Innovation Management Journal

Innovation Management Journal

Developing Policies to Promote Crowdfunding Platforms in Iran's Economy

Document Type : Original Article

Authors
1 PhD student in financial management, Faculty of Islamic Studies and Management, Imam Sadiq University (AS)
2 Assistant Professor, Technology Studies Institute, Tehran, Iran
3 Assistant Professor of Policy Innovation and Futures, Institute of Technology Studies, Tehran, Iran.
4 PhD in Technology Management, Visiting Professor, Faculty of Entrepreneurship, University of Tehran, Iran
10.22034/imj.2025.466466.2835
Abstract
Financial mechanisms for innovative enterprises vary throughout their life cycles, encompassing personal resources, banking, venture capitalists, crowdfunding, and the stock market. Different actors employ various financing methods based on their situations, collectively shaping the innovation financing system.
This article aims to identify what policy changes are necessary for the development of crowdfunding platforms in Iran, given the various challenges. To this end, a qualitative research method based on semi-structured interviews is employed to gather the necessary data, and a content analysis method is pursued. Based on the research findings and literature review, seven integrated themes are identified: factors affecting financing from the investors' perspective; factors affecting financing from the entrepreneurs' perspective; marketing factors related to crowdfunding; risks associated with crowdfunding; institutional, organizational, and executive issues; legal issues, and environmental issues. Challenges in the development of platforms and corresponding solutions are derived from these seven dimensions, and appropriate policies for the development of crowdfunding platforms in Iran are proposed.
Keywords
Subjects

