Crowdfunding public projects: Collaborative governance for achieving citizen co-funding of public goods

Abstract

This study explores the potential of crowdfunding as a tool for achieving "citizen co-funding" of public projects. Focusing on philanthropic crowdfunding, we examine whether collaborative projects between public and private organizations are more successful in fundraising than projects initiated solely by private organizations. We argue that government involvement in crowdfunding provides some type of accreditation or certification that attests to a project's aim to achieve public rather than private goals, thereby mitigating information asymmetry and improving mutual trust between creators (i.e., private sector organizations) and funders (i.e., crowd). To support this argument, we show that crowdfunding projects with government involvement achieved a greater success rate and attracted a greater amount of funding than comparable projects without government involvement. This evidence shows that governments may take advantage of crowdfunding to "co-fund" public projects with the citizenry for addressing the complex challenges that we face in the twenty-first century.

Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication

“…Hong and Ryu (2019) [100] (1) success rate (2) funding amount Project's characteristics: government support (0,1), transparency duration, goal, "keep-it-all" type.…”

Thirty days are enough: what determines the crowd's cash time in agri-food crowdfunding?

“…Berns et al (2018) have also supported this point. When examining whether collaborative campaigns between public and private organizations are more successful in fundraising than campaigns initiated solely by private organizations, Hong and Ryu (2019) found the number of days the campaign was listed on the platform influences the crowdfunding success rate and the funding amount. From the perspective of perceived usefulness, Barros et al (2020) demonstrated that the funding rate increases steadily throughout the campaign period for noninvestment crowdfunding campaigns with the increase of perceived usefulness.…”

Economia compartilhada e governança pública

“…A literatura especializada também mostra que as soluções propostas pelas empresas de economia compartilhada podem contribuir para o avanço nos instrumentos de gestão pública municipal (Clarke et al, 2017;Hong & Lee, 2018;Hong & Ryu, 2019;Selloni, 2017;Tomkinson, 2017;Zon, 2015). Segundo Moon et al (2014), o advento da internet, em meados da década de 1990, expandiu o escopo do governo digital para o governo eletrônico, com foco em serviços externos aos cidadãos.…”

“…No tocante à governança pública, a literatura tem demonstrado que a economia compartilhada pode contribuir para a melhoria na gestão dos governos locais (Clarke, Lindquist, & Roy, 2017;Ganapati & Reddick, 2018;Hong & Lee, 2018;Hong & Ryu, 2019;Selloni, 2017;Tomkinson, 2017). Apesar de existir uma literatura internacional crescente que analisa os efeitos do compartilhamento sobre o setor público, não foi encontrado nenhum estudo na literatura nacional sobre o tema.…”