REPORT the elements leading to successful crowdfun

MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY REPORT The elements leading to successful crowdfunding campaign and application in Vietnam Course title : Financial management Course code : KETE307.1 Group : 17 Lecturer : Nguyen Thuy Anh Students : Pham Tuan Anh Nguyen Thi Minh Chau Nguyen Ngoc Ha My Nguyen Ngoc Quynh Tram Le Hoang Yen September 2022 ABSTRACT This study seeks to give an analytical understanding of crowdfunding by examining the impact of project quality and founder quality on the success of crowdfunding Based on the information on reputable crowdfunding platforms, seven elements are leading to the success of crowdfunding campaigns After doing a questionnaire and comparing two cases, the detailed information, incentives, and value of the campaign are considered the most affected elements Besides, in equity and lending-based crowdfunding, backers also care about the profit potential of the campaign These findings show that backers focus on reliable information that can build their trust, and the benefits they will get if they invest in the campaign These elements are still true when applied to the situation of crowdfunding in Vietnam when analyzing the case of Thien Nam Elevator - a successful case in Vietnam INTRODUCTION Over the past few years, crowdfunding has become a popular fundraising way that supports small campaigns a lot With this kind of fundraising, both profit and non-profit campaigns have a chance to succeed even if they come from a small group or corporation This form of investment can help small groups of people or SMEs to introduce several creative ideas for products or campaigns to society However, these campaigns cannot always successfully approach the backers, who invest in them As a result, fundraisers need some factors that can support their campaigns Despite its popularity throughout the world, crowdfunding has just become familiar in the Vietnam market in recent years Then, there are some difficulties for fundraisers and backers to approach it in the right way However, it is undeniable that several crowdfunding campaigns in Vietnam have succeeded in raising funds In this report, our team will discuss elements leading to successful crowdfunding campaigns, then, analyze how Vietnamese crowdfunding campaigns apply these elements in reality LITERATURE REVIEW Overview 1.1 Definitions: Crowdfunding is a method of raising capital to sponsor endeavors and companies Fundraisers can now use online platforms to gather money from many people Crowdfunding is most often used by startup companies or growing businesses as a way of accessing alternative funds It is an innovative way of sourcing funding for new projects, businesses, or ideas It can also be a way of cultivating a community around your offering By using the power of the online community, you can also gain useful market insights and access to new customers This guide is aimed at entrepreneurs, businesspeople, and companies, especially small and medium enterprises If you are thinking about ways of financing a new business or idea or have heard about crowdfunding and want to learn more, you may find this guide useful Crowdfunding is done through online platforms that support fundraising services The fundraiser will post information about the campaign as well as the reason to raise funds on the platforms to attract investment 1.2 Main types of crowdfunding: Donation-Based: Donation-based crowdfunding is a way to source money for a project by asking many contributors to individually donate a small amount to it In return, the backers may receive token rewards that increase in prestige as the size of the donation increases For the smallest sums, however, the funder may receive nothing at all Sometimes referred to as rewards crowdfunding, the tokens for donations may include pre-sales of an item to be produced with the funds raised Donation-based crowdfunding can also be used to raise funds for charitable causes Because this sort of crowdfunding is predicated on donations, funders not obtain any ownership or rights to the project—nor they become creditors to the project Receive gratitude gifts (Reward-based): The sponsorship amount is divided into each package, and each package is a corresponding gift Sponsors will receive gifts when the project is successful, regardless of profits or ownership shares For example, a jewelry designer might reward everyone who contributes $100 with an original handmade bracelet, or an inventor of solar-powered lawn mowers might give a mower to contributors at the $1,000 level Rewards don’t have to be substantial; some businesses offer a simple handwritten thank-you note Equity-based: Equity crowdfunding is a unique way to raise capital for your business without taking on new debt It’s a form of fundraising that attempts to attract investors who are willing to contribute funds toward your business goals in return for a financial stake in the company In general, equity crowdfunding is a business funding model that involves collecting smaller sums of money from a larger number of private investors Would-be investors may be able to get involved for as little as $100 This approach differs from trying to attract sizable investments from venture capital firms or angel investors—a business capital strategy that’s out of reach for many startups and established small businesses alike Lending-based: Loan capital is taken from the capital contributed by the community or from people who have successfully done business from this form to create a large working capital flow Crowdfunding in Vietnam is not yet popular Due to the cultural difference between the West and the East, the different perception of failure makes crowdfunding not