1. Introduction

Micro, Small and Medium Enterprises (MSMEs) have a very important role in economic growth in developing countries as well as in driving innovation and growth in a country (Wehinger, 2014). Especially in Indonesia, MSMEs have contributed to reducing the unemployment rate by employing more than half of the private sector workforce, which represents 99.99% of the total business units and employment of 97% of the total national workforce (kemenkopukm.go.id, 2022). MSMEs have also proven to play an important role in Indonesia's economic recovery (Rosavina et al., 2019). This is reinforced by the infographic Databoks (2022) which states that Indonesia is the country with the largest economy in Southeast Asia, what is due to the influence of the existence of MSMEs.

In addition, MSMEs also have influence and contributed to export activities, even though in Indonesia, MSMEs only contribute 16% of the total export value (Yoshino & Taghizadeh-Hesary, 2017). This is considered a very small contribution, taking into account that in China and India, MSMEs account for 40% of the total export value, followed by Thailand for 26%, and South Korea for 19% (Yoshino & Taghizadeh-Hesary, 2017). This is enough to prove that MSMEs have a very important role in increasing innovation and growth in a country. MSMEs contribution to the Indonesian economy is enormous and has experienced a significant increase year by year to reach Rp. 8,500 trillion or 61.97% of the country's total GDP in 2020 (Central Bureau of Statistics, 2020).

However, MSMEs have problems that hinder the growth of their business units, especially during the Covid-19 pandemic, one of which is the problem of access to funding. According to Aprihasyyati & Fitria (2021), MSMEs relatively have very limited access to funding compared to large companies. Investment Climate Surveys by The World Bank (2007) show that most MSMEs in developing countries, especially in Asian countries, have problems in obtaining access to funding and very little possibility of receiving financing through formal banks (Rosavina et al., 2019). In fact, in a developing economy, MSME actors really need funding to open new businesses or expand existing ones. Thus, in developing countries, they tend to seek funding capital for their businesses through bank debt because access to those entities is relatively easier with a wider variety of office networks (Niazi et al., 2021) compared to accessing funding through platforms on the internet (Niazi et al., 2021). Nugroho & Rachmaniyah, 2019) due to the lack of infrastructure as well as MSME actors´ lack of knowledge to access funding on the internet (Fajar & Larasati, 2021). Research in the world shows that 70% of MSMEs in India, 80% of MSMEs in China, and 90% of MSMEs in Malaysia have bank debt (Yoshino & Taghizadeh-Hesary, 2017). Asian countries´economies are still dominated by the banking system, where banks are the main source of financing. However, since the crisis in the Asian Region, banks have begun to be careful in providing loans to MSMEs which has made it increasingly difficult for MSME actors to obtain funding (Yoshino, 2020).

This happened from 2007 to 2009 when the global financial crisis occurred. It had a domino effect in the Asian Region which made it more difficult for MSMEs to get access credit funding due to the large number of bad loans (Oliveira et al., 2017). Moreover, according to Oliveira et al. (2017), the great number of bad loans has resulted in banks being more careful in providing credit funding. This was exacerbated by the crisis caused by the Covid-19 pandemic which had a significant impact on all companies, including MSMEs. The Covid-19 pandemic hit MSMEs due to their financial weakness because of the large amount of banks debts, especially in developing countries in Asia (Ciampi et al., 2021). The latest survey conducted by Sonobe et al., (2021) which carried out research in countries in Asia, including Indonesia, regarding the impact of the Covid-19 pandemic on MSMEs, stated that it resulted in the sustainability of MSME businesses being very serious due to the damage to their finances, where there were many unpaid bank debts and no cash. Therefore, there is a need for an alternative solution related to the problem of MSME funding which has been so far dominated by bank debt, even though bank debt has many risks, especially a financial crisis (Sonobe et al., 2021).

In recent decades, along with changes in the industrial era that started from the trend of the computerized and machine industry to the trend of the digital industry, many new ways of obtaining external funding have been developed which are, at the same time, a solution to the problem of access funding for MSMEs, one of which is funding through crowdfunding platforms (Alalwan et al., 2022). Crowdfunding platforms have become very popular in the digital industry era because they easily bring together micro, small to medium businesses with individuals or ventures who wish to invest their funds to the public through online platforms. Compared to conventional funding models such as through formal banks, lending institutions, or venture capital firms, crowdfunding platforms are an alternative to get access to funding because these platforms are the most recent innovations in the world of financing without going through complicated schemes like conventional funding (Hervé et al. al., 2019). This is also strengthened by the existence of technology that is more effective than conventional financial institutions, as fintech institutions are able to obtain information regarding the history of funding from MSME actors who have the opportunity to overcome problems in Asian countries related to bank bad loans (Cornelli et al., 2019).

