Online Crowdfunding as Academic Grants: A Systematic Literature Review
Keywords:Academic Research, Crowdfunding, Funding, Malaysia,
AbstractFunding is one of the main factors for academic researchers to achieve success throughout their academic career. The traditional method of requesting research grants from corporations (through research and development departments) and government (primarily carried out through universities and specialized government agencies) takes a long time to process, and in addition, the competition is fierce. The review is carried out by performing a systematic literature review in order to identify and discover what and how online crowdfunding is being used, and, to recognize its role in any kind of academic grants. Several research questions are designed and multiple of research papers and studies are collected and analyzed. The data collected from the studies were then used to answer the research questions. The findings include, the types of crowdfunding models, advantages and disadvantages of crowdfunding for the research domains, crowdfunding platform evaluation and the crowdfunding scenes in Malaysia. With this review, the data collected and answers from the questions could provide insights into crowdfunding as an alternative for academic grants funding in Malaysia, other than the conventional methods.
E. M. Gerber, J. S. Hui, and P. Y. Kuo, “Crowdfunding: Why people are motivated to post and fund projects on crowdfunding platforms,” in Proc. of the International Workshop on Design, Influence, and Social Technologies: Techniques, Impacts and Ethics, 2012, pp. 1-10.
L. L. Keng and C. C. Boon, “Crowdfunding for research: A case study in Research Management Centre in Malaysia,” International Journal of Industrial Engineering and Management (IJIEM), vol. 7, no. 3, pp. 117-124, 2016.
S. I. Wahjono, A. Marina and W. Widayat, “Islamic crowdfunding: alternative funding solution,” in Proc. of 1st World Islamic Social Science Congress (WISSC 2015), 2015, pp. 30-38.
J. S. Hui, and E. M. Gerber, “Crowdfunding science: Sharing research with an extended audience,” in Proc. of the 2015 ACM International Conference on Computer-Supported Cooperative Work and Social Computing, Vancouver, 2015, pp. 31-43.
M. A. AlShehry, and B. W. Ferguson, “A taxonomy of crowdsourcing campaigns,” in Proc. of the 24th International Conference on World Wide Web, Florence, 2015, pp. 475-479.
M. Shi and L. Guan, “An empirical study of crowdfunding campaigns: Evidence from Jing Dong crowdfunding platform,” in Proc. of 13th International Conference on Service Systems and Service Management, Kunming, 2016, pp. 1-5.
R. Wash and J. Solomon, “Coordinating donors on crowdfunding websites,” in Proc. of the ACM Conference on Computer Supported Cooperative Work, Baltimore, 2014, pp. 38-48.
P. Belleflamme, N. Omrani, and M. Peitz, “The economics of crowdfunding platforms,” Information Economics and Policy, vol. 33, pp. 11-28, 2015.
Y. Lin, W-C. Lee and C-C. H. Chang “Analysis of rewards on rewardbased crowdfunding platforms,” in Proc. of 2016 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining (ASONAMI), San Francisco, 2016, pp. 501-504.
S. Bannerman, “Crowdfunding Culture,” Journal of Mobile Media Sound Moves, vol. 7, no. 1, pp. 1-30, 2013.
L. Guan, “A short literature review on reward-based crowdfunding,” in Proc. of 13th International Conference on Service Systems and Service Management, ICSSSM, Kunming, 2016, pp. 1-4.
E. Rachel, W. Yiwei, J. E. Byrnes, and J. Ranganathan. “Raising money for scientific research through crowdfunding,” Trends in Ecology & Evolution, vol. 28, no. 2, pp. 71-72, 2013.
N. Siva, “Crowdfunding for medical research picks up pace,” Lancet, vol. 384, no. 9948, pp. 1085–1086, 2014.
S. Matthew, Digging Online: Crowdfunding for Archaeology. University of Waterloo, Waterloo, Ontario, Canada, 2017.
M. D. Greenberg, and E. M. Gerber, “Learning to fail: Experiencing public failure online through crowdfunding,” in Proc. of Conference on Human Factors in Computing Systems, Toronto, 2014, pp. 581-590.
A. Bohliqa, “A study of the U.S. intrastate crowdfunding exemptions,” in Proc. of 2015 Portland International Conference on Management of Engineering and Technology (PICMET), Portland, 2015, pp. 961-967.
M. M. Kunz, O. Englisch, J. Beck, and U. Bretschneider, “Sometimes you win, sometimes you learn - Success factors in reward-based crowdfunding,” in Proc. of Multikonferenz Wirtschaftsinformatik (MKWI), Ilmenau, 2016, pp. 467-478.