yet a place for people to be willing to share their ideas and raise capital because they are afraid of detractors and criticisms rather than support In a relationship-focused business environment like in Vietnam, investing in a stranger on the internet is not easy 1.3 The benefits of crowdfunding Backers • Involvement – investors may find it rewarding to be involved in the development of a specific business, project, venture, or cause Crowdfunding enables potential funders to choose how they invest their money more freely • Returns – crowdfunding may offer investors higher returns than those available from other, more traditional, financial products • Costs – by obviating the need for various intermediaries such as brokers, investors may receive benefits via reduced search and transaction costs Fundraisers • Accessibility – crowdfunding enables borrowers to access finance where it may not necessarily have been available to them from banks or other institutional lenders • Numbers – crowdfunding enables individuals and businesses to receive finance from a potentially unlimited pool of investors with relatively low associated access costs • Exposure – raising finance via crowdfunding provides borrowers with significant exposure may help to raise the borrower's profile and provides them with free access to market feedback 1.4 The risks of crowdfunding Backers • Information asymmetry – potential funders may face the problem of information asymmetry and find that they cannot conduct proper due diligence on the borrower • FSCS – investment via crowdfunding platforms does not provide the investor with any access to the government's Financial Services Compensation Scheme, which may leave the investor with no access to compensation if the borrower becomes insolvent • Liquidity – due to the lack of any established secondary market for crowdfunded investments, investors may find it difficult, if not impossible, to cash out their investment • Start-ups – many borrowers on crowdfunding platforms are start-ups or businesses in the early stages of their development There is a significant risk that the borrower's business will fail, resulting in a capital loss to the investor • Shares – it is unlikely that shares issued on crowdfunding platforms will carry any associated voting rights or rights to dividends for the investor In addition, the value of any investment may be significantly diluted if more shares are issued Fundraisers • Reputation – whether through lack of experience or time pressures, borrowers may fail to achieve their proposed goals set out in their initial pitch This may result in irreversible reputational damage to their business and the borrower's public support • Intellectual Property – to receive public backing, borrowers may find that they must make a trade-off between producing a detailed and thorough initial pitch and exposing designs or products that have not yet been properly protected • Management – successful crowdfunding campaigns may result in a borrower having to manage many investors' expectations, demands, and investments Without the appropriate resources, borrowers may struggle to successfully carry out this task The legal framework of crowdfunding in Vietnam In recent years, the wave of startups has been developing strongly in the business community and the young generation in Vietnam However, the environment and conditions for start-ups, including the legal framework, support policies, venture capital funds, etc., still face many obstacles Completing the conditions, in which focusing on financial policies as a pedestal is a requirement, helping the Vietnamese startup community to rise and develop strongly To promote and support start-ups, the Government has issued several financial policies to support directly (such as tax policy, credit policy, etc.) and indirectly through the incubator model Specifically: Firstly, on tax policy: Implement tax exemption and reduction policies for start-ups to help businesses have more financial resources to invest in expanding production and business and reduce dependence on loans banks and save business costs, thereby reducing costs, contributing to improving competitiveness, and attracting investment capital These policies are outlined in Clause 1, Art.11, Circular 96/2015/TT-BTC; Clause 1, Article 16 of Decree 218/2013/ND-CP guiding the implementation of the Law on corporate income tax, Decree 13/2019/NĐ-CP on science and technology enterprises, etc Secondly, about credit policy: Through the Bank for Policies, the Government has implemented incentives for start-ups such as interest-supported credit, loan guarantees from credit institutions, funds national technological innovation fund, national science and technology development fund, and a small business support fund The policies related to credit support: Article 8, 20 of the Law on Supporting SMEs; Decree No 38/2018/ND-CP on investment for innovative start-up SMEs in Vietnam; Decree 39/2019/NĐ-CP, etc Third, about the incubator model: indirect support for start-ups through the promotion of incubators helps businesses operate effectively, increasing independence and financial autonomy for incubators In Vietnam, a business incubator model has also been developed in several priority areas, such as science and technology, to support newly established businesses Accordingly, the State provides funding for the establishment and operation of public incubators and tax incentives Although there are specific policies to support projects or start-ups, the government still does not have specific policies for crowdfunding Therefore, many inadequacies create conflicts when implementing crowdfunding Specifically, in the lending-based model, loan transactions between investors (lenders) and