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All Journal The Asian Journal of Technology Management (AJTM)
Purnomowati, Nasyi'ah Hasanah
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Decision Sciences, Operations Research & Management

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Human Capital and Funding Success: Evidence from an Indonesian Equity Crowdfunding Kusumaningrum, Susana Diah; Risfandy, Tastaftiyan; Purnomowati, Nasyi'ah Hasanah; Hartomo, Deny Dwi
The Asian Journal of Technology Management (AJTM) Vol. 16 No. 1 (2023)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2023.16.1.4

Abstract

This study examines the impact of human capital on funding success in the context of Equity Crowdfunding (ECF) by analyzing data from 72 start-up companies seeking funding through SANTARA, the first ECF platform in Indonesia. Our findings indicate that various human capital indicators, including the number of directors, team members, economics undergraduate education, and graduates from foreign universities, do not significantly influence ECF success. However, we observed an intriguing result: start-up leaders with undergraduate degrees have a negative impact on crowdfunding success, leading to longer funding durations. This suggests that start-ups in Indonesia should not solely prioritize leaders with impressive educational backgrounds but should also consider individuals with practical experience in the business industry to enhance their chances of crowdfunding success.
Co-Authors Deny Dwi Hartomo Kusumaningrum, Susana Diah Tastaftiyan Risfandy, Tastaftiyan