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The Relevance of Crowdfunding: The Impact on the Innovation Process of Small Entrepreneurial Firms

The Relevance of Crowdfunding: The Impact on the Innovation Process of Small Entrepreneurial Firms

Paperback

Business GeneralManagement

ISBN10: 3658098368
ISBN13: 9783658098360
Publisher: Springer Gabler
Published: Jun 9 2015
Pages: 86
Weight: 0.31
Height: 0.24 Width: 5.83 Depth: 8.27
Language: English
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.

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