Shared Value Creation and Crowdfunding in Brazil

Israel José dos Santos Felipe


Objective. Approaching the theory of creating shared value (Porter & Kramer, 2011) with the basic social elements of crowdfunding in Brazil. The idea was to explore the complementarity of the concepts governing the CF in line with the theory of Porter and Kramer. Through literature review and empirical discussion is intended to answer two central questions regarding the theme developed in this essay: i) which elements of the theory of creating shared value are found in crowdfunding? ii) how occurs the creation of shared value in business developed in crowdfunding platforms?

Methodology. Theoretical Essay.

Findings.  It is possible to make a theoretical approach of the themes studied in this trial, as we take the social and financial perspective of crowdfunding and their relationships with the creation of value for the company and investors.

Originality. So far, was not found another study that addressed the themes of this essay in Brazil.


Theory of Creating Shared Value, Crowdfunding, Adding value, Economic and social value

Full Text:



Agrawal, A., Catalini, C., & Goldfarb, A. (2011) The Geography of Crowdfunding. NBER Working Paper, No. 16820, January 07.

Agrawal, A., Catalini, C., & Goldfarb, A. (2013) Some simple economics of Crowdfunding.

NBER Working Paper, No. 19133.

Agrawal, A., Catalini, C., & Goldfarb, A. (2015). Crowdfunding: Geography, social networks, and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2), 253-274.

Assis, N. (2014) Crowdfunding ainda é muito associado ao assistencialismo. Diário do Comércio. Recovered in 05 september, 2015, in .

Beaulieu, T., Sarker, S., & Sarker, S. (2015). A conceptual framework for understanding crowdfunding. Communications of the Association for Information Systems, 37(1), 1-31.

Belleflamme, P., & Lambert, T. (2014). Crowdfunding: Some empirical findings and microeconomic underpinnings. Available at SSRN 2437786.

Boudreau, K. J., Jeppesen, L. B., Reichstein, T., & Rullani, F. (2015). Crowdfunding as ‘Donations’: Theory & Evidence. Harvard Business School Strategy Unit Working Paper, (16-038).

Buysere, K., Gajda, O., Kleverlaan, R., & Marom, D. A (2012) Framework for European Crowdfunding, 1st ed.

Camargo, A.L.B. (2003) Desenvolvimento sustentável: dimensões e desafios. Campinas, São Paulo, Papirus.

Catarse. (2016). Sala de impressa. Recovered in 23 july, 2016, in:

Drucker, P. (1993). Sociedade Pós-Capitalista. 5. ed. São Paulo: Pioneira.

Elkington, J. (2001). Canibais com Garfo e Faca. São Paulo: Makron Books.

Evans, D.S. (2011) Platform economics: Essays on multi-sided businesses, Competition Policy International.

Fleming, L., & Sorenson, O. (2016). Financing by and for the Masses. California Management Review, 58(2), 5-19.

Gierczak, M. M., Bretschneider, U., Haas, P., Blohm, I., &

Leimeister, J. M. (2016). Crowdfunding: Outlining the New Era of Fundraising. In Crowdfunding in Europe (pp. 7-23). Springer International Publishing.

Giudici, G., Nava R., Rossi-Lamastra, C., & Verecondo, C. (2012) Crowdfunding: the new frontier for financing entrepreneurship? Recovered in 03 august, 2015, in

Hagedorn, A., & Pinkwart, A. (2016). The financing process of equity-based crowdfunding: An empirical analysis. In Crowdfunding in Europe (pp. 71-85). Springer International Publishing.

Hagiu, A. (2014). Strategic decisions for multisided platforms. MIT Sloan Management Review 55, 71–80

Harrison, R. (2013). Crowdfunding and the revitalisation of the early stage risk capital market: catalyst or chimera?, Venture Capital: An International Journal of Entrepreneurial Finance, 15:4, 283-287.

Hobey, E. (2015) Massolution Report Released: Crowdfunding Market Grows 167% in 2014, Crowdfunding Platforms Raise $16.2 Billion. Recovered in 29 september, in

Howe, J. (2008) Crowdsourcing. Why the Power of the Crowd is Driving Future of Business. New York: Three Rivers Press.

Kleemann, F, VOß, G.G., & Rieder, K. (2008) Un(der)paid innovators: the commercial utilization of consumer work through crowdsourcing. Science, Technology & Innovation studies. v. 4. n. 1. p. 5-25.

Kuppuswamy, V., & Bayus, B. (2013) Crowdfunding creative ideas: The dynamics of project backers in Kickstarter. Working Paper.

Lee, C. H., Zhao, J. L., & Hassna, G. (2016). Government-incentivized crowdfunding for one-belt, one-road enterprises: design and research issues. Financial Innovation, 2(1), 1.

Lehner, O. M. (2013). Crowdfunding social ventures: a model and research agenda. Venture Capital, 15(4), 289-311.

Lévy, P. A (2007) Inteligência Coletiva: por uma antropologia do ciberespaço. Edições Loyola, 5a edição: São Paulo.

Mapa do Crowdfunding. Crowdfunding Brasil. Recovered in 29 setembro, 2015, in:

Melo Neto, F. (2001) Gestão da Responsabilidade Social Corporativa: o caso brasileiro, Ed. Qualitymark.

Mendes-Da-Silva, W., Rossoni, L., Conte, B. S., Gattaz, C. C., & Francisco, E. R. (2016). The impacts of fundraising periods and geographic distance on financing music production via crowdfunding in Brazil. Journal of Cultural Economics, 40(1), 75-99.

Mollick, E. (2014) The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing 29, 1–16.

Mollick, E., & Robb, A. (2016). Democratizing Innovation and Capital Access. California Management Review, 58(2), 72-87.

Porter, M. E., & Kramer, M. (2011) The Big Idea: Creating Shared Value. Harvard Business Review, Vol. 89, No. 1-2, January/February.

Prahalad, C. K., & Hart, S. L. (2002). The fortune at the Bottom of the Pyramid. Strategy and Business, 26(2), p.1-14.

Qiu, C. (2013). Issues in crowdfunding: Theoretical and empirical investigation on Kickstarter. Available at SSRN 2345872.

Schwienbacher, A., & Larralde, B. (2010) Crowdfunding of Small Entrepreneurial Ventures. In: Entrepreneurial Finance: Oxford University Press.

Setti, R., & Cruz, M. (2011) Modelo de financiamento pela web, ‘crowdfunding’ avança no Brasil, mas ainda há barreiras. Recovered in 06 august, 2015, in: .

Shiller, R. (2013). Capitalism and financial innovation. Financial Analysts Journal, 69(1), 21–25.

Statista. (2015). Percentage growth of crowdfunding platforms worldwide from 2008 to 2012. Recovered in 29 september, 2015, in:



  • There are currently no refbacks.

Copyright (c) 2015 Journal of Financial Innovation

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.