The Relevance of Crowdfunding
The Impact on the Innovation Process of Small Entrepreneurial Firms| By: | Nadine Scholz |
| Publisher: | Springer Nature |
| Print ISBN: | 9783658098360 |
| eText ISBN: | 9783658098377 |
| Edition: | 0 |
| Copyright: | 2015 |
| Format: | Page Fidelity |
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Nadine Scholz shows that crowdfunding potentially shortens the development cycle of new products, thus enabling an earlier market entry. Hence, crowdfunding serves as a multifaceted early-stage support instrument for innovation implementation facilitated by the crowd's resources. It not only provides upfront cash for product development and production, more importantly it enables a firm to show traction through the validation of the market demand that is based on the crowd's function as information multiplicator generating public exposure and feedback.