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Breaking the Formal Financing Barriers Facing Entrepreneurs: Crowdfunding as an Alternative Financing for Enterprise Development in Nigeria in the Digital Era

Breaking the Formal Financing Barriers Facing Entrepreneurs: Crowdfunding as an Alternative Financing for Enterprise Development in Nigeria in the Digital Era
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Author(s): Lukman Raimi (American University of Nigeria, Nigeria)
Copyright: 2020
Pages: 17
Source title: Handbook of Research on Social and Organizational Dynamics in the Digital Era
Source Author(s)/Editor(s): Efosa C. Idemudia (Arkansas Tech University, USA)
DOI: 10.4018/978-1-5225-8933-4.ch010

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Abstract

Financing programs at both start-up and growth phases are confronted with a number of institutional barriers. However, the digital era with its attendant benefits of interconnectedness has provided an alternative financing option called crowdfunding for internet-savvy entrepreneurs. Crowdfunding is a digital-based tool used to raise funds for different projects contributing to socio-economic development. The chapter discusses crowdfunding as an alternative financing option for enterprise development in Nigeria. Using a desk research technique, this chapter highlights the prospects of crowdfunding and strategies for leveraging crowdfunding as a viable alternative financing alternative in Nigeria. As an internet-driven process, this chapter identifies a number of challenges, but the most fundamental is the absence of regulatory environment to protect investors, a development that is in contrast to developed countries where crowdfunding is guided by enabling legislation. The chapter concludes with a number of research implications and suggestions.

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