捲土重來！募資失敗再上市之意會活動歷程探討

Bounce Back! An Exploratory Study of Sensemaking Process in Crowdfunding Failure and Relaunching

群眾募資是近幾年來新創團隊取得資金、低成本行銷和測試消費偏好的管道之一，但募資專案提案者卻承受著近五成的失敗率。過去研究多探討如何在募資平台募資成功、或從消費者端分析消費者贊助偏好，但卻鮮少研究探討這些高達五成失敗的募資案何去何從。本研究訪談六位募資失敗再上市之提案者，探討經歷募資失敗之提案者如何反思失敗經驗、如何在自我效能趨動下學習新技能與優化產品或服務、如何意會環境需求而調適營運活動和展現策略行動。本研究有助於了解失敗募資提案者捲土重來之意會活動歷程，提供募資提案者轉化失敗經驗為資產、而非負債之觀點。

Crowdfunding is one of the conduits for start-up team to obtain capital, low-cost marketing and test consumer preferences in recent years, but the crowdfunding proposers bear a failure rate of up to 50%. Past studies have explored how to raise money successfully on a crowdfunding platform or analyze consumer sponsorship preferences from the consumer side, but few have explored where these failed crowdfunding cases can go. The research interviewed with six sponsors who failed to raise money and went back to market. It explored how those who failed to raise money could reflect on failures, learn new skills and optimize products or services when driven by self-efficacy, adapt operations to environmental needs, and demonstrate strategic actions. This study will help to understand the sensemaking process of the failed crowdfunding and comeback, and provide the view that crowdfunding proponents convert failed experiences into assets rather than liabilities.