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Crowdfunding as an Alternative Means for Funding Sustainable Appropriate Technology: Acceptance Determinants of Backers

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  • Younghwan Moon

    (Technology Management, Economics and Policy Program, Seoul National University, Seoul 08826, Korea)

  • Junseok Hwang

    (Technology Management, Economics and Policy Program, Seoul National University, Seoul 08826, Korea)

Abstract

The research and development as well as the propagation of sustainable, appropriate technology requires the availability of stable funding. Crowdfunding is a form of funding whereby small sums of investments or contributions are collected from the general public and used to finance the development of goods or services. This method has been widely used in the arts and cultural fields and presents a useful alternative means by which to fund appropriate technology projects. The aim of this study is to identify the factors that influence backers who participate in appropriate technology projects through crowdfunding platforms, analyze the connections among these factors, and thereby establish the usefulness of crowdfunding as a viable new funding alternative. Results indicate that the key factors influencing user intention to crowdfund appropriate technology projects include social influence, effort expectancy, and perceived trust. In comparison to the findings of previous studies, performance expectancy was not found to have a significant effect. When compared to crowdfunding conducted in other fields, these results suggest that crowdfunding for appropriate technology is closer in nature to donations. Accordingly, for funding of these projects to be successful, aggressive online exposure using the social network service (SNS) of backers should be pursued from the earliest stages of funding.

Suggested Citation

  • Younghwan Moon & Junseok Hwang, 2018. "Crowdfunding as an Alternative Means for Funding Sustainable Appropriate Technology: Acceptance Determinants of Backers," Sustainability, MDPI, vol. 10(5), pages 1-18, May.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:5:p:1456-:d:145000
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    5. Zichun Yan & Kai Wang & Sang-Bing Tsai & Lili Zhou, 2018. "An Empirical Study on Internet Startup Financing From a Green Financial Perspective," Sustainability, MDPI, vol. 10(8), pages 1-16, August.
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    7. Carolin Bock & Sven Siebeneicher & Jens Rockel, 2022. "The “C” in crowdfunding is for co-financing: exploring participative co-financing, a complement of novel and traditional bank financing," Journal of Business Economics, Springer, vol. 92(9), pages 1559-1602, November.
    8. Amina Rizwan & Faisal Mustafa, 2022. "Fintech Attaining Sustainable Development: An Investor Perspective of Crowdfunding Platforms in a Developing Country," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    9. Lars Speckemeier & Dimitrios Tsivrikos, 2022. "Green Entrepreneurship: Should Legislators Invest in the Formation of Sustainable Hubs?," Sustainability, MDPI, vol. 14(12), pages 1-26, June.
    10. McMorrow Jake & Esfahani Mona Seyed, 2021. "An Exploration into People’s Perception and Intention on using Cryptocurrencies," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 12(2), pages 109-144, August.
    11. Mina Fanea-Ivanovici & Hasnan Baber, 2021. "Predicting Entrepreneurial and Crowdfunding Intentions ? A Study of Romania and South Korea," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 23(Special15), pages 1003-1003, November.
    12. Jorge Andrés-Sánchez & Laura González-Vila Puchades & Mario Arias-Oliva, 2023. "Factors influencing policyholders' acceptance of life settlements: a technology acceptance model," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(4), pages 941-967, October.
    13. Junmin Lee & Keungoui Kim & Hyunha Shin & Junseok Hwang, 2018. "Acceptance Factors of Appropriate Technology: Case of Water Purification Systems in Binh Dinh, Vietnam," Sustainability, MDPI, vol. 10(7), pages 1-20, June.
    14. Mina Fanea-Ivanovici, 2019. "Filmmaking and Crowdfunding: A Right Match?," Sustainability, MDPI, vol. 11(3), pages 1-30, February.
    15. Patnaik, Jayshree & Bhowmick, Bhaskar, 2019. "Revisiting appropriate technology with changing socio-technical landscape in emerging countries," Technology in Society, Elsevier, vol. 57(C), pages 8-19.
    16. Mario Arias-Oliva & Jorge de Andrés-Sánchez & Jorge Pelegrín-Borondo, 2021. "Fuzzy Set Qualitative Comparative Analysis of Factors Influencing the Use of Cryptocurrencies in Spanish Households," Mathematics, MDPI, vol. 9(4), pages 1-19, February.
    17. Xiaocong Yang & Kai Zhao & Xiaobo Tao & Eric Shiu, 2019. "Developing and Validating a Theory-Based Model of Crowdfunding Investment Intention—Perspectives from Social Exchange Theory and Customer Value Perspective," Sustainability, MDPI, vol. 11(9), pages 1-18, May.
    18. Ali Saleh Alshebami, 2022. "Crowdfunding Platforms as a Substitute Financing Source for Young Saudi Entrepreneurs: Empirical Evidence," SAGE Open, , vol. 12(3), pages 21582440221, September.

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