S. A. Macht, and J. Weatherston, “The benefits of online crowdfunding for fund‐seeking business ventures,” Strategic Change, vol. 23, no. 1‐ 2, pp. 1-14, 2014.
T. Mitra, and E. Gilbert, “The language that gets people to give: Phrases that predict success on kickstarter,” in Proc. of the ACM Conference on Computer Supported Cooperative Work, CSCW, 2014, pp. 49-61.
J. S. Hui, E. M. Gerber and D. Gergle, “Understanding and leveraging social networks for crowdfunding: Opportunities and challenges,” in Proc. of the Conference on Designing Interactive Systems: Processes, Practices, Methods, and Techniques, Vancouver, 2014, pp. 677-680.
T. Althoff, and J. Leskovec, “Donor retention in online crowdfunding communities: A case study of DonorsChoose.org,” in Proc. of the 24th International Conference on World Wide Web, 2015, pp. 1-11.
S. N. Zilber, and F. Silveira, “Crowdfunding as an alternative for new ventures funding in emerging countries,” International Business Management, vol. 10, no. 4, pp. 575-584, 2016.
R. Fernandes, Analysis of Crowdfunding Descriptions for Technology Projects. Massachusetts Institute of Technology, Massachusetts, Cambridge, 2013.
E. O. Perlstein, “Anatomy of the Crowd4Discovery crowdfunding campaign,” SpringerPlus, vol. 2, pp. 560, 2013.
E. Gerber, and J. Hui, “Crowdfunding: Motivations and deterrents for participation,” ACM Transactions on Computer-Human Interaction (TOCHI), vol. 20, no. 6, pp. 1-32, 2013.
A. Xu, X. Yang, H. Rao, W-T, Fu, S-W. Huang and B. P. Bailey, “Show me the money! An analysis of project updates during crowdfunding campaigns,” in Proc. of Conference on Human Factors in Computing Systems, Toronto, 2014, pp. 591-600.
Y. Li, V. Rakesh, and C. K. Reddy, “Project success prediction in crowdfunding environments,” in Proc. of the 9th ACM International Conference on Web Search and Data Mining, San Francisco, 2016, pp. 247-256.
L. Valanciena, and S. Jegeleviciute, “Valuation of Crowdfunding: benefits and drawbacks,” Economics and Management, vol. 18, no. 1, pp. 39-48, 2013.
E. Kromidha, “A comparative analysis of online crowdfunding platforms in USA, Europe and Asia,” in Proc. of eChallenges e-2015 Conference Proceedings, Vilnius, 2015, pp. 1-6.
L. L. Keng, Crowdfunding for Research: A Case Study in Research Management Centre in Malaysia. Universiti Teknikal Malaysia Melaka, Melaka, 2015.
J. F. Beltran, A. Siddique, A. Abouzied and J. Chen, “Codo: Fundraising with conditional donations,” in Proc. of the 28th Annual ACM Symposium on User Interface Software and Technology, Charlotte, 2015, pp. 213-222.
M. D. Greenberg, B. Pardo, K. Hariharan and E. Gerber, “Crowdfunding support tools: predicting success & failure,” in Proc. of ACM SIGCHI Conference on Human Factors in Computing Systems, Paris, 2013, pp. 1815-1820.
How to Cite
TRANSFER OF COPYRIGHT AGREEMENT
The manuscript is herewith submitted for publication in the Journal of Telecommunication, Electronic and Computer Engineering (JTEC). It has not been published before, and it is not under consideration for publication in any other journals. It contains no material that is scandalous, obscene, libelous or otherwise contrary to law. When the manuscript is accepted for publication, I, as the author, hereby agree to transfer to JTEC, all rights including those pertaining to electronic forms and transmissions, under existing copyright laws, except for the following, which the author(s) specifically retain(s):
- All proprietary right other than copyright, such as patent rights
- The right to make further copies of all or part of the published article for my use in classroom teaching
- The right to reuse all or part of this manuscript in a compilation of my own works or in a textbook of which I am the author; and
- The right to make copies of the published work for internal distribution within the institution that employs me
I agree that copies made under these circumstances will continue to carry the copyright notice that appears in the original published work. I agree to inform my co-authors, if any, of the above terms. I certify that I have obtained written permission for the use of text, tables, and/or illustrations from any copyrighted source(s), and I agree to supply such written permission(s) to JTEC upon request.