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All Journal International Journal of Applied Business and International Management
Hubertina Karolina Ngarbingan
Unniversitas Terbuka
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Optimizing The Use of Social Crowdfunding in SMEs To Encourage The Implementation of Circular Economic Practices Mohamad Nasoha; Hubertina Karolina Ngarbingan; Ginta Ginting; Maya Maria; Zulfahmi Zulfahmi
International Journal of Applied Business and International Management Vol 9, No 2 (2024): August 2024
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijabim.v9i2.3401

Abstract

Circular Economy (CE) is an alternative concept for switching from a linear economy (take-make-dispose) to make-use-recycle. To be able to carry out economic transformation as quickly as possible. Practically, there are big challenges and gaps with current actual conditions. So far, the CE practice approach has been more directed at technology and manufacturing changes. For large business actors, the implementation of CE practices can be accommodated because of the potential resources they have. However, for SMEs, the practice of implementing CE is still not carried out optimally due to limited resources, especially in terms of funding. One funding alternative that can be accessed is Fin Tech Crowdfunding, especially the donation-based crowdfunding (Social Crowdfunding) scheme. To gain insight into the extent to which Social Crowdfunding is used among SMEs to support CE practices, a survey was conducted in which 69 respondents participated. Survey findings analyzed descriptively indicate positive things, namely that there are some SMEs who have implemented CE principles in their business activities (reuse, reduce and recycle) which have an impact on environmental conservation. To be able to encourage the widespread implementation of CE practices, it is necessary to provide socialization and education regarding social crowdfunding to SMEs which can be an alternative funding solution. It is important to strengthen this socialization and education because the findings from this research indicate that some SMEs do not understand the benefits and how to access social crowdfunding. Important findings from extracting facts in the field and combined with the theory of willingness to participate and the AIDA concept are proposed for modeling using 3 determinants (as antecedents), namely fund resources capital, community engagement and entrepreneurship spirit which have an impact on increasing awareness and interest from SMEs to implement sustainable CE practices.
Optimizing the Use of Social Crowdfunding in SMEs to Encourage the Implementation of Circular Economy (CE) Practices Mohamad Nasoha; Hubertina Karolina Ngarbingan; Ginta Ginting; Maya Maria; Zulfahmi Zulfahmi
International Journal of Applied Business and International Management Vol 9, No 2 (2024): August 2024
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijabim.v9i2.3401

Abstract

Circular Economy (CE) offers an alternative to the linear economy (take-make-dispose) by adopting a make-use-recycle approach. While CE practices have primarily focused on technological and manufacturing changes, large businesses can more easily implement these practices due to their resources. However, small and medium-sized enterprises (SMEs) often struggle with CE implementation due to limited resources, particularly funding. FinTech Crowdfunding, especially donation-based (social crowdfunding), presents a viable funding alternative for SMEs. This research aims to develop a theoretical model using the Willingness to Participate Theory and the AIDA model for understanding and promoting CE practices among SMEs through the use of social crowdfunding. A survey was conducted with 69 SME actors. The research findings have led to the development of a model incorporating three key determinants: funding resources, community engagement, and entrepreneurial spirit. These factors are identified as antecedents that significantly influence SME awareness and willingness to adopt CE practices. The proposed model highlights how these elements can enhance SME participation in Indonesia. This model can serve as a foundation for future research in this area.
Co-Authors Ginta Ginting Maria, Maya Nasoha, Mohamad Zulfahmi Zulfahmi