The concept of crowdfunding was created and intended for business people who want to develop their business but are constrained in terms of financial capital (Nugroho & Rachmaniyah, 2019). The crowdfunding platform has proven to be a more effective way of funding to support micro, small and medium enterprises (Barbi & Mattioli, 2019). This can be seen in the UK's first crowdfunding platform, Crowdcube, which, by 2022, has managed to channel funds to more than 1,000 business units (Crowdcube.com, 2022) and with crowdfunding platforms in other countries which have succeeded in channeling funds to MSME. In the United States, crowdfunding platforms such as Kickstarter and Indie GoGo are very popular with fund distributions that continue to increase every year (Bradford, 2012). In Indonesia, there is a crowdfunding platform which is also very popular and has proven to be an alternative financing for traditional entrepreneurship, namely Bizhare which has successfully set up more than 102 business units in Indonesia (Bizhare.id), Santara more than 300 business units (Santara.co.id) , and Amartha more than 1.2 million business units (Amartha.com). This is enough to prove that crowdfunding is a new method as an alternative funding solution for new and developing businesses, which allows individuals from various aspects of the business, whether profit, non-profit, social or cultural-oriented, to get more funding in return for equity or future products. (Mollick, 2014; Schwienbacher & Larralde, 2010).

The way the crowdfunding platform works is by connecting business units listed on the crowdfunding platform with investors, both from individuals and ventures such as capital market. Later, investors will get share rights and a percentage of ownership in accordance with the issued capital. This makes it easier for MSMEs to obtain fresh funds directly from the public (Du et al., 2022; Nugroho & Rachmaniyah, 2019).

New challenges emerged after the crowdfunding platform became a popular funding alternative for MSMEs. The high level of risk on crowdfunding platforms is a major problem. The major problem is that it is very vulnerable to mismanagement of funds by MSMEs which results in their businesses being more at risk of going bankrupt what can result in losses for investors (Forbes & Schaefer, 2017). Therefore, each crowdfunding platform has its own ways to deal with this risk, specifically selecting MSMEs as a listing requirement and providing guidance and supervision on managing funds that have been successfully collected from the public through the crowdfunding platform and through investors channeling funds to units. (Amartha.com, 2022; Santara.co.id, 2022; Bizhare.id, 2022).

In order to assist entrepreneurs in obtaining the expected funds, the crowdfunding platform also provides guidance to MSMEs listed on the platform on designing fundraising campaigns (Amartha.com, 2022; Santara.co.id, 2022; Bizhare.id, 2022). However, the advice given to entrepreneurs often relies on intuition rather than on strategy to design campaigns (Thürridl & Kamleitner, 2016). As a result, crowdfunding campaigns are not well designed and opportunities to raise funds are often wasted when funding targets are not met. This limitation then prompted researchers to conduct research studies whichfocus on optimizing the effectiveness and the impact of crowdfunding campaigns (Stiver et al., 2015).

The development of academic research on crowdfunding also includes studies on the motivation of fundraisers to use it, the determinants of its successful practices, the frameworks and their suitability for crowdfunding realities, the motivation by funders, the role of social networks and signaling in crowdfunding, and the classification and strategies of crowdfunding intermediaries (Block et al., 2018). Literature reviews on crowdfunding and its success have also been carried out by (Kaartemo, 2017), (Shneor & Vik, 2020), and (Deng et al., 2022). Kaartemo (2017) identified four main determinants of crowdfunding success, such as: project-related factors, creators (fundraising), supporters, and platforms. Researchers explain the influence of each determinant on crowdfunding success by reviewing research findings from each representative study. Shneor & Vik (2020) identified general trends and research gaps regarding independent variables based on each of the main crowdfunding models, that is reward-based, equity-based, lending-based and donation-based separately. Then they developed an integrated framework for influential independent variables based on their respective crowdfunding models. Deng, et al. (2022) collected definitions and measures of determinants including their effect on crowdfunding success (positive, negative, or insignificant effect). They also show how different determinants influence crowdfunding success and how the measurement of crowdfunding success determines the choice of the research method.

