PhD Study : Crowdfunding for Social Enterprises: A UK Study

Summary

Social enterprises can be broadly defined as organisations that pursue the dual mission of financial sustainability and the delivery of social, economic and/or environmental value (Doherty and Lyon, 2014). In recent years, many social enterprises have turned to crowdfunding as a means to source finance to support their growth. Despite repeated calls for further research (Lehner, 2013; Lehner and Nicholls, 2014; Renko et al., 2019) our understanding of crowdfunding in this context remains limited.

This research study aims to help fulfill this gap by examining social enterprise crowdfunding in the context of the UK, a region with one of the largest social enterprise ecosystems globally (Social Enterprise UK, 2022). Adopting a mixed methodology, it will seek to assess the use of and suitability of crowdfunding as a form of finance for social enterprises. Specifically, it will examine perceptions, motivations and decision making processes surrounding social enterprise crowdfunding by addressing the following objectives;

i.How do social enterprises perceive crowdfunding?

ii.What motivates social enterprises to engage with crowdfunding?

iii.How do social enterprises choose between the different crowdfunding models and platforms?

iv.When do social enterprises utilise the different models of crowdfunding?

In doing so the research will

1) make an important theoretical contribution by examining whether models traditionally applied in the context of commercial enterprises are applicable to the context of social enterprises

2) offer practical recommendations for social entrepreneurs on how best to utilise and leverage crowdfunding to support growth and development and

3) provide policy recommendations for more cost-effective complementary support mechanisms aimed at increasing the financial sustainability of social enterprises.

Essential: An undergraduate degree from a UK awarding instiutution in Business or Finance (2:1 or above); or equivalent qualification if achieved outside the UK higher education system

Desirable: Postgraduate degree in related discipline

Essential criteria

Applicants should hold, or expect to obtain, a First or Upper Second Class Honours Degree in a subject relevant to the proposed area of study.

We may also consider applications from those who hold equivalent qualifications, for example, a Lower Second Class Honours Degree plus a Master’s Degree with Distinction.

In exceptional circumstances, the University may consider a portfolio of evidence from applicants who have appropriate professional experience which is equivalent to the learning outcomes of an Honours degree in lieu of academic qualifications.

• A comprehensive and articulate personal statement
• Research proposal of 2000 words detailing aims, objectives, milestones and methodology of the project

Desirable Criteria

If the University receives a large number of applicants for the project, the following desirable criteria may be applied to shortlist applicants for interview.

• First Class Honours (1st) Degree
• Masters at 70%

Funding and eligibility

The University offers the following levels of support:

Vice Chancellors Research Studentship (VCRS)

The following scholarship options are available to applicants worldwide:

• Full Award: (full-time tuition fees + £19,000 (tbc))
• Part Award: (full-time tuition fees + £9,500)
• Fees Only Award: (full-time tuition fees)

These scholarships will cover full-time PhD tuition fees for three years (subject to satisfactory academic performance) and will provide a £900 per annum research training support grant (RTSG) to help support the PhD researcher.

Applicants who already hold a doctoral degree or who have been registered on a programme of research leading to the award of a doctoral degree on a full-time basis for more than one year (or part-time equivalent) are NOT eligible to apply for an award.

Please note: you will automatically be entered into the competition for the Full Award, unless you state otherwise in your application.

Department for the Economy (DFE)

The scholarship will cover tuition fees at the Home rate and a maintenance allowance of £19,000 (tbc) per annum for three years (subject to satisfactory academic performance).

This scholarship also comes with £900 per annum for three years as a research training support grant (RTSG) allocation to help support the PhD researcher.

• Candidates with pre-settled or settled status under the EU Settlement Scheme, who also satisfy a three year residency requirement in the UK prior to the start of the course for which a Studentship is held MAY receive a Studentship covering fees and maintenance.
• Republic of Ireland (ROI) nationals who satisfy three years’ residency in the UK prior to the start of the course MAY receive a Studentship covering fees and maintenance (ROI nationals don’t need to have pre-settled or settled status under the EU Settlement Scheme to qualify).
• Other non-ROI EU applicants are ‘International’ are not eligible for this source of funding.
• Applicants who already hold a doctoral degree or who have been registered on a programme of research leading to the award of a doctoral degree on a full-time basis for more than one year (or part-time equivalent) are NOT eligible to apply for an award.

Due consideration should be given to financing your studies. Further information on cost of living