An Integrated Online/Offline Social Network-Based Model for Crowdfunding Support in Developing Countries: The Case of Nigeria

Ogwu, Kanayo and Hickey, Patrick and Okeke, Okeoma John-Paul and Haque, Adnan ul and Pimenidis, Elias and Kozlovski, Eugene (2022) An Integrated Online/Offline Social Network-Based Model for Crowdfunding Support in Developing Countries: The Case of Nigeria. Sustainability, 14 (15). ISSN 2071-1050

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Abstract

This paper is one of the first attempts to address the fundamental barriers to the adoption of online crowdfunding mechanisms in a developing country by offering a new online/offline fundraising model. The focus is on Nigeria as a typical example of an environment that, unlike that in the developed world, is not fully conducive to social networking as a crowdfunding platform due to both economic and technological issues. Using a mixed research method, the study first compares the state of the art in crowdfunding in a developed and developing economy by interviewing two groups of 20 entrepreneurs from the UK and Nigeria, respectively. The differences between those in terms of crowdfunding facilitation are identified, and propositions for the Nigerian market are formulated. These are then tested statistically by surveying 160 randomly selected Nigerian fundraisers. Based on the outcomes of the thematic analysis and statistical modelling, a unique integrated online/offline crowdfunding model is proposed. It is particularly aimed at supporting entrepreneurial activities and related policymaking that can have a key impact on further social and economic development of these countries. The proposed model can be considered as an alternative novel fundraising instrument in regions where socioeconomic and technological challenges inhibit the adoption of traditional crowdfunding approaches.

Item Type: Article
Additional Information: ** From MDPI via Jisc Publications Router ** History: accepted 18-07-2022; pub-electronic 29-07-2022. ** Licence for this article: https://creativecommons.org/licenses/by/4.0/
Uncontrolled Keywords: SMEs, crowdfunding, social media, entrepreneurship, fundraisers, developing countries
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Institutes and Academies > Institute of Management and Health > Business, Finance and Management
SWORD Depositor: JISC Publications Router
Depositing User: JISC Publications Router
Date Deposited: 12 Aug 2022 09:44
Last Modified: 12 Aug 2022 09:44
URI: https://repository.uwtsd.ac.uk/id/eprint/2056

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