Publicity-enhancing Impacts of Crowdfunding on Japan’s Sixth Industrialization: Evidence from Selected Agricultural Enterprises Acquiring Funds from Reward-Based Crowdfunding

Abstract

We aimed to examine the hidden effects of crowdfunding after agricultural producers had successfully participated in reward-based crowdfunding. We used three types of data: crowdfunding platform data, questionnaire survey results, and oral survey results. The main outcomes of the field survey were as follows. Most farmers recognized the advertising effect of crowdfunding participation on potential customers, who could recognize and purchase new agricultural products; furthermore, existing customers and government agencies were more likely to support vulnerable agri-entreprenurs. Therefore, crowdfunding is not only a funding institution but also an effective advertising tool that can increase stakeholders’ belief in farmers’ reliability.