Download
1 / 28
280 likes | 289 Vues
This presentation explores the relationship between entrepreneurial orientation (EO), strategic use of social media (SSM), and crowdfunding campaign success. It discusses the importance of EO in developing effective crowdfunding campaigns and the role of SSM in spreading awareness and building relationships with customers. Hypotheses are presented and supported by prior research in the field.
E N D
Avimanyu (Avi) Datta, Ph.D. Associate Professor of Strategy and Entrepreneurship, College of Business, Illinois State University http://avimanyu.weebly.com
Presentation Overview • About me • Glance • Career Objectives • Research Focus • Research work • Crowdfunding study • Motivation
About me: A Glance Avimanyu (Avi) Datta • B.Sc. Computing and Information Systems, University of London • M.S. Information Systems, Hawaii Pacific University • Ph.D., Washington State University (2011) • Associate Professor of Strategy and Entrepreneurship: Illinois State University (Fall 2017-Present) • Research Fellow: Means Center of Entrepreneurial Studies: Illinois State University (Fall 2017 –Present) • Assistant Professor of Strategy and Entrepreneurship : Illinois State University (Fall 2011-July 2017) • Enjoy Painting and Sketching: http://avimanyu.weebly.com/paintings-etc.html • Enjoying brewing Espressos
About me: Career Objectives • Develop and • test theories • Simplify the findings: Class room Teaching • Synthesize the findings: Prescriptive Recommendations
About me: Research Focus • Crowdfunding Capabilities Firm Boundaries IT Capabilities Radical Innovations, Breakthrough Innovations Innovation Commercializations
Research Era: From Fall 2007 Resource and Knowledge based view of firm; Absorptive Capacity; Ambidexterity; Dynamic Capabilities, Transaction Cost Economies; Prospect theory Radical Innovation of Short lived products; defining breakthrough Crowdfunding; product launch; SSM.; EO; IO Radical Innovations, Breakthrough Innovations; Patents IT Capabilities; product launch 2007-2010 2011-2016 2017-2022
About me: Research work • Published in • Journal of International Management • Information Systems Research (ISR) • R&D Management • International Journal of Innovation Management • Technovation • Presented in: • Strategic management Society (2011, 2015) • AMCIS (2008, 2009, 2010) • Academy of Management (AOM: 2010, 2012, 2013, 2014, 2017, 2018) • Southern Management Association (2008; 2012 ) • Atlanta Competitive Advantage Conference (ACAC: 2010) • Marketing Science Conference (2012) • INFORMS Conference on Marketing Sc. (2012) • Under Review • Journal of Small Business Management • Journal of Product Innovation Management • Journal of Business Research
Crowdfunding-campaign success: The effect of entrepreneurial orientation and strategic use of social media Avimanyu Datta
Theoretical Overview Substantive capabilities represent an organization’s set of skills, while dynamic capabilities represent the ability of the organization to change and refine these skills…organizations can utilize EO to reconfigure their resource base to develop new routines and capabilities (Teece et al., 1997)” Strategic use of social media involves effective deployment of dialogic loop which allows stakeholders to query the organization and the organization to respond to queries (Kent & Taylor 1998; Taylor & Kent 2014); and leveraging word of mouth online (eWOM) for spreading brand-related information and getting feedback including information about their preferences, desires, and needs (Chu & Kim 2011)). We view SSM as a substantive capability. EO represents a dynamic organizational capability for firms through its impact on the acquisition and combination of knowledge-based resources (Zahra et al., 1999)
Interplay among constructs: EO and CFS Firms with innovativeness, proactiveness and risk-taking abilities will have an advantage over other firms in terms of attracting potential micro lenders to their projects. EO capabilities will enable firms to proactively identify marketing opportunities, tap into a market through innovative solutions, and build campaigns that have greater creativity and can highlight a compelling value proposition for both potential backers and customers (Lassen, Gertsen & Riis 2006; Cooper & Edgett 2008; Wong 2014). In sum, building on prior work that posits EO as a dynamic capability (Kreiser 2011; Brouthers et al. 2015), we argue that EO will help develop effective crowdfunding campaigns around creative and novel ideas resulting in campaign success Hypothesis 1: Entrepreneurial orientation (EO) of a firm will be positively associated with crowdfunding campaigns’ success (CFS).
