PACIS 2021 Proceedings

Paper Type

FP

Paper Number

156

Abstract

Crowdfunding offers an alternative way of funding creative and innovative business ideas and projects through an open call over the internet. However, its economic potential has not been fully explored despite existing locally developed platforms due to the slow uptake of the technology in the Philippine setting. This study aims to understand top management decision-makers' perceptions toward the adoption of crowdfunding as a technology-enabled financing strategy. Using reflexive thematic analysis, the perceptions on crowdfunding adoption yielded six themes namely A Precarious Innovation, Value-driven Support Strategy for Projects, Deficient Regulatory Control and Legitimacy as Apprehensions, Wait-and-See as Confidence Builder, Risk Aversion to Online Environment and Paucity of Promotions limit Reachability and Awareness. Using a qualitative research paradigm, the results of the study revealed that the crowdfunding phenomenon requires a trusting and learning environment for its wider adoption among Micro, Small and Medium Enterprises.

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