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Crowdfunding for the development of smart cities

Author

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  • Carè, Stella
  • Trotta, Annarita
  • Carè, Rosella
  • Rizzello, Alessandro

Abstract

In recent years, many cities have experienced new forms of collaboration that have an impact on citizens and entrepreneurs. The integration of this field of study with civic crowdfunding can influence economic growth and community building, which may be beneficial for both policymakers and practitioners alike. Civic crowdfunding is a financial model through which citizens, in collaboration with government and local authorities, fund projects to provide a community service. The development of smart cities is related to civic engagement, empowerment, and participation intended to be part of crowdsourcing or entrepreneurial activities. In this sense, cities play a vital role as drivers of (open) innovation and entrepreneurship. Based on these considerations, this study proposes an explorative and qualitative approach to investigate the civic crowdfunding phenomenon and its ability to promote community development. Our exploratory analysis of six projects highlights the challenges and opportunities of civic crowdfunding for the creation, development, and improvement of more inclusive cities.

Suggested Citation

  • Carè, Stella & Trotta, Annarita & Carè, Rosella & Rizzello, Alessandro, 2018. "Crowdfunding for the development of smart cities," Business Horizons, Elsevier, vol. 61(4), pages 501-509.
    • Handle: RePEc:eee:bushor:v:61:y:2018:i:4:p:501-509
    DOI: 10.1016/j.bushor.2017.12.001
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    References listed on IDEAS

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    1. Rodrigo Davies & Amanda Roberts, 2015. "Understanding the crowd, following the community: the need for better data in community development crowdfunding," Community Development Working Paper 2015-7, Federal Reserve Bank of San Francisco.
    2. Peter G. Klein & Donald S. Siegel & Nick Wilson & Mike Wright, 2014. "The Effects of Alternative Investments on Entrepreneurship, Innovation, and Growth," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 35(2), pages 67-72, March.
    3. Lorraine Johnston & John Blenkinsopp, 2017. "Challenges for civil society involvement in civic entrepreneurship: a case study of local enterprise partnerships," Public Money & Management, Taylor & Francis Journals, vol. 37(2), pages 89-96, February.
    4. Brunswicker, Sabine & Bilgram, Volker & Fueller, Johann, 2017. "Taming wicked civic challenges with an innovative crowd," Business Horizons, Elsevier, vol. 60(2), pages 167-177.
    5. Claire Charbit & Guillaume Desmoulins, 2017. "Civic Crowdfunding: A collective option for local public goods?," OECD Regional Development Working Papers 2017/2, OECD Publishing.
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    Cited by:

    1. Mora, Luca & Gerli, Paolo & Ardito, Lorenzo & Messeni Petruzzelli, Antonio, 2023. "Smart city governance from an innovation management perspective: Theoretical framing, review of current practices, and future research agenda," Technovation, Elsevier, vol. 123(C).
    2. Musabbir Chowdhury, 2019. "Strategic Realignment within Smart Ecosystems: Organizational Preparedness for Smart Cities and the Sharing Economy," Proceedings of International Academic Conferences 8710707, International Institute of Social and Economic Sciences.
    3. Aqeel Farooq & Mehdi Seyedmahmoudian & Ben Horan & Saad Mekhilef & Alex Stojcevski, 2021. "Overview and Exploitation of Haptic Tele-Weight Device in Virtual Shopping Stores," Sustainability, MDPI, vol. 13(13), pages 1-13, June.
    4. Mimica R. Milošević & Dušan M. Milošević & Dragan M. Stević & Ana D. Stanojević, 2019. "Smart City: Modeling Key Indicators in Serbia Using IT2FS," Sustainability, MDPI, vol. 11(13), pages 1-28, June.
    5. Laurentiu-Cristian Ciobotaru & Sul Kim & Arthur Soest, 2021. "Household Preferences for Investing in Crowdfunding," De Economist, Springer, vol. 169(4), pages 499-522, November.
    6. Eusebio Scornavacca & Francesco Paolone & Stefano Za & Laura Martiniello, 2020. "Investigating the entrepreneurial perspective in smart city studies," International Entrepreneurship and Management Journal, Springer, vol. 16(4), pages 1197-1223, December.

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