The literature review mentioned the factors that influence crowdfunding success in general, consisting of a mixture of reward-based, donation-based, equity-based and lending-based crowdfunding. In this review, there are factors that determine crowdfunding success, such as the role of technology adoption in business operations, MSMEs business innovation, and business productivity. However, the three literature reviews provide an explanation regarding the determinants of crowdfunding success with the majority of cases in developed countries in America and Europe. In fact, crowdfunding is an alternative funding solution for MSMEs which is very important for developing countries´ economies (Block et al., 2018).

Deng et al. (2022) made improvements to the research conducted by Kaartemo (2017) and Shneor & Vik (2020) by providing a framework related to crowdfunding success. Deng et al. (2022) provides an explanation in which there are several determinants that come from different platform and crowdfunding models in crowdfunding success. This is explained in the integrated research framework in which the determinants of crowdfunding success include four factors that refer to Kaartemo (2017), Koch & Siering (2015) and Zhou et al., (2018), namely Project-Related Factors, Creator-Related Factors Backer-Related Factors, and Platform-Related Factors. Each of these factors consists of other factors. This creates a complexity of factors that affect crowdfunding success. In this research, the researcher wants to test whether there is a simplification of the factors, what is done by providing a Big Data adoption determinant as a replacement factor for the determinants proposed by Deng et al (2022).

Researchers found other literature studies regarding the adoption of Big Data in SMEs proposed by Willetts et al. (2020) who found that Big Data adoption in MSMEs has a positive influence on technology adoption, business innovation, and business productivity. This is also supported by research conducted by Achdiat et al. (2021) and Sen et al. (2016) which states that MSMEs have a huge opportunity to adopt Big Data in their business operations. As a result, these MSMEs have good technology adoption, business innovation, and business productivity. Thus, if the MSME has adopted Big Data, then it has fulfilled some of the factors that determine crowdfunding success.

In this study, the researcher tries to summarize previous findings regarding crowdfunding success and Big Data adoption for SMEs in which he concludes that Big Data adoption in SMEs can represent some of the factors that determine crowdfunding success. It was found that there was an increase in growth and innovation from MSMEs where if MSMEs succeed in getting funding from crowdfunding sites, they tend to experience increased growth and innovation (Wahjono et al., 2021). In addition, previous studies have used little literature in discussing the development of crowdfunding in Asian countries. In Indonesia itself, the trend regarding crowdfunding has not received much attention due to the lack of public literature regarding alternative funding (Nugroho & Rachmaniyah, 2019). This includes trends and literature regarding the adoption of Big Data, especially in micro and small businesses (Achdiat et al., 2021). In fact, Big Data adoption can increase business growth and innovation (Sen et al., 2016) through increasing the probability of success in crowdfunding.

2. Research Methodology

The method in this literature review follows those conducted by Amri & Aryani (2021), Bellini et al. (2022), Ernawati & Aryani (2019), and Thomas & Tee (2022). We conducted a literature review regarding the factors that influence crowdfunding success with the Big Data adoption factor as a simplification factor of the determinants proposed by Deng et al. (2022). Articles related to crowdfunding success have been taken from the research by Deng et al. (2022), while articles related to Big Data adoption have been taken from the Emerald Insight Database. The reason we chose this publisher is because Emerald is a well-known journal publisher in academic circles and often becomes a research reference for academics (Ansari & Raza, 2020). We did a search for articles related to Big Data adoption with the keyword "Big Data Impact" with a row search "Small Medium Entreprise OR SME". The timeframe for searching for articles is from 2010 to 2022. This is because Big Data trends were developing together with the development of the industrial revolution 4.0 in 2010 (Bettiol et al., 2021; Willetts et al., 2020).

Next, we conduct a review and provided the results of our analysis regarding the literature. Based on the criteria and limitations of the research, we collected 94 articles related to crowdfunding success from the research conducted by Deng et al. (2022) and 65 articles related to Big Data adoption from the Emerald Insight Database. We hope that our research can provide views to developing countries in the success of crowdfunding by adopting Big Data in their business operations.

3. Findings

Based on an article search from the Emerald Insight Database, we found 65 articles discussing Big Data adoption. The articles we found are in Table 1.

Table 1
List of articles on Big Data adoption

In the analysis of the articles selected, we found the impact of adopting Big Data on a business entity. As for what we found, there was an impact on Market Performance, Innovation, Growth, Experience, Knowledge, and Competitiveness. In Image 1, the impact of Big Data adoption on business entities is also explained regarding the definition and measurement of this impact in Table 2.

