Porter’s Five Forces in Reward-based Crowdfunding: 
The case study of Makuake

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Abstract/Contents

Abstract: Over the past decade, the new way of financing called crowdfunding has emerged, established its markets, and gained its popularity. As of 2020, there are over 50 crowdfunding platforms that offer five different business models of financing. Among these, the reward-based crowdfunding platforms strikingly grew their market size by 50% from 2018 to 2019; it is projected that the growth rate is even steeper in 2020 and 2021, because the Covid-19 pandemic led to increased demand for shopping from home. Even though there were no successful winners in the market for the first ten years from 2010, Makuake became the first winner that went public in 2019. The critical question for this thesis is how did Makuake stay ahead of the competition, so as to gain the status of a public company, while most other companies still remained as startups, especially when compared against the one other major reward-based crowdfunding company in Japan, namely Campfire. This thesis applies the Five Forces model of competitiveness by Michael Porter to analyze the causes and attributes of Makuake’s success from the five different perspectives of that model, in order to unveil the company’s strategies to survive fierce competition and achieve strong, positive growth.

Type of resource	text
Date created	March 2021

Author	Tamaki, Shunya
Primary advisor	Dasher, Richard
Degree granting institution	Stanford University, Stanford Global Studies, Center for East Asian Studies

Location	https://purl.stanford.edu/fq683sy4960

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License: This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).

Preferred Citation: Tamaki, Shunya. (2021). Porter’s Five Forces in Reward-based Crowdfunding:
The case study of Makuak. Stanford Digital Repository. Available at: https://purl.stanford.edu/fq683sy4960

Stanford Center for East Asian Studies Thesis Collection

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