Analysis of the Implementation of Joint Funding as an Alternative Financing in the Creative Economy Sector in Indonesia
DOI:
https://doi.org/10.38035/jlph.v5i2.1079Keywords:
Crowdfunding, Creative Economy, Access to Capital, Innovation, Regulation, SustainabilityAbstract
This study analyzes the implementation of crowdfunding as an alternative financing option in Indonesia’s creative economy sector, highlighting its significant positive impact on sector growth. Crowdfunding provides broader access to capital for small and medium enterprises, enhances community engagement, and fosters innovation and product diversification. Through crowdfunding platforms, entrepreneurs can build a strong support community and introduce their creative ideas to a wider audience. Despite these benefits, the mechanism faces challenges, including a lack of understanding about crowdfunding, high competition, and regulatory uncertainty. Additionally, issues of transparency, uncertainty in achieving funding targets, as well as technological and psychological challenges must also be addressed. To maximize the benefits of crowdfunding, entrepreneurs are advised to prioritize transparency and prepare sustainability plans post-funding. Support in the form of education, training, and strengthened regulations is crucial to creating an inclusive and sustainable creative economy ecosystem. By overcoming these challenges, crowdfunding has the potential to be an effective tool for promoting innovation and growth in Indonesia’s creative economy sector, while empowering communities to actively contribute to value creation
References
Ade Bagus Rindi, Jurnal Hukum Fintech, Teknologi, Telekomunikasi & Perbankan Syariah, Prihatwono Law Research Vol. 1, June 2018, p. 1.
Aniek, Rumijati, Soelistyo Aris, et al. (2020). Independence of the Economy and Business of Indonesia Facing the Era of Industry Revolution 4.0. Malang: UMM Press.
Ayus Ahmad Yusuf and Achmad Kholiq, Study on the Development of Indonesia's Creative Economy Based on the Sharia System, CV. Elsi Pro, Cirebon: 2020, p. 5.
Durant, Isabelle, “Unlocking Potential of Intellectual Property Rights to Support the Creative Economy,” (2021), online: United Nations Conference on Trade and Development.
Eni V. Pangabean, “The Role of Digital Economy in Driving National Economic Growth,” paper presented at the Fintech Seminar on December 16, 2016, (Jakarta: Department of Payment System Policy and Supervision, Bank Indonesia, 2016), p. 7.
Ernama Santi, Supervision of Financial Services Authority on Financial Technology (OJK Regulation No. 77/POJK.01/2016), Diponegoro Law Journal, Volume 6, No. 3, 2017, p. 2.
Ferdinand Eskol Tiar Sirait, “The Impact of Industry 4.0 on the Communication Technology Industry in Indonesia: Opportunities and Challenges,” Journal of Science and Humanities Research, vol. 6, no. 1, pp. 132–139, 2022, doi: 10.23887/jppsh.v6i1.28153.
Fitri Pertiwi, Halla, and Solehudin. (2023). “The Influence of Fintech Peer to Peer Lending (P2P) Development on Conventional Commercial Banks in Indonesia.” Tambusai Education Journal, 7 (2): 6064–71. https://doi.org/https://doi.org/10.31004/jptam.v7i2.7186.
G. W. Bhawika, "The Risk of Dehumanization in Crowdfunding as a Technology-Based Funding Access in Indonesia," Journal of Social Humanities Kharisma, vol. V.C, Problematic Legal Protection of Parties in Equity Crowdfunding Transactions, Privat Law Journal, vol. VIII, no. 2, pp. 2-3, 2017.
Irma Muzdalifa, et al., “The Role of Fintech in Improving Financial Inclusion for MSMEs in Indonesia (Sharia Finance Approach)”, Masharif al-Syariah Journal: Journal of Islamic Economics and Banking / Vol. 3, No. 1, 2018.
M. G. Sitompul, "The Urgency of Financial Technology (Fintech) Legalization: Peer To Peer (P2P) Lending in Indonesia," Yuridis Unaja Journal, vol. 1, no. 2, p. 4, 2018.
Murniati Mukhlisin, Jurnal Hukum Fintech, Teknologi, Telekomunikasi & Perbankan Syariah, Prihatwono Law Research Vol. 1, June 2018.
Nabillah Purba, et al., (2021). “Industry Revolution 4.0: The Role of Technology in Business Mastery and Its Implementation,” Journal of Behavior and Business Strategy, Vol. 9, No. 2, pp. 91-98.
Posma Sariguna Johnson Kennedy, “Challenges Against Disruptive Threats from Financial Technology and the Role of the Government in Addressing Them”. Indonesia Forum for Finance and Business Journal (FKBI), VI, 2017, p. 172.
Ranti Fauza Mayana (et al.), “Intellectual Property-Based Financing Schemes: Opportunities, Challenges, and Potential Solutions Related to Their Implementation,” 1:25, Das Sollen: Journal of Contemporary Legal and Society Studies, 2022.
S. Suryadi, "Legal Protection of Users in Equity Crowdfunding Transactions via Information Technology-Based Offerings," Panorama Law Journal, vol. 5, pp. 2-8, 2020.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Natasya Bonita Oktaviana Manalu, Lastuti Abubakar, Tri Handayani, Dewi Kania Sugiharti
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Journal of Law, Poliitic and Humanities (JLPH) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Journal of Law, Poliitic and Humanities (JLPH).