Image 1
The impact of big data adoption on business entities

Tabel 2
Definition and measurements of the impact of big data adoption

Then, we also compare it with the findings from the study by Deng et al. (2022) by asking whether the impact of Big Data adoption is among the factors that influence crowdfunding success. Image 2 illustrates the factors that influence crowdfunding success when these factors are also the impact caused by Big Data adoption as it is shown in Image 1. In the mapping variables, we found that there were 20 out of 94 articles in the research by Deng et al. (2022) which supports the impact of Big Data adoption on the determinant of crowdfunding success.

Image 2
Impact of big data adoption to determinant of crowdfunding success

Table 3
List of determinant crowdfunding success articles from the research of Deng et al 2022

In Image 2, it can be seen that there are several factors that influence crowdfunding success when these factors are part of the impact of Big Data adoption on business entities. Thus, business people, especially MSMEs, do not need to fulfill all the factors that influence crowdfunding success if they want to apply for funds on the crowdfunding platform. Instead, business people only need to adopt Big Data in their business systems. This includes the fulfilling of several factors that affect crowdfunding success.

In addition to the mentioned factors, in the Big Data literature analyzed, it appears that business entities adopt BD through the use of renewable technology so as to provide effectiveness and efficiency to business operations. Therefore, we concluded that the impact on Big Data adoption also affects how these business entities use the latest technology. Our assumption is that if a business entity is on a crowdfunding platform, potential investors tend to be more interested in business entities that have used the latest technology in their business operations. This is in line with the research by Lima & Araújo (2019) who agrees that technological developments in business entities give potential investors the possibility to be more confident about investing in them. This is confirmed by the research by Butticè et al. (2021) and Hornuf et al. (2021) who state that technological developments in business entities can provide effectiveness and efficiency in business operations so that potential investors are more trusted to remain sustainable.

Thus, if MSME actors adopt Big Data in their business, then they will have a greater chance of succeeding in obtaining funding on the crowdfunding platform (crowdfunding success) rather than having to consider applying several crowdfunding success factors described in the research by Deng et al (2022). To save time and effort, MSME actors can only adopt Big Data because it already represents 6 factors for crowdfunding success as described in the research by Deng et al (2022).

The adoption of Big Data at the MSME level is achieved by applying renewable technology that can increase business value with effective operational costs (Nasrollahi et al., 2021), such as implementing an accounting system that is integrated with cloud computing and tax/government along with utilizing IoT (Internet of Things) technology) to read marketing trends as well as productivity. A Big Data adoption model like this can increase the competitiveness of MSMEs as well as their financial performance (Maroufkhani et al., 2020).

4. Conclusion

This research study reviewed the research by Deng et al. (2022) who describes the factors that influence crowdfunding success, especially MSMEs. Of the many factors found by Deng et al. (2022), we asked whether there is one factor that can influence many factors from the findings of the research by Deng et al. (2022). We are trying to see whether the adoption of Big Data in MSMEs can represent many of these factors.

The findings in this study are that the Big Data adoption in MSMEs has a positive influence on Market Performance, Innovation, Growth, Experience, Knowledge, and Competitiveness in business entities. In addition, it is also in line with technology development in these business entities because basically Big Data is a renewable technology in the current industrial revolution 4.0 era (Maroufkhani et al., 2020; Sen et al., 2016; Wang & Wang, 2020; Willetts et al., 2020).

Next, we try to compare the findings of the influence of Big Data adoption in MSMEs with the factors that influence crowdfunding success in the study by Deng et al. (2022). We found that the Big Data adoption can represent Market Performance, Innovation, Growth, Experience, Knowledge, Competitiveness, and Technology factors on crowdfunding success. If an MSME seeks crowdfunding success, then it will have to adopt Big Data in its business which will provide it with bigger opportunities.

Big Data adoption by MSMEs can be done by implementing cloud computing technology and Artificial Intelligence (AI) in every business operation, such as managing stock or warehouse management which is directly integrated with accounting and sales systems. Besides, other applications can be used, such as the Internet of Things technology in digital marketing activities byusing Google Trends.

5. Limitations

There are limitations throughout the literature review regarding Big Data adoption and crowdfunding success which has been carried out using there are limitations to a manual method fully done by human capabilities. This means that there are possibilities that our analysis has errors or mistakes which may result in the conclusion of this research and which may not be in accordance with the truth.

