Proceedings | Strategy and Innovation area | Year 2015
 

Implementing Crowd Funding Platform for Thai Society

by Tawan Chumintarachak; Nathasit Gerdsri
  
  The 7th THAITIMA 2015 in Bangkok, Thailand 11-12 June 2015

Abstract

Kickstarter, an international crowd funding platform has linked over 7.5 million people with $1 billion funding to support over 74,000 creative projects since 2009. While several crowd funding sites are populating across many territories, it appears that Thailand still lacks the required environment to support individual creativity. This paper will explore the factors that prevents Thais from participating in international crowd funding platform and identify variables that will support establishment of local crowd funding platform suitable for Thai society. The data was collected by in-depth interview with 6 respondents from various fields of expertise related to innovation which are software programmer, computer engineer, Family business operator, economic professor, marketing advisors and innovation executive. This mixed male & female group aged between 25-45 years old had minimum 5 years of work experience in their fields and had lived outside of Thailand for more than 2 years to help us achieve understanding of their perception from Thai and other culture. The result indicates that trust, low awareness and language barriers are the key factors that prevent Thais from participating in international crowd funding projects. We also able to identify that trust, transparency, convenient and public communication are needed to create foundation for Thailand based crowd funding platform. The final part of this study includes the business model concept, limitation and recommendation.

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