طراحی الگوی فرایندی جمع‌سپاری مالی در شرکت‌های دانش‌بنیان با رویکرد تحلیل مضمون مقاله

پژوهش حاضر با هدف طراحی الگوی فرایندی جمع‌سپاری مالی در شرکت‌های دانش‌بنیان انجام شد. روش پژوهش، کیفی از نوع تحلیل مضمون بود. خبرگان کلیدی موردمطالعه، مدیران و کارکنان شرکت‌های دانش‌بنیان در سه استان همدان، کردستان و کرمانشاه به همراه مدیران دارای تخصص و تجربه از نهادهای دولتی و خصوصی بودند. معیار انتخاب خبرگان، دارا بودن حداقل 5 سال تجربه شغلی یا سابقه پژوهش در رابطه با موضوع پژوهش و معیارهای موافقت، کلیدی بودن و مشارکت بود. خبرگان با استفاده از روش نمونه‌گیری قضاوتی و گلوله برفی انتخاب شدند و گردآوری داده‌ها تا دستیابی به اشباع نظری ادامه پیدا کرد (40 نفر). ابزار گردآوری داده‌ها مصاحبه‌های نیمه‌ساختارمند بود. جهت تجزیه و تحلیل داده‌ها از روش شش مرحله‌ای کلارک و بران استفاده گردید. به اختصار نتایج نشان داد، الگوی فرایندی جمع‌سپاری مالی در شرکت‌های دانش‌بنیان از 623 کد، 66 مضمون پایه، 21 مضمون سازمان‌دهنده فرعی و 5 مضمون سازمان‌دهنده اصلی تشکیل شده است. بر این اساس، پیشران‌های محیطی و داخلی شرکت دانش‌بنیان، به همراه اقدامات راهبردی مناسب، پیامدهای موردانتظار در سطح کلان و پیامدهای موردانتظار در سطح بنگاه، عناصر الگوی فرایندی پژوهش را شکل می‌دهند. به نحوی که پیشران‌ها موجب شکل‌گیری پدیده «جمع‌سپاری مالی» شده و در پی آن، اقدامات راهبردی، پیامدها را شکل می‌دهند.

