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

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. diversity of participation, and provision of stable funding [6]. For appropriate technology to be sustainable, mid-to-high grade technologies should be used to address local issues; such technologies should create additional value via markets. Furthermore, additional diverse sources of funding beyond government assistance should be secured [4,7].Crowdfunding refers to activities wherein donations or investments are collected from the public via such platforms as social networks to fund a variety of projects, ranging from the production of cultural or artistic content to the establishment of startups [8]. Unlike traditional fundraising methods, such as offline donations or using an automatic response system (ARS), crowdfunding is not constrained by geography. Additional advantages include the ability to utilize diverse interpersonal networks via social network service (SNS). Furthermore, it is relatively more efficient, in that the funding process requires low intermediary costs (e.g., wages or promotion costs). As a result of these strengths, crowdfunding has emerged as an alternative means of funding among projects for non-profit causes, cultural or artistic projects, experimental technologies, and startups that are unable to access traditional methods of financing, such as bank loans and stock issues [9].Crowdfunding strengthens sustainable appropriate technology projects not only as a means of funding but also through the promotion of such projects through social networking services as well as advocate relevant technologies and knowledge exchanges through a funding platform. Although a variety of groups are currently attemptin...

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