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| The Heterogeneous Incentive Mechanism of Creative Crowdfunding Based on the Perspective of Entrepreneurs |
| LIU Zhengchi，HE Yan，MA Tao，ZHOU Sha |
| Hunan University, Changsha, China |
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Abstract In the case of creative crowdfunding, whose emphasis are putting on “novelty” and “participatory”, the entrepreneurs are motivated to raise funds or resources, at the same time, 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 motivations. Firstly, the information screening mechanism based on “the value of early access” could stimulate consumers to exhibit their preference type, which help the entrepreneurs maximize their benefits through price discrimination. Secondly, the benefits allocation mechanism based on “the value of participation” could prompt the formation of community of interests and facilitates the entrepreneurs to raise all kinds of resources, which will then be utilized to turn creative ideas into creative products.
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Received: 05 September 2016
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2017, Vol. 14 