ازنب، الهام، محمدیان، بهزاد، و کریمی، آصف(2021). شناسایی خطاهای شناختی مذاکرات کارآفرینانه با تمرکز بر پروژه‌های تأمین مالی جمعی. مدیریت نوآوری، 10(3)، 113-89. https://www.nowavari.ir/article_139194.html.
چیت‌سازان، ‌هستی، کولجی، ‌ساره، و باقری، ‌افسانه(1398). شناسایی عوامل پیش‌برنده استفاده از تأمین مالی جمعی توسط کارآفرینان (مورد مطالعه: صنعت گردشگری). توسعه کارآفرینی، 43(12)، 40-21. https://www.noormags.ir/view/fa/articlepage/1488388.
سلطانی، بهزاد، و شاوردی، مرضیه(2019). تأمین مالی علم، فناوری و نوآوری. سیاست علم و فناوری، 12(2)، 314-297. https://jstp.nrisp.ac.ir/article_13701.html.
شفاعی، رضا، ابراهیمی سروعلیا، محمدحسن، و پیمانی، مسلم(2021). سیگنال‌های برانگیزاننده‌ی مشارکت در تأمین مالی جمعی سهامی در ایران. مدیریت نوآوری، 10(2)، 153-125. https://www.nowavari.ir/article_134313.html
صادقی، ‌حسین، زرعی، ‌حمیده، و ناصر، ‌مهدی(1400). چارچوب‌های حقوقی تأمین مالی جمعی کسب‌وکارهای نوپا و راه‌کارهای حل چالش‌های آن: بایسته‌ها و سیاستگذاری‌ها. راهبرد توسعه، 65(17)، 78-41. https://www.noormags.ir/view/fa/articlepage/1790690
گلعلی‌زاده، محمدرضا، طباطبائیان، سیدحبیب‌الله، و زمردیان، غلامرضا(2022). شناسایی و دسته‌بندی چالش‌های تأمین مالی شرکت‌های دانش‌بنیان در ایران. مدیریت نوآوری، 10(4)، 27-1. https://www.nowavari.ir/article_144772.html
Belleflamme, Paul, Lambert, Thomas, Schwienbacher, Armin(2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609.
Butticè, Vincenzo, Di Pietro, Francesca, Tenca, Francesca(2022). They do not look alike: what kind of private investors do equity crowdfunded firms attract? The Journal of Technology Transfer, 47 (6), 1707–1736. https://doi.org/10.1007/s10961-021-09895-w
Butticè, Vincenzo, Vismara, Silvio(2022). Inclusive digital finance: the industry of equity crowdfunding. The Journal of Technology Transfer, 47 (4), 1224–1241. https://doi.org/10.1007/s10961-021-09875-0
Buysere, K De(2012). A framework for european crowdfunding.
Cordova, Alessandro, Dolci, Johanna, Gianfrate, Gianfranco(2015). The Determinants of Crowdfunding Success: Evidence from Technology Projects. Procedia - Social and Behavioral Sciences, 181, 115–124.
Crosetto, Paolo, Regner, Tobias(2014). Crowdfunding: Determinants of success and funding dynamics. https://EconPapers.repec.org/RePEc:jrp:jrpwrp:2014-035 .
Eisenmann, Thomas R., Parker, Geoffrey, Van Alstyne, Marshall W.(2006). Strategies for Two Sided Markets. https://papers.ssrn.com/abstract=2409276 [19.11.2023]
Ferrarini, G.(2018). Regulating FinTech: Crowdfunding and Beyond.
Fitri, Winda(2023). The Legal Protection for Security Crowdfunding Based on Sharia Investment in MSMEs Economic Recovery. International Journal of Law Reconstruction, 7 (1), 39–53 . https://jurnal.unissula.ac.id/index.php/lawreconstruction/article/view/30917
Freund, Robert(2010). How to overcome the barriers between economy and sociology with open innovation, open evaluation and crowdfunding. International Journal of Industrial Engineering and Management, 1 (3), 105–109, https://www.researchgate.net/publication/268061255_How_to_Overcome_the_Barriers_Between_Economy_and_Sociology_With_Open_Innovation_Open_Evaluation_and_Crowdfunding
Gozzi, Juan Carlos, Schmukler, Sergio(2016). Public Credit Guarantees and Access to Finance.
Hansen, Angela, Kimeria, Ciku, Ndirangu, Bilha, Oshry, Nadia, Wendle, Jason(2012). Assessing Credit Guarantee Schemes for SME Finance in Africa Evidence from Ghana, Kenya, South Africa and Tanzania. www.dalberg.com.
imf(2023). Report for Selected Countries and Subjects. https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report.
Kalunga, Prudence, Neene, Victor, Jere, Bob, Phiri, Mwiza, Chembe, Christopher(2023). Challenges of Crowdfunding (Village Banking) in Zambia:  Solutions and Opportunities. Zambia ICT Journal, 7 (1), 38–46, https://ictjournal.icict.org.zm/index.php/zictjournal/article/view/131
King, Nigel, Horrocks, Christine(2010). Interviews in Qualitative Research (Google eBook)., 256, https://books.google.com/books/about/Interviews_in_Qualitative_Research.html?id=iOsnITKC48gC
Kusumarani, Riri, Zo, Hangjung(2019). Why people participate in online political crowdfunding: A civic voluntarism perspective. Telematics and Informatics, 41, 168–181, https://www.researchgate.net/publication/332758662_Why_people_participate_in_online_political_crowdfunding_A_civic_voluntarism_perspective
Lee, Yi Chieh, Yen, Chi Hsien, Fu, Wai Tat(2016). Improving donation distribution for crowdfunding: An agent-based model. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), 9708 LNCS, 3–12,
Liang, Ting Peng, Wu, Shelly Ping Ju, Huang, Chih chi(2019). Why funders invest in crowdfunding projects: Role of trust from the dual-process perspective. Information and Management, 56 (1), 70–84,
Liu, Zhunzhun, Ben, Shenglin, Zhang, Ruidong(2023). Factors Affecting Crowdfunding Success. Journal of Computer Information Systems, 63 (2), 241–256, https://www.tandfonline.com/doi/abs/10.1080/08874417.2022.2052379
Martínez-Climent, Carla, Zorio-Grima, Ana, Ribeiro-Soriano, Domingo(2018). Financial return crowdfunding: literature review and bibliometric analysis. International Entrepreneurship and Management Journal, 14 (3), 527–553, https://doi.org/10.1007/s11365-018-0511-x
Mazzocchini, Francesco James, Lucarelli, Caterina(2023). Success or failure in equity crowdfunding? A systematic literature review and research perspectives. Management Research Review, 46 (6), 790–831.
Miles, M B, Huberman, A M(1994). Qualitative Data Analysis. An expanded sourcebook, 3, 338. https://books.google.com/books/about/Qualitative_Data_Analysis.html?id=U4lU_-wJ5QEC.
Mohammadi, Ali, Shafi, Kourosh(2018). Gender differences in the contribution patterns of equity-crowdfunding investors. Small Business Economics, 50 (2), 275–287. https://www.researchgate.net/publication/312554697_Gender_differences_in_the_contribution_patterns_of_equity-crowdfunding_investors.
Mora-Cruz, Alexandra, Palos-Sanchez, Pedro R(2023). Crowdfunding platforms: a systematic literature review and a bibliometric analysis. International Entrepreneurship and Management Journal , https://doi.org/10.1007/s11365-023-00856-3
Moritz, Alexandra, Block, Joern H.(2016). Crowdfunding: A Literature Review and Research Directions. In: Crowdfunding in Europe - State of the Art in Theory and Practice , 25–55.
Schwienbacher, Armin, Larralde, Benjamin(2010). Crowdfunding of Small Entrepreneurial Ventures. SSRN Electronic Journal, https://www.researchgate.net/publication/228252861_Crowdfunding_of_Small_Entrepreneurial_Ventures.
Son Turan, Semen(2015). Stakeholders in Equity-Based Crowdfunding: Respective Risks Over the Equity Crowdfunding Lifecycle. Journal of Financial Innovation, 1 (2) .
Uesugi, Iichiro, Sakai, Koji, Yamashiro Guy M., G. M.(2010). The Effectiveness of Public Credit Guarantees in the Japanese Loan Market. Journal of the Japanese and International Economies, 24 (4), 457–480.
Yoshino, Naoyuki, Taghizadeh-Hesary, Farhad(2019). Optimal credit guarantee ratio for small and medium-sized enterprises’ financing: Evidence from Asia. Economic Analysis and Policy, 62, 342–356.
Zia, Bilal(2008). Export incentives, financial constraints, and the (mis)allocation of credit: Micro-level evidence from subsidized export loans. Journal of Financial Economics, 87 (2), 498–527. https://EconPapers.repec.org/RePEc:eee:jfinec:v:87:y:2008:i:2:p:498-527 .
Ziegler, Tania, Shneor, Rotem, Wenzlaff, Karsten, Wang, Britney, Kim, Jaesik, Odorovic, Ana, u. a.(2020). The Global Alternative Finance Market Benchmarking Report.

  • Receive Date 06 July 2024
  • Revise Date 21 January 2025
  • Accept Date 11 February 2025