project owners (borrowers) are not at all contrary to the provisions of current laws, more specifically the Code of Conduct Civil 2015, provided that participating investors are individual investors In contrast, in the equity-based model, it is not a simple matter to determine whether the nature of the project owner's share issuance transaction to investors is consistent with the current legal framework Project owners are completely free to call for capital from 1-2 certain investors, but once the number of investors becomes larger and more diverse, there are conflicts with the Securities Law 2019 regarding the “public offering of securities” Donation and reward-based, are all forms of non-profit fundraising, so they are generally a form of donation The law stipulates that charity donation is a civil activity, so the caller and capital contribution, in this case, will be negotiated and decided by themselves However, if the act of wrapping capital with signs of fraud, taking possession of the property, or taking personal advantage, will be criminally handled Elements lead to the successful crowdfunding campaign Detailed and clear description The description is the script the company would use to speak and tell in crowdfunding to persuade backers to invest in their campaign The description contains important information such as the products, the utility, the profit, etc that are attractive enough to get funding The goal of crowdfunding is not just to go out and beg for money but to invite people to invest and help to fulfill a particular goal for the business To achieve this, people who are likely to invest need to know clearly and detail about the campaign Fundraisers can get a first production run, launch a new location, and add a feature to the base product or service so that backers can understand clearly what they are doing They need to break down where the money they are asking for will go in this specific phase of the business because investors always focus on details to know whether it deserves to invest in or not Telling a great story is a good way to attract backers’ attention If companies want backers to open their wallets, they need to connect with backers on a deeper level by sharing a great story What problem does the product or campaign solve? How will it help them, or someone we engage them to care about? Why is it special? Make potential people eager to open their wallets to be part of that story This way not only touches people’s hearts and souls but also gives them specific benefits and solutions they would get after investing in them And fundraisers need to set their goals as low as possible for each campaign With some crowdfunding platforms, they will get no money if the campaign is not successful, so just keep the expected profits down the road The numbers - the goals - need to be concrete, realistic, and focus on solving the single stated problem we have just engaged our brackets in caring about Value The value of the campaign is the positive impact of the campaign on society An attractive project not only has to bring benefits to the fundraisers and backers but also needs to contribute greatly to the community For instance, an amount of the money from selling the products is given to charity, or the products are made without releasing emissions into the air, are eco-friendly, and even help to improve the environment Emphasizing the value of the product or campaign is also an important key leading to successful crowdfunding Especially, the company also can figure out the potential backers Research their concerns, and their goals for the community Following that, backers would emphasize the value of the campaign that potential backers want to attract their attention Legitimacy Legitimacy is commonly defined in political science and sociology as the belief that a rule, institution, or leader has the right to govern It is a judgment by an individual about the rightfulness of a hierarchy between a rule or ruler and its subject and about the subordinate's obligations toward the rule or ruler Legitimacy builds a fundraiser's identity and makes them influential When the business is legitimate, fundraisers have a greater chance of pleasing their customers Also, startups Subjectively, startups are constantly updating market trends and constantly innovating their products, they also know how to seize opportunities to access the best capital RECOMMENDATION Recommendation for fundraisers to conduct a successful crowdfunding campaign Recommendation 1: Build trust First, a project can call capital only if it builds trust from backers Building trust is a combination of many factors, some of which are particularly important: communication with backers, provision of project details, and long-term development strategy For interacting with backers, this is a series of promotional campaigns aimed at building trust Specifically, businesses should start with running campaigns to promote images of products and brands on social networking platforms or electronic information sites, then, backers will approach the business more quickly These marketing campaigns will be carried out before potential backers decide to invest After they have contributed capital to the project, the enterprise is responsible for keeping in touch with backers via email, phone, etc , for example, updating the progress of the project Equally important is providing backers with the most detailed and transparent information about the project as well as the business Regarding project information, fundraisers must have both an overview and specific description of the project or product and have accurate information about fundraising goals, profit goals, implementation timelines as well as disbursement, payback and expected