之與平台網路連結，欲提出群眾募資平台未來的商業模式改善策略。

關鍵字

群眾募資 ； 破壞性創新 ； 平台中介網路 ； 平台策略 ； 商業模式圖

並列摘要

Since crowdfunding platform Indiegogo founded in 2008 and Kickstarter in 2009, this innovative funding model has spread from the United States to the whole world, and it match the both side of the fundraising market through a disintermediation way and lower the entry barrier, the project creator could show their idea or the prototype of their product, to attract website users to pledge money, and provide rewards to these users after the project is successfully executed. It is estimated that there are over 500 crowdfunding platform in the world, and can be categorized into four primary types: reward-based、donation-based、equity-based、credit-based.

The crowdfunding industry is growing fast, the entry barrier is low and the competition is intense, the winner-take-all phenomenon is not remarkable, but the ecosystem is evolving gradually, and some countries start to make laws to regulate this new funding channel. There are about ten notable crowdfunding platforms in Taiwan, but relative laws haven’t been legislated yet, as a result, it’s hard to build and develop credit-based and equity-based platforms.

This research hopes to understand the current situation of crowdfunding industry and it’s positioning in the fundraising market based on the data collected. Additionally, this research aims to identify the weakness of the current business model and platform strategy of crowdfunding platform as a platform-mediated network, and present possible ways to improve. This research uses the concept of disruptive innovation to analyze the difference between this new fundraising model and the traditional venture capital model. Besides, this research uses qualitative method to analyze crowdfunding platform as a multi-sided network through the platform-mediated network and platform strategy point of view. Furthermore, this research combine platform network and business model canvas to analyze the business model of crowdfunding platform, aim to provide the improved strategies and business model.

並列關鍵字

Crowdfunding ； Disruptive Innovation ； Platform-mediated Networks ； Platform Strategy ； Business Model Canvas

參考文獻

1.Adner, R. (2002). When are technologies disruptive? a demand‐based view of the emergence of competition. Strategic Management Journal, 23(8), 667-688.

2.Anderson, C. (2006). The long tail: Why the future of business is selling less of more. Hachette Digital, Inc..

5.Christensen, C. M., Anthony, S. D., & Roth, E. A. (2004). Seeing what's next: Using the theories of innovation to predict industry change. Harvard Business Press.

9.Markides, C. (2006). Disruptive innovation: In need of better theory*. Journal of product innovation management, 23(1), 19-25.

11.Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation: A Handbook For Visionaries, Game Changers, And Challengers.