Also, in this literature review, we only provided determinants or factors that influence crowdfunding success from the research by Deng et al. (2022) and only from factors that have a positive influence on crowdfunding success. The research by Deng et al. (2020) explains that there is a positive, negative, or insignificant influence on one particular factor. However, we only took the positive influence on crowdfunding success. We only focused on our research objectives which questioned whether the Big Data adoption in MSMEs can actually replace the several factors that influence crowdfunding success in Deng et al.'s research (2020) or not.

6. Suggestion

Based on these limitations, a suggestion for further research is to refine the literature related to MSMEs Big Data adoption which can be a major factor in crowdfunding success. This is carried out by adding literature from various other popular journals besides the Emerald Insight Database and to analyze, more helpful applications are required, such as VOSviewer or NVivo. In addition, variations can be carried out for further research, for example by re-questioning whether there is a negative or insignificant influence by Big Data adoption on the impacts mentioned as well as by looking again at the factors that have a negative and insignificant influence on Deng et al.´s research (2022) which deals with the impact of Big Data adoption.

REFERENCES

Achdiat, A., Bustomi, T., & Marlovia, E. (2021). Inisiatif open data pada usaha mikro kecil menengah Kota Bandung. Kebijakan : Jurnal Ilmu Administrasi, 12(2), Article 2. https://doi.org/10.23969/kebijakan.v12i2.3756

Alalwan, A. A., Baabdullah, A. M., Mahfod, J. O., Jones, P., Sharma, A., & Dwivedi, Y. K. (2022). Entrepreneurial e-equity crowdfunding platforms: Antecedents of knowledge acquisition and innovation performance. European Journal of Innovation Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/EJIM-03-2022-0167

Amartha. (2022). Amartha.com | Microfinance Marketplace Indonesia. Amartha.com. http://amartha.com/

Amri, M. C., & Aryani, Y. A. (2021). EMPIRICAL EVIDENCE OF FINANCIAL DISTRESS IN INDONESIA. Assets: Jurnal Akuntansi Dan Pendidikan, 10(2), 165. https://doi.org/10.25273/jap.v10i2.8982

Ansari, N. A., & Raza, M. M. (2020). Awareness and Usage of Emerald Insight Database as Determinant of Research Output for Researcher Scholar of Aligarh Muslim University, India. Collection Management, 45(1), 71–86. https://doi.org/10.1080/01462679.2019.1579013

Aprihasyyati, D. A., & Fitria, S. (2021). ANALISIS PENGARUH KINERJA UMKM, KEPERCAYAAN DAN PERSEPSI RISIKO TERHADAP NIAT INVESTASI PADA UMKM MELALUI PLATFORM EQUITY CROWDFUNDING DI INDONESIA. Diponegoro Journal of Management, 9(2). https://ejournal3.undip.ac.id/index.php/djom/article/view/30300

Badan Pusat Statistik. (n.d.). Retrieved October 17, 2022, from https://www.bps.go.id/indicator/13/1099/1/tabel-perkembangan-umkm.html

Barbi, M., & Mattioli, S. (2019). Human capital, investor trust, and equity crowdfunding. Research in International Business and Finance, 49, 1–12. https://doi.org/10.1016/j.ribaf.2019.02.005

Bellini, P., Nesi, P., & Pantaleo, G. (2022). IoT-enabled smart cities: A review of concepts, frameworks and key technologies. Applied Sciences, 12(3), 1607.

Bettiol, M., Capestro, M., De Marchi, V., Di Maria, E., & Sedita, S. R. (2021). Industrial districts and the fourth industrial revolution. Competitiveness Review: An International Business Journal, 31(1), 12–26. https://doi.org/10.1108/CR-12-2019-0155

Bizhare. (2022). Platform Investasi Securities Crowdfunding Terbaik di Indonesia. Bizhare. https://www.bizhare.id

Block, J., Hornuf, L., & Moritz, A. (2018). Which updates during an equity crowdfunding campaign increase crowd participation? Small Business Economics, 50(1), 3–27. https://doi.org/10.1007/s11187-017-9876-4

Bradford, C. S. (2012). Crowdfunding and the federal securities laws. Colum. Bus. L. Rev., 1.

