CROWD-FUNDING AWARENESS AND APPLICATION AMONGST NIGERIAN ENTREPRENEURS

Abstract

This study examined the awareness and utilization of crowd funding among entrepreneurs within the South-South geopolitical region of Nigeria. It was conducted using the survey research design, the population of study consisted of graduates of Entrepreneurship Development Centre (EDC), Calabar. Snowball sampling technique was then used to draw a sample of 100 entrepreneurs. Data collected were analyzed using descriptive statistics. It was found that the level of awareness of crowd-funding was relatively low among entrepreneurs. There was no reported case of entrepreneurs utilizing crowd-funding. Correlation result reveals that the demographic variables (gender, age and academic qualification) are not significantly related to the awareness and utilization of crowd-funding. Also, awareness of crowd-funding is significantly related to the utilization by up to 39.8 percent (r = .398; p < 0.05). Factors impeding the awareness and utilization of crowd funding are restrictive governance and regulatory framework, unwillingness of entrepreneurs to share business ownership/ control, lack of confidence by the crowd, technology related issues and poverty. The introduction and implementation of framework to regulate crowding was recommended as a panacea to enhancing crowd-funding awareness and utilization.

Keywords: Crowd funding, Entrepreneurs, Governance, Awareness, Uutilization, South-South, Nigeria.