CROWDFUNDING MODEL IN INDONESIA BASED ON PROFIT SHARING PRINCIPLE WITH BLUE OCEAN STRATEGY
DOI:
https://doi.org/10.35794/jmbi.v12i1.59819Abstract
The urgency of this research is that many SMEs in Indonesia face the constraint of limited access to capital and show a solution to overcome the problem of funding sources to finance SMEs by proposing a financing model through a crowdsourcing or crowdfunding mechanism . The crowdfunding model in this study is lending ( peer-to-peer) using the principle of profit sharing such as mudharabah which has not been widely studied.
objective of this research is to analyze whether increasing financial inclusion of SMEs through crowdfunding based on the principle of profit sharing is the right model in improving the financial aspects of SMEs in Indonesia. The second year objective is: through the ERRC ( Blue Ocean Strategy ) approach , which factors should be eliminated ( Eliminate), Reduce , Raise and Create ( ERRC ) The aim of the research in the third year is to analyze the model for increasing financial inclusion of SMEs through crowdfunding based on the principle of profit sharing with the Business Model Canvas approach .
The results of this study are based on the analysis of IFAS and EFAS shows the need for development at the internal level for crowdfunding improvement , compared to its external factors. Thus internal stakeholders such as local governments, managers become important actors for the process of strengthening profit-sharing crowdfunding .
References
Bengen, DG (2001). Integrated Coastal Area Management Training. Proceedings of Integrated Coastal Area Management Training (p. 167). Bogor: Center for Coastal and Marine Resources Studies, Bogor Agricultural University.
BPS. Statistik Indonesia 2020. Statistik Indonesia 2020 [Internet]. Available from: https://www.bps.go.id/publication/2020/04/29/e9011b3155d45d70823c141f/statistik-indonesia-2020.html [Accessed 5th March 2023].
Brogan, M. (2016). Why We Shouldn't Worry About the Competition. Retrieved February 3, 2018, from http://www.broganmicallef.com/blue-ocean-strategy/.
Cai W, Polzin F, Stam E. 2020. Crowdfunding and social capital: a systematic review using a dynamic perspective. Technological Forecasting and Social Change [Internet]. Oct;120412. Available from: https://doi.org/10.1016/j.techfore.2020.120412
Chathoth, PK and Olsen, MD (2003), “Strategic alliances: a hospitality industry perspective”, International Journal of Hospitality Management, Vol. 22 No. 4, pp. 419-34.
Chan, k., & R, M. (2005). Blue Ocean Strategy. Jakarta: Serambi.
Cole S, Sampson T, Zia B. Financial literacy, 2023. financial decisions, and the demand for financial services : evidence from India and Indonesia. Harvard Business School [Internet].
DEFINIT. 2013.Developing an Indonesian financial literacy index DEFINIT, support for economic analysis development in Indonesia (SEADI), and Otoritas Jasa Keuangan (OJK)
Dev, C., Zhou, K.Z., Brown, J. and Agarwal, S. (2009), “Customer orientation or competitor orientation: which marketing strategy has a higher payoff for hotel brands?”, Cornell Hospitality Quarterly, Vol. 50 No. 1, pp. 19-28.
Gunawan, M. (2007). Leisure, recreation, tourism in various metropolitan dimensions. Urban and Regional Planning , 49-64.
Hair, Joseph F,, Jr., Bush, Robert P., & David Ortinau. (2011,). Multivariate Data Analysis, Seventh Edition. United States: Pearson Prentice Hall.
Hidajat. 2019.Legal and Shariah issues in the application of Wakalah-waqf Model in Takaful industry: an analysis. Procedia-Social and Behavioral Sciences. 65:1040-1045.
Handayani, AD (2003). Opportunities and Constraints in Managing Coastal Ecotourism in Muaragembong, Bekasi Regency. Jakarta: Department of Geography, Faculty of Mathematics and Natural Sciences, University of Indonesia.
Haryo Winarso, AO (2003). Tourism Business District and Participatory Approach in the development of urban tourism routes, case study: Jakarta city tourism routes. Journal of Urban and Regional Planning , 11-38.
Jen ‐ te Yang, (2012) "Identifying the attributes of blue ocean strategies in hospitality", International Journal of Contemporary Hospitality Management, Vol. 24 Issue: 5, pp.701-720
Kim, WC and Mauborgne, R. (2005), Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant, Harvard Business School Press, Boston, MA
Langley P. 2016. Crowdfunding in the United Kingdom: a cultural economy. Economic Geography [Internet]. Mar 21;92(3):301–21. Available from: https://doi.org/10.1080/00130095.2015.1133233
Layton, S. (2009). Value Innovation-The Key to Blue Ocean Strategy. Retrieved February 3, 2018, from http://www.corporatestrategy.com/value-innovation-the-key-to-blue-ocean-strategy/. Muliawan. (2011). Concept of Regional Planning and Development.
