Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding

Onyeka-Iheme Chimeruo Victory; Akintoye Ishola Rufus

doi:doi:10.11648/j.ijber.20221105.13

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Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding

Onyeka-Iheme Chimeruo Victory, Akintoye Ishola Rufus

Published in International Journal of Business and Economics Research (Volume 11, Issue 5)

Received: 4 October 2022 Accepted: 20 October 2022 Published: 27 October 2022

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Abstract

The importance of SMEs having good access to cost-effective finances appears to be undeniably obvious for the development of SMEs in Africa, especially with the adverse effect of the aftermath of Corona Virus (COVID-19) pandemic. This paper was therefore necessitated by the need to evaluate the development of SMEs in Africa through crowdfunding. Employing theories and empirics, this paper researched the various sides of the discussion on SMEs’ development through crowdfunding in Africa. The study had a relatively robust review of literature on the concepts, prospects, and challenges of crowdfunding in Africa. Descriptive and survey research designs were employed and data analysis was carried out using SPSS 20. A descriptive analysis of the statistical outcome was carried out on the various demographical information of respondents presenting them with the use of both easy and diagrams. Analysis of the T-test was used to also ascertain the influence of crowdfunding on the development of SMEs in Africa. Cronbach’s alpha reliability test served as a tool to measure the instrument’s reliability. Findings from this research revealed that lack of awareness of crowdfunding as an instrument of raising funds and the ease of access to crowdfunding platforms by SMEs in Africa form the major challenges for SMEs in Africa and these have a significant effect on their development. Recommendations proffered were that adequate regulations and policies that will create an enabling environment for investors or crowdfunders should be enacted.

Published in	International Journal of Business and Economics Research (Volume 11, Issue 5)
DOI	10.11648/j.ijber.20221105.13
Page(s)	287-294
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Africa, Awareness, COVID-19, Crowdfunding, Development, Small and Medium Enterprises

References

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APA Style

Onyeka-Iheme Chimeruo Victory, Akintoye Ishola Rufus. (2022). Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding. International Journal of Business and Economics Research, 11(5), 287-294. https://doi.org/10.11648/j.ijber.20221105.13

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ACS Style

Onyeka-Iheme Chimeruo Victory; Akintoye Ishola Rufus. Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding. Int. J. Bus. Econ. Res. 2022, 11(5), 287-294. doi: 10.11648/j.ijber.20221105.13

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AMA Style

Onyeka-Iheme Chimeruo Victory, Akintoye Ishola Rufus. Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding. Int J Bus Econ Res. 2022;11(5):287-294. doi: 10.11648/j.ijber.20221105.13

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@article{10.11648/j.ijber.20221105.13,
  author = {Onyeka-Iheme Chimeruo Victory and Akintoye Ishola Rufus},
  title = {Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding},
  journal = {International Journal of Business and Economics Research},
  volume = {11},
  number = {5},
  pages = {287-294},
  doi = {10.11648/j.ijber.20221105.13},
  url = {https://doi.org/10.11648/j.ijber.20221105.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20221105.13},
  abstract = {The importance of SMEs having good access to cost-effective finances appears to be undeniably obvious for the development of SMEs in Africa, especially with the adverse effect of the aftermath of Corona Virus (COVID-19) pandemic. This paper was therefore necessitated by the need to evaluate the development of SMEs in Africa through crowdfunding. Employing theories and empirics, this paper researched the various sides of the discussion on SMEs’ development through crowdfunding in Africa. The study had a relatively robust review of literature on the concepts, prospects, and challenges of crowdfunding in Africa. Descriptive and survey research designs were employed and data analysis was carried out using SPSS 20. A descriptive analysis of the statistical outcome was carried out on the various demographical information of respondents presenting them with the use of both easy and diagrams. Analysis of the T-test was used to also ascertain the influence of crowdfunding on the development of SMEs in Africa. Cronbach’s alpha reliability test served as a tool to measure the instrument’s reliability. Findings from this research revealed that lack of awareness of crowdfunding as an instrument of raising funds and the ease of access to crowdfunding platforms by SMEs in Africa form the major challenges for SMEs in Africa and these have a significant effect on their development. Recommendations proffered were that adequate regulations and policies that will create an enabling environment for investors or crowdfunders should be enacted.},
 year = {2022}
}

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TY  - JOUR
T1  - Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding
AU  - Onyeka-Iheme Chimeruo Victory
AU  - Akintoye Ishola Rufus
Y1  - 2022/10/27
PY  - 2022
N1  - https://doi.org/10.11648/j.ijber.20221105.13
DO  - 10.11648/j.ijber.20221105.13
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 287
EP  - 294
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20221105.13
AB  - The importance of SMEs having good access to cost-effective finances appears to be undeniably obvious for the development of SMEs in Africa, especially with the adverse effect of the aftermath of Corona Virus (COVID-19) pandemic. This paper was therefore necessitated by the need to evaluate the development of SMEs in Africa through crowdfunding. Employing theories and empirics, this paper researched the various sides of the discussion on SMEs’ development through crowdfunding in Africa. The study had a relatively robust review of literature on the concepts, prospects, and challenges of crowdfunding in Africa. Descriptive and survey research designs were employed and data analysis was carried out using SPSS 20. A descriptive analysis of the statistical outcome was carried out on the various demographical information of respondents presenting them with the use of both easy and diagrams. Analysis of the T-test was used to also ascertain the influence of crowdfunding on the development of SMEs in Africa. Cronbach’s alpha reliability test served as a tool to measure the instrument’s reliability. Findings from this research revealed that lack of awareness of crowdfunding as an instrument of raising funds and the ease of access to crowdfunding platforms by SMEs in Africa form the major challenges for SMEs in Africa and these have a significant effect on their development. Recommendations proffered were that adequate regulations and policies that will create an enabling environment for investors or crowdfunders should be enacted.
VL  - 11
IS  - 5
ER  -

