| dc.description.abstract | Crowdfunding is a rapidly growing phenomenon, and it has emerged as an alternative source
of external funding. It has given opportunities for common people (i.e., the crowd) to fund a
variety of different causes, such as projects in arts and science, charities and start-ups, while
getting some kind of value in return. While it has enabled new possibilities in many
industries, the research on crowdfunding is limited, and virtually no studies have looked at
the new business models that have emerged as a result of crowdfunding. We found this
curious, and wish to help start-ups by showing the new opportunities that crowdfunding
enables, specifically in the fashion industry. In this master thesis, we have therefore studied
the phenomenon in the context of the fashion industry.
By conducting semi-structured interviews with managers in European and American fashion
companies, we have been able to identify not only one, but three new business models that
have emerged in the fashion industry as a result of crowdfunding: The Gustin model, the Presale
model, and the Equity model. These business models change the way business is done in
the fashion industry. They require few resources and have low risks, which makes it easier
for start-ups to enter the market. Crowdfunding is used to generate different sources of
revenues (“revenue boost”), which can either enable the launch a product, a collection, or a
start-up, or to grow an established company. Further, all of the respective models facilitate a
strong customer engagement, and give customers the opportunity to directly influence the
industry. This creates an added value for the customers, especially early-adopters, and has
symbiotic advantages for both customers and the companies. In addition to this, the business
models offer a cost-efficient, sustainable, and ethical way of doing business. The new
business models are not only applicable for start-ups, but also have significant value for
incumbent firms. All together, the models identified challenge the traditional business models
in the industry, and have the ability to change the industry in the years to come. This master
thesis lays the foundation for future research, and facilitates that companies can exploit the
opportunity that comes with crowdfunding in the fashion industry. | nb_NO |
