IPO Model Conceptual Framework of Crowdfunding Platform
This post presents the Conceptual Framework of the Crowdfunding Platform which is based on IPO model.
About the Project
Starting a business necessitates a large sum of money. With this, entrepreneurs must have an effective business financing technique. As of today, there are already various business financing methods that business start-ups can utilize to accumulate funds. This study is conducted by the researchers to design and develop an online platform for business financing. The capstone project, entitled “Crowd Funding Platform” is designed to allow new businesses or startups to raise funds in an efficient and reliable platform. The platform is designed for business entrepreneurs to raise funds for their new business idea or venture. The entrepreneurs will register on the platform to campaign their business idea and attract other members of the crowdfunding platform to invest and donate funds for the business. The entrepreneurs must set goals and the share-agreement for the information of the crowd before donating funds.
A crowdfunding platform is a website or mobile application that allows people to raise money from other people to sponsor a project or enterprise they are involved in. A prize or perk associated with the project is generally offered in exchange for small donations of money through crowdfunding sites such as Kickstarter. In addition to funding businesses, charities, and personal causes, crowdfunding platforms can be used to fund a wide range of initiatives and causes.
Objectives of the Study
- To design a platform for digital interaction between fundraisers and the crowd.
- To develop a platform for entrepreneurs to campaign their business idea and attract investors.
- To implement a system that will allow securing of business funds from a large number of participants.
- To develop an efficient and reliable crowdfunding platform for entrepreneurs.
Conceptual Framework/Model
The image above is the conceptual framework of the project entitled Crowdfunding Platform. It is based on IPO model or also known as the input, process and output model.
Input
The input phase or the knowledge requirement stage consists of the following:
- User Requirement – the researchers conducted an interview with business organizations to identify their needs so that the team can develop the appropriate system that will answer their existing concerns.
- Programming Knowledge – after determining the problems, a solution must be provided and that solution is in a form of information system that will be written in the programming language where the researchers has and adequate knowledge.
- Hardware Requirements – the system cannot work alone without the hardware such as the computer and mobile devices. The researchers had explained it to the farmers that they need that hardware to fully utilize the farm management system.
- Related Literature and Systems – the researchers conducted a research on the different literatures and related systems to serve as a guide in the development of the Farm Management system.
Process
Analysis and Quick Design
During Analysis and Quick Design, the researchers did a personal interview with the respondents and the chosen client where the study was conducted. The respondents were given the chance to suggest how the system will be designed. After conducting the data gathering, the researchers made an initial design for the proposed system.
Data Analysis
The researchers will analyze all the data, user requirements and information. This phase also help the researchers to have an idea on how to create the system and have an idea on how the proposed system would be beneficial to the clients.
System Design
The researchers will start to develop the proposed system. It includes the design; how the system would look like based on user requirements, and the researchers/programmer would like to add personal design to make the system more interactive and user friendly.
The platform will be built to enable for the launch of a variety of various types of crowdfunding projects. These campaigns will feature the following elements:
- donation-based campaigns, in which individuals or organizations solicit donations from the general public in order to support a specific project or cause; 2. cause-based campaigns, in which individuals or organizations solicit donations from the general public in order to support a specific project or cause
- Rewards-based campaigns, in which individuals or organizations provide incentives to those who make charitable contributions in support of the campaign;
- pre-sale campaigns, in which people or organizations provide incentives to individuals or groups who contribute to the project at an early stage; and
- The fourth type of campaign involves crowd investing campaigns, in which people contribute funds to a project in exchange for shares of ownership (or other forms of compensation).
A unique collection of features and functionality will be available for each type of campaign through the platform’s user interface, which will be accessible through the platform’s interface.
As well as allowing campaign managers to administer and track their activities, the platform will also allow for the delivery of cash earned through campaigns to their designated beneficiaries.
Prototype Cycle
This stage will include the compiling, building, demonstration also refinement of the data gathered by the researchers. The researchers first build a prototype based on the planed design and data tables. After building the prototype it will be demonstrated to the client. The researchers show the function of the system, the flow on how it works, and the functions of the features that are included in the system. The last stage is refinement where in the researchers will refine the system by client’s additional needs. This will include changes in features flow and functions based on the requirements.
Testing and Evaluation
This will include the feed backing of the proposed system after it will be implemented and had undergone testing by three Experts. It will also inform the researchers and the developer if there are any bugs, suggestion and if the system’s functionality will works well.
This will discuss the implementation of the propose system wherein Three (3) Experts will evaluate the propose system. This will also discuss if the recommended functions and suggestion are met.
Output
The study’s ultimate outcome is a database-driven information system that will replace or assist respondents in undertaking crowdfunding. The system’s implementation is strongly encouraged.
Outcome
Benefits of the System:
- The success of the project will benefit them with an efficient and reliable platform to crowdfund. They can now gather a small number of funds from a large number of participants or crowds to establish their business idea. The platform will offer them an easier and simpler method to raise and secure funds for the business.
Summary
This article describes the Crowdfunding Platform’s conceptual framework, which is based on the input, process, and output (IPO) paradigm. In the input phase, the researchers must establish user requirements, programming knowledge requirements, hardware requirements, and a review of related literature and systems. The researchers will use the Software Development Life Cycle Technique throughout the project. The study’s ultimate outcome is a database-driven information system that will replace or assist respondents in undertaking crowdfunding. The system’s implementation is strongly encouraged.
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