Research On The Creative Crowdfunding Signaling And Heterogeneous Incentive Mechanism

In the realistic background of crowdfunding E-commerce trend,the creative crowdfunding,which is oriented toward insisting on realizing common dream,is of great value.The creative crowdfunding,allowing founders of any projects to request funding or raising resources from many individuals,often in return for future products or other forms of gifts,which is "group innovation" by nature.Based on the innovation products and grass-roots groups,the creative crowdfunding has aroused the attention of the whole society,particularly used by VC to get signal of market potential,and help founders accomplish goals of raising funds or resources.Therefore,this paper focus on the signaling effects of the creative crowdfunding and discussing how to design the heterogeneous incentive mechanism based on the different goals.Based on the nature of "group innovation",this paper presents two typical features of the creative crowdfunding:"novelty" and "participatory".First of all,this paper analyze the signaling effects of the creative crowdfunding from the two aspects of the Internet and the wisdom of the masses,that is,information diffusion and information screening.And this paper build up a principal-agent model between VC and the founders,the results show that under the signal effect of creative crowdfunding,the adverse selection problem caused by information asymmetry on venture capital market could be alleviated,and the efficiency of resource allocation could be improved.And then,in the case creative crowdfunding,whose emphasis are putting on "novelty" and "participatory",the founders are motivated to raise funds or resources,whereas the participants could enjoy the benefits of being early adopters of new products or participating in innovation.In this study,we depicted the creative crowdfunding as a process of two-stage dynamic game and discussed the heterogeneous incentive mechanism derived by different motivation.The research found that the information screening mechanism based on "the value of early access"could stimulate consumers to exhibit their preference type,which assists the founders in maximizing their benefits through price discrimination;and the benefits allocation mechanism based on "the value of participation" could prompt the formation of community of interests and facilitates the founders to raise all kinds of resources,which will then be utilized turn creative ideas into creative products.The research discussed the concept,the signaling and the incentive mechanism of the creative crowdfunding from three angles,which is what creative crowdfunding is,why and how the founders launch creative crowdfunding,.According to the analysis this paper offered the conclusion and enlightenment,and provide a theoretical basis for understanding and optimizing the creative crowdfunding of open innovation oriented.