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Author Information

Onyeka-Iheme Chimeruo Victory

Department of Accounting, Christopher University, Mowe, Nigeria
Akintoye Ishola Rufus

Department of Accounting, Babcock University, Ilishan-Remo, Nigeria

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APA Style

Onyeka-Iheme Chimeruo Victory, Akintoye Ishola Rufus. (2022). Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding. International Journal of Business and Economics Research, 11(5), 287-294. https://doi.org/10.11648/j.ijber.20221105.13

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ACS Style

Onyeka-Iheme Chimeruo Victory; Akintoye Ishola Rufus. Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding. Int. J. Bus. Econ. Res. 2022, 11(5), 287-294. doi: 10.11648/j.ijber.20221105.13

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AMA Style

Onyeka-Iheme Chimeruo Victory, Akintoye Ishola Rufus. Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding. Int J Bus Econ Res. 2022;11(5):287-294. doi: 10.11648/j.ijber.20221105.13

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@article{10.11648/j.ijber.20221105.13,
  author = {Onyeka-Iheme Chimeruo Victory and Akintoye Ishola Rufus},
  title = {Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding},
  journal = {International Journal of Business and Economics Research},
  volume = {11},
  number = {5},
  pages = {287-294},
  doi = {10.11648/j.ijber.20221105.13},
  url = {https://doi.org/10.11648/j.ijber.20221105.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20221105.13},
  abstract = {The importance of SMEs having good access to cost-effective finances appears to be undeniably obvious for the development of SMEs in Africa, especially with the adverse effect of the aftermath of Corona Virus (COVID-19) pandemic. This paper was therefore necessitated by the need to evaluate the development of SMEs in Africa through crowdfunding. Employing theories and empirics, this paper researched the various sides of the discussion on SMEs’ development through crowdfunding in Africa. The study had a relatively robust review of literature on the concepts, prospects, and challenges of crowdfunding in Africa. Descriptive and survey research designs were employed and data analysis was carried out using SPSS 20. A descriptive analysis of the statistical outcome was carried out on the various demographical information of respondents presenting them with the use of both easy and diagrams. Analysis of the T-test was used to also ascertain the influence of crowdfunding on the development of SMEs in Africa. Cronbach’s alpha reliability test served as a tool to measure the instrument’s reliability. Findings from this research revealed that lack of awareness of crowdfunding as an instrument of raising funds and the ease of access to crowdfunding platforms by SMEs in Africa form the major challenges for SMEs in Africa and these have a significant effect on their development. Recommendations proffered were that adequate regulations and policies that will create an enabling environment for investors or crowdfunders should be enacted.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Development of Small and Medium Scale Enterprises (SMEs) in Africa Through Crowdfunding
AU  - Onyeka-Iheme Chimeruo Victory
AU  - Akintoye Ishola Rufus
Y1  - 2022/10/27
PY  - 2022
N1  - https://doi.org/10.11648/j.ijber.20221105.13
DO  - 10.11648/j.ijber.20221105.13
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 287
EP  - 294
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20221105.13
AB  - The importance of SMEs having good access to cost-effective finances appears to be undeniably obvious for the development of SMEs in Africa, especially with the adverse effect of the aftermath of Corona Virus (COVID-19) pandemic. This paper was therefore necessitated by the need to evaluate the development of SMEs in Africa through crowdfunding. Employing theories and empirics, this paper researched the various sides of the discussion on SMEs’ development through crowdfunding in Africa. The study had a relatively robust review of literature on the concepts, prospects, and challenges of crowdfunding in Africa. Descriptive and survey research designs were employed and data analysis was carried out using SPSS 20. A descriptive analysis of the statistical outcome was carried out on the various demographical information of respondents presenting them with the use of both easy and diagrams. Analysis of the T-test was used to also ascertain the influence of crowdfunding on the development of SMEs in Africa. Cronbach’s alpha reliability test served as a tool to measure the instrument’s reliability. Findings from this research revealed that lack of awareness of crowdfunding as an instrument of raising funds and the ease of access to crowdfunding platforms by SMEs in Africa form the major challenges for SMEs in Africa and these have a significant effect on their development. Recommendations proffered were that adequate regulations and policies that will create an enabling environment for investors or crowdfunders should be enacted.
VL  - 11
IS  - 5
ER  -

Copy | Download