profitability, and transparency of cash flow Regarding business information, there must be enough legal information, legal entity, capital, etc Finally, a long-term growth strategy will retain loyal backers A specific strategy and long-term development goals of the business will build trust from investors because the nature of crowdfunding is that investors will have less opportunity to directly approach the company’s project so that having a long-term plan will be a chance for investors to determine the development potential of the project Recommendation 2: Platform selection These days, in the world, there are many platforms providing crowdfunding services such as Kickstarter (USA), KissKissBankBank (France), Ecoligo (Germany), Fundingvn (Vietnam), etc Each platform has its pros-cons and works for its own specific purposes For example, in Vietnam, MoMo e-wallet conducts fundraising in the form of donation-based donations, or ComiCola serves projects related to comics or comics characters… Even in the case of Thien Nam Elevator, they chose the website Ecoligo (Germany) to raise capital instead of a Vietnamese platform because this website has a high level of prestige and popularity, which is an appropriate way to market for environmentally friendly production (Ecoligo focuses on green projects) and this is an effective approach to the European market Therefore, to choose the right platform, first, it is necessary to determine what is the purpose of the company’s crowdfunding campaign Next, they need to set out the criteria for selecting an appropriate platform such as the costs to put the project on the website, a quick method of payment for backers, the regulations of the platform on the project and business, and especially the platform's ability to support in bringing projects closer to investors In short, enterprises must indicate the characteristics and criteria of the project to be able to bring the project to potential investors through the right platform Recommendation 3: Reasonable fundraising goal Setting an appropriate fundraising goal also affects the backer's capital contribution decision besides the profit and value of the project When setting a goal that is too high, backers will worry that the campaign can be easily delayed in achieving the goal Conversely, with a goal that is too low, backers think campaign goals can be achieved without their support To determine the appropriate level of goals, businesses should estimate how much the operating budget for each stage of the campaign, from planning to completion of the campaign A specific financial plan will give the most approximate number, the business can rely on it to give an appropriate number In case there are still questions about a suitable goal, businesses should consider referring to similar campaigns Recommendation 4: To have a successful fundraising campaign, businesses must make their campaigns stand out from countless similar ideas It is not only the result of creativity but also constantly learning There is no shortage of projects with similar ideas, but there are projects that are very successful because they know how to analyze the advantages and disadvantages of previous projects and find creative and innovative ways to overcome those disadvantages with the goal of bringing the most complete product to attract backers So, it will be a wise decision to learn and create from similar projects if you don't have a completely different idea Recommendation 5: Intellectual property Intellectual property is a form of protecting the founder's creativity This is a legitimate right that the government allows founders to have, so founders should take advantage of their rights against copyright infringement When a project is successful and profitable, there will be individuals or organizations profiting from it The registration of intellectual property rights is also a way to protect backers so that they have confidence in the product When the product is copyrighted, profits will also be affected Therefore, to avoid possible losses and disputes, enterprises should register their intellectual property before announcing the project and calling for capital Recommendation for backers to invest in potential campaign Recommendation 1: Crowdfunding is a new form of investment in Vietnam, so backers still have many problems when choosing a project to invest in For a new form of investment such as crowdfunding or any other form of Fintech investment, backers need to carefully research project information before deciding to invest Firstly, backers need to determine carefully the platform that provides investment services Since online platforms still contain certain security risks, this can lead to the leakage of backers’ private information Besides, backers also need to understand clearly the information of the project they tend to invest in With any type, backers also should focus on the basic information such as the introduction of the business, information, and characteristics of the product or project, etc., and more in-depth information, such as fundraising goals, payback and disbursement timelines, capital-using plan, business development plan, etc For donation-based and reward-based projects, which are non-profit projects, therefore, backers not expect to receive a return, but they invest based on trust in the project’s community value Thorough research about the project will avoid backers' trust being taken advantage of for bad purposes For equity-based and lending-based, capturing specific information will help backers know when they will receive profits from the project and avoid being scammed Recommendation 2: Backers should also have a long-term vision of the project or business that they want to invest in