Interplay among constructs: EO and SSM Entrepreneurially oriented firms must be particularly innovative and proactive in establishing routines that make use of social media platforms to spread awareness of products and develop relationships with customers. Creativity and proactiveness drive firms to use social media platforms in order to leverage innovative ideas, learn about their competition, and scan the external environment (Bughin et al. 2011). Such proactiveness raises awareness of future trends, competitors’ moves, and industry trends, and helps companies take advantage of opportunities (Zhou & Shalley 2003; Chen et al. 2015). Innovativeness and proactiveness help firms transcend geographic and time barriers, since social media platforms are generally global (Alfonso & Suzanne 2008; Lewis, Kaufman, Gonzalez, Wimmer & Christakis 2008) The rewards for such risk-taking include two-way stakeholder engagement in an ethical manner that provides feedback and learning to the firm via social network-enabled dialogue (DiStaso & McCorkindale 2013). Hypothesis 2: Entrepreneurial orientation (EO) of a firm will be positively associated with its use of social media strategically.
Interplay among constructs: SSM and CFS The ability to use social media strategically leverages the capacity to generate ideas based on interactive and dynamic exchanges between a network of users, including stakeholders and customers (Mangold & Faulds 2009; Mount & Martinez 2014; Du, Yalcinkaya & Bstieler 2016). The ability to use social media strategically can develop routines for effective exchanges via crowdfunding, resulting in vested communities that shape the market for a product through information, features, and unique selling propositions (USPs) and even preorders. A firm’s ability to strategically use social media will facilitate information exchange regarding the crowdfunding campaigns for new products Such an exchange of information between design teams and stakeholders, including potential customers, may bring diverse ideas from multiple sources and lay the groundwork for monetizing the project. It can also generate trust between entrepreneurs and potential backers, giving the project greater legitimacy Hypothesis 3: A firm’s ability to strategically use social mediawill be positively associated with the success of its crowdfunding campaigns.
Interplay among constructs: Complimentary Mediation Innovative, proactive, and risk-taking abilities of firms with EO will influence crowdfunding success through the strategic use of social media. EO alone cannot be expected to deliver a crowdfunding campaign’s success, since the positive effects of innovativeness, proactiveness, and risk-taking depend on the strategic use of social media When firms are endowed with EO, meaning that they are innovative, proactive, and risk- takers, they may be able to manipulate substantive routines and resources associated with the use of social media by reconfiguring, renewing, and recombining them over time (Winter 2003; Zahra et al. 2006). Thus, a firm’s strategic use of social media enables firms to fully develop effective crowdfunding campaigns with higher odds of success. We further propose that EO alone cannot be expected to account for the success of crowdfunding campaigns independently, but rather, that the manifestation of its effect happens through a firm’s ability to strategically use social media. Hypothesis 4: A firm’s ability to strategically use social media (SSM) will complement the relationship between entrepreneurial orientation (EO) and a crowdfunding campaign’s success (CFS).
Theoretical Model Strategic Use of Social Media( SSM) Entrepreneurial Orientation ( EO) Crowd Funding Success (CFS)
Methods: Sampling Deployment of Professional Panel Gathering Firm Professional panel gathering company was contracted to collect data. We specified that the sample needed to be of working professionals directly involved with at least one crowdfunding campaign By being involved with a professional crowdfunding campaign, this sample will be qualified to provide insight into this study. 1,044 responses to the online survey were gathered by the professional company. Individual responses were removed based on the following criteria: unrealistic value for number of employees in the business, goal amount of the crowdfunding campaign Facebook/YouTube/Twitter followers an inappropriate combination of job department and job title Inappropriate crowdfunding project scope Responses with more than 25% values missing or more than 90% repeated values
Methods: Measures Control Variables: We controlled for number of employees in the company; having a company Facebook page, YouTube channel, and/or Twitter account; and gender of respondent. These were used to reduce possible issues of company size, access to social media, and gender bias.
Analysis and Results: Hypotheses Strategic Use of Social Media( SSM) .39*** .62*** Entrepreneurial Orientation ( EO) Crowd Funding Success (CFS) .14** *P<.01; ***P<.001
Analysis and Results: Hypotheses • Hypothesis 1 posited that EO would positively affect CFS. The data support this hypothesis (β = .14, p < .01) in that greater degree of entrepreneurial orientation is associated with greater success of crowdfunding campaigns. • Hypothesis 2 posited that EO would positively affect SSM. The data support this hypothesis (β = .39, p < .001) in that greater entrepreneurial orientation is associated with higher ability to strategically use social media. • Hypothesis 3 posited that SSM would positively affect CFS. The data support this hypothesis (β = .62, p < .001) in that superior ability to strategically use social media is associated with greater success in crowdfunding campaigns. • Finally, Hypothesis 4 posited that SSM would provide complementary mediation of the relationship between EO and CFS. The data support this hypothesis as both the mediated relationship (EO - SSM - CFS) and the direct relationship (EO - CFS) are significant and point in the same direction (Zhao et al., 2010).
