مجله پژوهش‌های کارآفرینی

مجله پژوهش‌های کارآفرینی

رمزگشایی تأمین مالی جمعی کسب‌وکارهای نوپا: مشروعیت شناختی عرضه اولیه سکه

نوع مقاله : علمی- پژوهشی

نویسندگان
1 گروه کسب‌وکار جدید، دانشکده کارآفرینی، دانشگاه تهران، تهران، ایران.
2 گروه توسعه کارآفرینی، دانشکده کارآفرینی، دانشگاه تهران، تهران، ایران.
چکیده
چالش اصلی راه‌اندازی و توسعه کسب‌وکارهای نوپای خطرپذیر، تأمین منابع مالی مناسب است. عرضه اولیه سکه (بهامهر یا توکن) به‌عنوان یکی از بدیع‌ترین شیوه‌های تأمین مالی کارآفرینانه، پاسخگو این نیاز حیاتی نوآفرینان است، اما موفقیت آن، همچون تأمین مالی جمعی وابسته به پذیرش آحاد مردم است. به‌دلیل مقاومتی که در اعتمادکردن به این نوآوری بنیادین وجود دارد، نه‌تنها موفقیت عرضه اولیه توکن، بلکه گسترش و مردمی‌سازی آن نیز در گرو مشروعیت و کسب اعتبار از مردم است. پژوهشگران متعددی به بررسی علل موفقیت عرضه اولیه بهامُهر پرداخته‌اند، اما پژوهش‌های محدودی با رویکرد قدرتمند نظریه مشروعیت در تامین مالی جمعی مبتنی بر رمزارز صورت‌گرفته که در واقع، به‌عنوان واسطی میان ارزش‌های جامعه و این فناوری مالی است. ازاین‌رو، هدف این پژوهش شناسایی و اولویت‌بندی منابع مشروعیت‌‌بخش شناختی است که منجر به موفقیت عرضه اولیه بهامهر کسب‌وکارهای مبتنی بر بلاک‌چین می‌شود. به‌عبارت‌دیگر، استارتاپ‌ها چگونه می‌توانند جهت موفقیت در تأمین سرمایه، مشروعیت کسب کنند. پژوهش حاضر از لحاظ هدف، کاربردی با رویکردی کیفی است و از طریق مصاحبه نیمه‌ساختاریافته با 26 نفر از فعالان و متخصصان حوزه رمزارزها انجام شده است. تجزیه‌وتحلیل داده‌ها با شیوة تحلیل محتوا و مضامین و با رویکرد کدگذاری نظریه‌پردازی داده‌بنیاد انجام شد و 13 منبع مشروعیت شناختی شناسایی و اولویت‌بندی شد. یافته‌های این پژوهش نشان داد که «منتشرکردن اطلاعات زیاد توسط کسب‌وکار درباره خود» و «داشتن دانش کافی سرمایه‌گذار از عرضه اولیه سکه» مشروع‌سازترین منابع مشروعیت شناختی هستند. نتایج و پیشنهادات این پژوهش بینش عمیق و ارزشمندی برای پژوهشگران دانشگاهی، کارآفرینان، قانون‌گذاران و سرمایه‌گذاران ارز دیجیتال ایجاد می‌کند.
کلیدواژه‌ها

عنوان مقاله English

Unraveling the Secrets to Startup Crowdfunding: Cognitive Legitimacy in Initial Coin Offerings (ICOs)

نویسندگان English

Hesam Modin Jaladati 1
Ehsan Chitsaz 2
1 Department of Business Creation, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran.
2 Department of Entrepreneurship Development, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran.
چکیده English

Securing adequate financial resources is the primary challenge of entrepreneurial ventures in their establishment and growth. Initial coin offering, an innovative entrepreneurial fundraising method, caters to this critical need, but its success depends on acceptance by the public, similar to crowdfunding. Trusting such a radical innovation faces resistance, making the initial coin offering's success, diffusion, and institutionalization contingent on legitimacy and widespread reputation. Although numerous studies have explored the success factors of Initial Coin Offering (ICO), only a few have utilized the potent legitimacy theory in cryptocurrency-based crowdfunding, which bridges societal values and financial technology. Consequently, this research aims to identify and prioritize the cognitive legitimacy sources contributing to the success of blockchain-based business token offerings, essentially examining how startups can gain legitimacy to secure capital successfully. The research is an applied study that adopted a practical and qualitative approach and was carried out through semi-structured interviews with 26 cryptocurrency investors and experts. Data was analyzed through thematic and content analysis methods by adopting the grounded theory coding approach, which led to the identification and prioritization of 13 cognitive legitimacy sources. The results reveal that "extensive information disclosure by the business" and "adequate investor knowledge of the initial coin offerings" are the most legitimizing cognitive legitimacy sources. This study's findings and recommendations offer valuable insights for academic researchers, entrepreneurs, regulators, and digital currency investors.

کلیدواژه‌ها English

Blockchain
Cryptocurrency
Entrepreneurial Financing
Organizational Legitimacy
Token Offerings
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