Butticè, V., Di Pietro, F., & Tenca, F. (2021). They do not look alike: What kind of private investors do equity crowdfunded firms attract? The Journal of Technology Transfer. https://doi.org/10.1007/s10961-021-09895-w

Ciampi, F., Giannozzi, A., Marzi, G., & Altman, E. I. (2021). Rethinking SME default prediction: A systematic literature review and future perspectives. Scientometrics, 126(3), 2141–2188. https://doi.org/10.1007/s11192-020-03856-0

Cornelli, G., Davidson, V., Frost, J., Gambacorta, L., & Oishi, K. (2019). SME Finance in Asia: Recent Innovations in Fintech Credit, Trade Finance, and Beyond. 14.

Deng, L., Ye, Q., Xu, D., Sun, W., & Jiang, G. (2022). A literature review and integrated framework for the determinants of crowdfunding success. Financial Innovation, 8(1), 41. https://doi.org/10.1186/s40854-022-00345-6

Du, L., Bartholomae, F., & Stumpfegger, E. (2022). Success Factors in Equity Crowdfunding – Evidence from Crowdcube. Entrepreneurship Research Journal. https://doi.org/10.1515/erj-2021-0519

Ekonomi Indonesia Masih Terbesar di ASEAN sampai 2021 | Databoks. (n.d.). Retrieved October 17, 2022, from https://databoks.katadata.co.id/datapublish/2022/08/17/ekonomi-indonesia-masih-terbesar-di-asean-sampai-2021

Ernawati, D., & Aryani, Y. A. (2019). Empirical evidence of IFRS studies in Indonesia. Jurnal Akuntansi & Auditing Indonesia, 23(2), 65–77. https://doi.org/10.20885/jaai.vol23.iss2.art1

Fajar, M., & Larasati, C. (2021). Peran Financial Technology (Fintech) dalam Perkembangan UMKM di Indonesia: Peluang dan Tantangan. HUMANIS (Humanities, Management and Science Proceedings), 1(2), Article 2. http://openjournal.unpam.ac.id/index.php/SNH/article/view/11834

Forbes, H., & Schaefer, D. (2017). Guidelines for Successful Crowdfunding. Procedia CIRP, 60, 398–403. https://doi.org/10.1016/j.procir.2017.02.021

Hervé, F., Manthé, E., Sannajust, A., & Schwienbacher, A. (2019). Determinants of individual investment decisions in investment-based crowdfunding. Journal of Business Finance & Accounting, 46(5–6), 762–783. https://doi.org/10.1111/jbfa.12372

Hornuf, L., Stenzhorn, E., & Vintis, T. (2021). Are sustainability-oriented investors different? Evidence from equity crowdfunding. The Journal of Technology Transfer. https://doi.org/10.1007/s10961-021-09896-9

Invest in Europe’s most exciting businesses. (n.d.). Crowdcube. Retrieved October 18, 2022, from https://www.crowdcube.com/

Kaartemo, V. (2017). The elements of a successful crowdfunding campaign: A systematic literature review of crowdfunding performance. International Review of Entrepreneurship, 15(3), 291–318.

Kemenkopukm.go.id. (2022). Kemenkopukm.go.id. Retrieved January 10, 2023, from https://kemenkopukm.go.id/produk-hukum/?I64VJPAsH2bnwGdOfUCHrpUMVN31N1Nls5n4b0lhDBXHs7IDQc

Koch, J.-A., & Siering, M. (2015). Crowdfunding success factors: The characteristics of successfully funded projects on crowdfunding platforms.

Lima, A., & Araújo, F. F. M. (2019). Technology environment and crowdfunding platforms in Brazil. Revista de Gestão, 26(4), 352–368. https://doi.org/10.1108/REGE-12-2018-0119

Maroufkhani, P., Ismail, W. K. W., & Ghobakhloo, M. (2020). Big data analytics adoption model for small and medium enterprises. Journal of Science and Technology Policy Management, 11(4), 483–513.

Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16.

Nasrollahi, M., Ramezani, J., & Sadraei, M. (2021). The Impact of Big Data Adoption on SMEs’ Performance. Big Data and Cognitive Computing, 5(4), 68.