Abstract This study with the aim of designing a crowdfunding process model in knowledge-based companies was done. The research method was qualitative from theme analysis. The key experts studied were managers and employees of knowledge-based companies in three provinces of Hamadan, Kurdistan and Kermanshah, along with managers with expertise from public and private institutions. The criteria for selecting experts was having at least 5 years of work experience or research experience in relation to the research topic and the criteria of agreement, key role and participation. Experts were selected using judgmental and snowball sampling methods and data collection continued until theoretical saturation was achieved (40 people). Data collection tools were semi-structured interviews.Clark and Braun six-step method was used for data analyzing. In summary, the results showed that the crowdfunding process model in knowledge-based companies consists of 623 codes, 66 basic themes, 21 sub-organizing themes and 5 main organizing themes. Accordingly, the environmental and internal drivers of the knowledge-based company, along with appropriate strategic actions, expected consequences at the macro level and expected consequences at the enterprise level, form the elements of the research process model.In a way, the drivers of the phenomenon of "crowdfunding" are formed, and consequently, strategic actions shape the consequences. Introduction Financing for the development of entrepreneurial ideas has always been a major obstacle for entrepreneurs and business owners, and raising capital, especially from external sources, is difficult for all entrepreneurs. In this regard, crowdfunding is one of the newest methods of financing entrepreneurial projects to develop and commercialize the ideas of entrepreneurs. Most entrepreneurs face difficulties in raising capital in the early stages of their business because they cannot convince potential investors of their ideas. On the other hand, knowledge-based companies, as a driver of economic growth and development of the country, generally ask banks and financial institutions to provide the capital they need, while despite the governing structure of banks and central bank rules, the necessary flexibility to provide. Therefore, financing of knowledge-based companies in such a way that the appropriate capital is provided to these companies at the right time and in sufficient and correct manner, is of great importance, especially which 139 knowledge-based companies are operating in Kermanshah, Kurdistan and Hamedan provinces. Studies also show that there is a serious theoretical gap in the literature in this field. Therefore, the present study was conducted with the aim of designing and explaining the crowdfunding process model for knowledge-based companies. Case study The case study was knowledge-based companies in Kermanshah, Kurdistan and Hamedan provinces. Theoretical framework Crowdfunding is a way to raise funds from a large audience rather than investors. In crowdfunding, individuals provide financial assistance to the company. Because knowledge-based companies, face many challenges due to innovation, short technology life cycle, need for new markets, complex non-linear business process, and uncertain future, traditional financial institutions such as banks do not have the necessary expertise to Challenges for the advancement of these companies, despite the high savings and turnover if successful, are reluctant to provide facilities or investment in these companies. Given the emergence of the co-financing method, the theoretical gap in this area is very serious and very little research has been found to address this issue. Materials and Methods The present research is applied from the point of view of purpose and in terms of method, it is a qualitative type of theme analysis. Clarke & Braun (2006) method was used for data analyzing. The key experts studied were managers and employees of knowledge-based companies in three provinces of Hamadan, Kurdistan and Kermanshah, along with managers with expertise from public and private institutions. In this study, judgmental and snowball purposeful sampling methods were used, based on which, 40 people were interviewed semi-structured and sampling adequacy was achieved to achieve theoretical data saturation. In order to verify and validate the results of the theme analysis, qualitative validation criteria including acceptability and reliability were examined. Validity of interviews by triangulation method; examining the previous researches and asking questions in several ways, and their reliability was confirmed by the recoding method and calculating the coding agreement and calculating the Holstien reliability coefficient of 0.79. Discussion and Results During this process, 623 codes were extracted. Then, by examining the initial codes given to each of the concepts and removing the similar, incomplete and irrelevant concepts that existed in the initial coding, 66 basic concepts or themes were counted. In the review, during several stages of reviewing and refining the selected codes, 21 sub-organizing themes were formed. In the fifth stage, the researchers, by performing reciprocal actions among the sub-organizing themes extracted from the previous stage, sought to categorize them into higher-level categories. In this regard, the sub-organizer themes were divided into 5 general categories based on content and appearance. The final stage of the theme analysis included the presentation of the final report. Accordingly, the environmental and internal drivers of the knowledge-based company are the basis and cause of "crowdfunding" in the knowledge-based company, which also overlap with each other, because some basic themes may have commonalities in these two main themes. And be influenced by each other. After that, crowdfunding, as the core of content analysis, leads to the formulation and design of a set of strategic actions in the form of a number of activities and processes. Finally, strategic actions have consequences at the macro level, which lead to the formation of consequences at the level of the knowledge-based company. Importantly, the set of expected outcomes at the enterprise level in a cycle goes back to the central phenomenon of this process model, which is the "crowdfunding in the knowledge-based company", and leads to its development. Conclusion The research process model shows that environmental drivers, including socio-cultural conditions, economic conditions, political-legal conditions, infrastructural-technological conditions, market-related conditions, the role of public institutions, the role of the private sector and investors, and the financial collecting platform are all be relevant to the business environment of a knowledge-based company, be provided, can lead to the formation and development of "crowdfunding", because knowledge-based companies operate in an interactive and environmentally influenced ecosystem. In addition to these drivers, the driving factors associated with knowledge-based companies, including their organizational structure and the justifi ability of the venture capital scheme, are also important because they play a role in the development or non-development of "crowdfunding". According to the proposed process model, from the influence of the drivers, the central phenomenon of "crowdfunding" is formed, for the development of which strategic measures are designed in the model; Including the development of accurate feasibility study for the investable plan, re-engineering of the organizational structure of the knowledge-based company, the development of a value creation system for key stakeholders, the design of a precise and transparent financial mechanism and the development of a system for protecting intellectual property. Following this process pattern, the expected consequnses are formed at the macro and enterprise level. Therefore, to the extent that the environmental and internal factors of the knowledge-based company play a more promotional role and strategic measures are implemented correctly and accurately, the possibility of developing "crowdfunding" will increase.

طراحي الگوي فرايندي جمع سپاري مالي در شرکت هاي دانش بنيان با رويکرد تحليل مضمون صبا اميري *١ ١ نويسنده مسئول ، استاديار، گروه مديريت و کارآفريني، دانشکده اقتصاد و کارآفريني، دانشگاه رازي، کرمانشاه ، ايران . طراحي الگوي فرايندي جمع سپاري مالي در شرکت هاي دانش بنيان با رويکرد تحليل مضمون ، پژوهش هاي مديريت عمومي. عموماً شرکت هاي دانش بنيان بـراي تـأمين سرمايه ، از بانک ها و مؤسسات مالي درخواست تسهيلات ميکنند، ايـن در حـالي اسـت کـه انعطاف لازم براي تأمين مالي شرکت هـاي دانـش بنيـان مهيـا نبـوده و نيـاز بـه بکـارگيري روش هاي نوين تأمين مالي است (٢٠١٩ ,. تا آذرماه ١٣٩٩، تعداد ٥٧٨٨ شرکت دانش بنيان توسط معاونـت علمـي و فناوري مجـوز دانـش بنيـاني دريافـت نمـوده انـد ( Working Group for Evaluation and Recognition of Competence of Knowledge-Based Companies and Institutions, ٢٠٢٠). بکارگيري نتايج اين پـژوهش مـيتوانـد منجـر بـه تـدوين و اجـراي راهبردهـاي کاربردي براي توسعه جمع سپاري مالي به عنوان يکي از نوآورترين روش هاي جذب سـرمايه براي شرکت هاي دانش بنيان ، انجـام اقـدامات هدفمنـد و بـه موقـع و کـاهش ريسـک بـراي سرمايه گذاران حقيقي و حقوقي در بخش خصوصي شود. ارائه مدلي براي تأمين مالي شرکت هاي دانش بنيان از طريق جمع سپاري مـالي در بانـک کشـاورزي.