Maritz A, Li A, Utami W, Sumanji Y. 2022 The emergence of entrepreneurship education programs in Indonesian higher education institutions. Entrepreneurship Education [Internet]. Oct 2022 [cited 2022 Oct 29];5(3). Available from: https://doi.org/10.1007/s41959-022-00080-0
Modjo MI. 2020, Memetakan jalan penguatan ekonomi pasca pandemi. Jurnal Perencanaan Pembangunan: The Indonesian Journal of Development Planning [Internet]. Jun 8;4(2):103–16. Available from: https://doi.org/10.36574/jpp.v4i2.117
O'Reilly, A. (1986), “Tourism carrying capacity - concepts and issues”, Tourism Management, Vol. 7 No. 4, pp. 254-8.
O'Neill, JW and Mattila, AS (2004), “Hotel branding strategy: its relationship to guest satisfaction and room revenue”, Journal of Hospitality & Tourism Research, Vol. 28 No. 2, pp. 156-65.
O'Neill, J.W. (2006), “Strategic hotel development and positioning: the effect of revenue drivers on profitability”, Cornell Hotel and Restaurant Administration Quarterly, Vol. 47 No. 2, pp. 146-54.
Pandiangan, P., & Martini, I. A. O. (2021). Digital Marketing Strategy of Property Agents in The New Normal Era. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(3).
Paramita, B. (2000). Arrangement of pedestrian space in the trading function of the Johar Semarang superblock. Semarang: Diponegoro University.
Pullman, M. and Rodgers, S. (2010), “Capacity management for hospitality and tourism: a review of current approaches”, International Journal of Hospitality Management, Vol. 29 No. 1, pp. 177-87.
Reid, L.J., Smith, S.L.J. and McCloskey, R. (2008), “The effectiveness of regional marketing alliances: a case study of the Atlantic Canada tourism partnership 2000-2006”, Tourism Management, Vol. 29 No. 3, pp. 581-93.
Rillo. 2023. Financial Inclusion in Asia: Country Surveys [Internet]. www.adb.org. Asian Development Bank. 2013. Available from: https://www.adb.org/publications/financial-inclusion-asia-country-surveys-0 [Accessed 5th March 2023]
RPJMD. (2015). General Overview of Regional Conditions. Surabaya: RPJMD of Surabaya City.
Shaban M, Duygun M, Anwar M, Akbar B. 2014.Diversification and banks’ willingness to lend to small businesses: evidence from Islamic and conventional banks in Indonesia. Journal of Economic Behavior & Organization [Internet]. Jul;103:S39–55. Available from: https://doi.org/10.1016/j.jebo.2014.03.021
Sudesh Prabhakaran and Vikneswaran Nair, S.R. (2013). Marine waste management indicators in a tourism environment: Exploring possibilities for Semporna District Sabah. Journal of Worldwide Hospitality and Tourism Themes , 365-376.
Sumarlijati, T., Suprihanta, C. P., & Setiawan, I. T. (2021). Factors In Purchase Intention Of Foreign Soccer Club Jersey. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 8(3). https://doi.org/10.35794/jmbi.v8i3.35661
Sutrisno TF, Utami CW. 2020. How does entrepreneurial orientation relate to organizational performance In SMEs? International Journal Of Science & Technology Research. 8(10).
Surabaya. (2017). Geography of Surabaya. Retrieved February 8, 2018, from http://www.surabaya.go.id/berita/8227-geografi .
Tampubolon, D. (2012). Coastal Community Empowerment Strategy in Meranti Islands Regency. Coastal Community Empowerment Journal , 1-190.
Utami CW, Tambunan D, Padmalia M. 2021.Analysis of innovation, proactive, and risk taking as presentations of entrepreneurial orientation towards business success of second and third generation family business in Indonesia. Jurnal Entrepreneur dan Entrepreneurship [Internet]. Apr 13;10(1). Available from: https://doi.org/10.37715/jee.v10i1.1553
Utami CW.2019. The difference pattern of succession betweend second generation and third generation family business in Indonesia (a review of the medium-size family business). Review of Management and Entrepreneurship [Internet]. Oct 30;3(2):133–54. Available from: https://doi.org/10.37715/rme.v3i2.1204
Utami CW, Tambunan D, Padmalia M. 2021. Analysis of innovation, proactive, and risk taking as presentations of entrepreneurial orientation towards business success of second and third generation family business in Indonesia. Jurnal Entrepreneur dan Entrepreneurship [Internet]. Apr 13;10(1). Available from: https://doi.org/10.37715/jee.v10i1.1553.
Wedi, PK (2008-2017). Detailed Engineering Plan for Tambak Wedi City Space. Tambak Wedi: Tambak Wedi City Government
Wedi, PK (2008-2017). Detailed Engineering Plan for Tambak Wedi City Space. Tambak Wedi: Tambak Wedi City Government.
Yang, J.-t. (2012). Identifying the attributes of blue ocean strategies in hospitality. International Journal of Contemporary Hospitality Management , 701-720.