Niazi, T., Cole, R., Lee, J., Kim, S. S., & Han, J.-J. (2021). Public Lending Schemes for SMEs in Asia and the Pacific: Lessons from the Republic of Korea and the United States (0 ed., ADB Briefs) [ADB Briefs]. Asian Development Bank. https://doi.org/10.22617/BRF210461-2

Nugroho, A. Y., & Rachmaniyah, F. (2019). FENOMENA PERKEMBANGAN CROWDFUNDING DI INDONESIA. Ekonika : Jurnal ekonomi universitas kadiri, 4(1), 34. https://doi.org/10.30737/ekonika.v4i1.254

Oliveira, M. D. N. T., Ferreira, F. A. F., Pérez-Bustamante Ilander, G. O., & Jalali, M. S. (2017). Integrating cognitive mapping and MCDA for bankruptcy prediction in small- and medium-sized enterprises. Journal of the Operational Research Society, 68(9), 985–997. https://doi.org/10.1057/s41274-016-0166-3

Rosavina, M., Rahadi, R. A., Kitri, M. L., Nuraeni, S., & Mayangsari, L. (2019). P2P lending adoption by SMEs in Indonesia. Qualitative Research in Financial Markets, 11(2), 260–279. https://doi.org/10.1108/QRFM-09-2018-0103

Santara. (2022). Santara. https://santara.co.id/

Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. Handbook of Entrepreneurial Finance, Oxford University Press, Forthcoming.

Sen, D., Ozturk, M., & Vayvay, O. (2016). An Overview of Big Data for Growth in SMEs. Procedia - Social and Behavioral Sciences, 235, 159–167. https://doi.org/10.1016/j.sbspro.2016.11.011

Shneor, R., & Vik, A. A. (2020). Crowdfunding success: A systematic literature review 2010–2017. Baltic Journal of Management, 15(2), 149–182. https://doi.org/10.1108/BJM-04-2019-0148

Sonobe, T., Takeda, A., & Yoshida, S. (2021). The Impacts of the COVID-19 Pandemic on Micro, Small, and Medium Enterprises in Asia and Their Digitalization Responses (Bangladesh, India, Indonesia, Lao People’s Democratic Republic, Mongolia, Pakistan, Viet Nam; Issue 1241). Asian Development Bank. https://www.adb.org/publications/impacts-covid-19-pandemic-msme-asia-their-digitalization-responses

Stiver, A., Barroca, L., Minocha, S., Richards, M., & Roberts, D. (2015). Civic crowdfunding research: Challenges, opportunities, and future agenda. New Media & Society, 17(2), 249–271. https://doi.org/10.1177/1461444814558914

Thomas, L. D., & Tee, R. (2022). Generativity: A systematic review and conceptual framework. International Journal of Management Reviews, 24(2), 255–278.

Thürridl, C., & Kamleitner, B. (2016). What Goes around Comes Around? Rewards as Strategic Assets in Crowdfunding. California Management Review, 58(2), 88–110. https://doi.org/10.1525/cmr.2016.58.2.88

Wahjono, S. I., Marina, A., Fam, S.-F., & Rasulong, I. (2021). Crowdfunding as a Business Innovation to Finance SMEs for Sustainable Development Goals to Anticipating the Impact of Corona Virus Pandemic Disease (Covid-19) in Indonesia. 315–323. https://doi.org/10.2991/aer.k.210121.044

Wang, S., & Wang, H. (2020). Big data for small and medium-sized enterprises (SME): A knowledge management model. Journal of Knowledge Management, 24(4), 881–897. https://doi.org/10.1108/JKM-02-2020-0081

Wehinger, G. (2014). SMEs and the credit crunch: Current financing difficulties, policy measures and a review of literature. OECD Journal: Financial Market Trends, 2013(2), 115–148. https://doi.org/10.1787/fmt-2013-5jz734p6b8jg

Willetts, M., Atkins, A. S., & Stanier, C. (2020). A STRATEGIC BIG DATA ANALYTICS FRAMEWORK TO PROVIDE OPPORTUNITIES FOR SMES. 3033–3042. https://doi.org/10.21125/inted.2020.0893

Yoshino, N. (2020). Unlocking SME Finance in Asia; Roles of Credit Rating and Credit Guarantee Schemes. 59.

Yoshino, N., & Taghizadeh-Hesary, F. (2017). SOLUTIONS FOR SMALL AND MEDIUM-SIZED ENTERPRISES’ DIFFICULTIES IN ACCESSING FINANCE: ASIAN EXPERIENCES. 23.

Zhou, M. J., Lu, B., Fan, W. P., & Wang, G. A. (2018). Project description and crowdfunding success: An exploratory study. Information Systems Frontiers, 20(2), 259–274.

Additional information

Código JEL: G24, L13, D62.