Particularly, instead of just thinking about immediate profits, backers should consider long-term investments and the long-term value that the project brings For example, a project that brings a huge immediate profit but in the long run has negative effects on the environment, backers should consider before deciding because the trend of economic development is promoting sustainable development Or a project that brings low profit in a short time but in the future, that product can develop significantly, it is also a reasonable choice Besides, the market is always fluctuating and eliminating businesses or products that not match the tastes of the majority Therefore, drawing up a long-term strategy for the project for long-term development will bring stable profits to backers Recommendation for the government to develop crowdfunding model in Vietnam Recommendation 1: Currently, the legal system in Vietnam does not have clear regulations on crowdfunding activities However, recognizing the development of crowdfunding in the world and in Vietnam, the legislators had the idea of promulgating a Draft Law to support small and medium-sized enterprises (SMEs) to promote development Bringing this idea into practice is imperative for the following reasons: First, based on reality, more and more individuals and startups want to bring their products and ideas closer to the community, but they have not mobilized enough resources to realize their ideas Therefore, they choose crowdfunding as an approach for retail investors However, current regulations have not clearly outlined the responsibilities and legal status of enterprises, and at the same time, there is no plan to protect the interests of backers in this form of a capital call Besides, the promulgation of a clear legal system will be the basis for the State to monitor and supervise crowdfunding activities, thereby proposing appropriate management directions, avoiding risks and negative impacts to the community (for example fraud, property appropriation, risk of information theft, etc.) Therefore, the government needs to have clear terms and regulations on crowdfunding, specifically: the definition of crowdfunding; responsibilities, obligations, and legal status of stakeholders in crowdfunding activities; regulations on the protection of interests of stakeholders; etc Recommendation 2: Vietnam is considered a potential market for the strong development of Fintech in general and crowdfunding in particular, with a high rate of Internet access (accounting for 70% of the population) As a result, people can easily access new technologies, and business models and mobilize new capital However, the high level of Internet access also leads to some technical challenges such as network security risks and low level of information security According to MB Banks Fintech report, the crowdfunding ecosystem currently does not have a close connection between entities such as State management agencies, financial institutions and businesses, investment funds, and financial - telecommunication infrastructure For that reason, the Government should provide punctual technological support to developing crowdfunding platforms, focusing on enhancing data security, avoiding the risk of information theft, and anti-fraud, and perfecting e-commerce policies RESEARCH RESULT This research is conducted to find out the factors that can affect the success of a crowdfunding project From there, it is applied to analyze the current situation of crowdfunding trends in Vietnam and come up with solutions After selecting from reputable news sites about crowdfunding, there are elements affecting the success of the project Which, there are elements most selected from the questionnaire: information, value, profit, and incentives Besides, to make sure that those factors really affect the success rate of a project, we compare technology projects on the Kickstarter platform, in which one project succeeds in fundraising and vice versa Then, the results are that the other factors have an impact on the project calling for capital Research is also carried out to analyze the current situation and development potential of the crowdfunding trend in Vietnam The factors from the results of the above research are applied to analyze a successful capital-raising campaign in Vietnam After analyzing the situation, we give some recommendations for fundraisers, backers, and the Government to improve the problems so that crowdfunding can develop in the long term in Vietnam These recommendations can also help fundraisers and backers around the world to refer to improve their projects CONCLUSION The startup trend is becoming more and more popular all over the world, however, startups and small investors still face some difficulties when raising funds in the traditional way As a result, the crowdfunding trend appears to solve these problems and makes it easier for small investors to approach startup campaigns In practice, crowdfunding way proves its critical role through the increase in the amount of money and transactions Despite a large number of campaigns, some of them did not meet the standard so they failed to raise funds Then, we listed seven elements that can help organizations and entrepreneurs improve their campaigns And these elements are used to evaluate the application in Vietnam Crowdfunding in Vietnam also deals with barriers although Vietnam is a potential crowdfunding market The government, fundraisers, and backers are entitled in solving the problems to give equal conditions for the crowdfunding method EXHIBIT Exhibit 1: Thien Nam Cash Flow statement 2020-2023 Exhibit 2: Thien Nam Investment offer REFERENCES KissKissBankBank 2022 KissKissBankBank - 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