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Project life cycle and organization
Project life cycle and organization
Chapter three project management process
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Individual Case Assignment – Shruthi Lella
Crowdfunding is the process of attaining funds through peers and others to invest in one’s project. The concept of crowdfunding is used in diverse fields like movies, music, technology, food, art, design etc. which has proven a greater success in such fields. The main participants involved in this process are project creator and backers. Project creators are those who request funds to develop the project. Backer pledges money on interested projects proposed by the project developer. Funding goal is the total amount backers fund to the project developer. The major platform for crowdfunding is Kickstarter.com. The process of crowdfunding goes as follows: The project developers provide an overview of the project and sets a deadline through a website. Next visitors visit the website and make pledges (financial transaction) which are maintained until the project deadline. If the project meets the deadline, the developer receives the money, else everything is returned back to the respective backers (Turban, Volonino & Wood, 2013).
Hence, the concept of crowdfunding stands as the backbone to many projects in terms of finances (Turban, Volonino & Wood, 2013)..
This paper discusses about the concepts of when to use crowdfunding and few live examples of crowdfunding.
Crowdfunding is used when a project is in its initial stages. But when the project chosen grows as the time passes then the concept of venture capital (VC) can be introduced. In larger industries such as biotechnology, when project is in a growing stage VC provides a good support. The major advantage with VC is, it links with the database of the company that is investing in a particular project, data like company name, location, etc......
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Lombe, M., Newransky, C., Kayser, K., & Raj, P. M. (2012). Exploring barriers to inclusion of widowed and abandoned women through Microcredit Self-Help groups: The case of rural South India. Journal of Sociology & Social Welfare, 39(2), 143-162. Retrieved , from http://www.nwmissouri.edu/Library/IPChecking.asp?http://search.ebscohost.com/login.aspx?direct=true&AuthType=cookie,ip,uid&db=a9h&AN=76314566&site=ehost-live
Turban, E., Volonino, L. & Wood, G. (2013). Information Technology for Management: Advancing Sustainable, Profitable Business Growth, 9th edition. Wiley publishing.
(ISBN: 978-1-118-35704-0)
Zachary, R., & Mishra, C. S. (2013). Research on Angel Investments: The Intersection of Equity Investments and Entrepreneurship. Entrepreneurship Research Journal, 3(2), 160-170. doi:10.1515/erj-2013-0044
Saunders, C. S., & Pearlson, K. E. (2009). Managing and Using Information Systems. John Wiley&Sons, Incorporated.
Weinstein, S. (2002). The complete guide to fund-raising management (2nd ed.). New York: John Wiley & Sons.
... Crowdfunding is based on quality and innovation, not on profit. A project needs to catch enough interest in order to be realized. This forces innovative architectural concepts. Conclusion The new mechanism = the crowd instead of the old centralized organizations plus the new driver = the quality instead of profit eventually leads to a new highly participatory society redefining our own relationship to the environment.
Crowdfunding websites offer feasibility, convenience, and popularity on a global reach, thus catering to the needs and functionality of members on a large scale. Kickstarter is a crowdfunding platform that allows filmmakers, musicians, artists, designers, and anyone attempting to generate funding for a creative project to gain access to a supportive community willing to pledge money. As an artist, using a service like Kickstarter is crucial if the opportune moment presents itself with attention from fans and journalists, especially if the media attention is available to the public. To utilize a crowdfunding website such as Kickstarter when attention exists on a particular artist creates a sense of investment and community between fans and the producer of the project, thus aiding in the consumption and circulation of an artist’s project throughout the net. Therefore, this paper will argue the wide range of support and backing of fans for an artist’s work makes the benefits of involving users outweigh the disadvantages of involving users in the platform process. Users engaged in Kickstarter offer a sense of community created through fans, a donator sense of investment in the project, and if successful, a sense of reward. Whereas the disadvantages of using a Kickerstarter platform runs a risk of failure if the project does not succeed, possible disappointment and anger with fans, and potential legal issues.
In order to offset economic factor, new corporate and foundation financial support options should be explored. Varieties of other sources are offering free or discounted technologies to nonprofits; hence strong emphasis should be given to potential competitors. DiscounTech needs to manage well with the specific channel for each products and service to potential customers. Rebecca Masisak should find more effective ways and channels to advertise DiscounTech. To strengthen the benefit to participating corporations and for maximum benefit to nonprofits, bundling and packaging opportunities should be actively
This new concept does not compete with the previous concepts listed because Impact Investing is one step further. Impact Investing aims to do more than doing no harm, it wants to use investment as a positive tool to support companies that have the potential to solve social challenges, but that also produce financial returns. In this spectrum line of concepts, Impact Investing sits in middle, while SRI is on one side and Venture Philanthropy is on the other. It was not only the term impact investing that was coined in 2007. It was also the creation of global network of individuals and institutions that shared the same idea of growth, known as Global Impact Investing Network. (Rodin & Brandenburg,
The case study is about an interview, conducted to four venture capitalists from four of the most prominent VC Silicon Valley firms, Kleiner Perkins Caufield & Byers (KPCB), Menlo Ventures, Trinity Ventures and Alta Partners. These firms invest both in seed as well as in later-stage companies, which operate mostly in the information technology sector. However, each VC has developed different sector portfolio depending on the expertise of the venture capitalists, the partner network and other factors. Professor Mike Roberts and Lauren Barley a senior research associate, both from Harvard Business School, have made a series of seven questions to their interviewees to understand how they evaluate potential venture opportunities and what they look at in order to decide if they will fund them and in which way. The questions were dealing with how VC’s evaluate potential venture opportunities, how they conduct due diligence, what process id followed for the decision making, what financial analyses is performed, the role of risk in the evaluation and how they think of potential exit routes. These questions were asked individually and revealed several similarities as well as differences in the strategy and the criteria that are used for the evaluation.
Adelman, P. J., & Marks, A. M. (2010). Entrepreneurial finance. (5 ed.). Bedford, Texas: Prentice Hall.
Haag, S. & Cummings, M. (2008). Management information systems for the information age (Laureate Education, Inc., custom ed.). Boston: McGraw-Hill/Irwin.
Crowdfunding for Funeral using Funeral Fund The number of people turning to crowdfunding for funeral expenses in order to defray funeral and other related costs is growing. The average funeral cost is around $7,000. The expense gets even greater, if the deceased person leaves behind a huge debt or if the individual was the family bread winner. Besides funeral and memorial contributions, funeral funds can also be used to cover other death related expenses such as transportation, college fund for children, medical bills and money for the bereaved family.
The term crowdfunding defines the collective act of individuals who donate money to finance a project. Numerous platforms provide crowdfunding services.
Studying Banking and Finance at University of St.Gallen will help me further increase my proficiency in corporate finance and financial markets. The in-depth research of specific topics, as well as a comprehensive curriculum, is a possibility for me to focus on my topic of interest – the mechanisms and institutions involved in providing venture capital and identifying angel investors as means to encourage innovation.... ... middle of paper ... ...
Zeleny, M (ed.) 2000, The IEBM handbook of information technology in business, Thomson Learning, London.
Begging means asking people for food, shelter, money etc. Beggars are mainly found in public areas. Begging as we all know is quite common in India and other developing countries. There are many types of beggars –
Turban et al. (2007: 6th edition) Information Technology for Management: Transforming Organisations in the Digital Economy. Wiley