Abstract
This study investigates the role of crowdfunding and digital innovation in
advancing sustainable development in Asia and the Pacific by focusing on
how these mechanisms can overcome the limitations of traditional financing to address environmental, social, and economic challenges. Utilizing a
literature review approach, this study explains various crowdfunding models
(donation-based, reward-based, equity-based, and debt-based) alongside
emerging digital technologies such as blockchain, artificial intelligence (AI),
and the Internet of Things (IoT). It also examines the integration of Islamic finance principles and highlights their contribution to ethical and socially
responsible investments. The findings reveal that crowdfunding and digital
innovation significantly enhance the efficiency, transparency, and impact of
projects targeting Sustainable Development Goals (SDGs), despite facing
challenges such as regulatory hurdles, market readiness, and technological
access. The originality of this research lies in its comprehensive analysis of
crowdfunding and digital innovation within the context of sustainable development, offering novel insights into leveraging these tools for societal
benefits. These limitations include the need for further empirical studies to
validate the proposed recommendations. This study provides recommendations for policymakers to create supportive environments to highlight the
potential of crowdfunding and digital innovation to increase inclusive growth
and environmental stewardship, thus contributing to a sustainable future for
the region. This analysis aims to inform stakeholders, including policymakers, entrepreneurs, and investors, about harnessing alternative financing and
digital solutions for sustainable development.
advancing sustainable development in Asia and the Pacific by focusing on
how these mechanisms can overcome the limitations of traditional financing to address environmental, social, and economic challenges. Utilizing a
literature review approach, this study explains various crowdfunding models
(donation-based, reward-based, equity-based, and debt-based) alongside
emerging digital technologies such as blockchain, artificial intelligence (AI),
and the Internet of Things (IoT). It also examines the integration of Islamic finance principles and highlights their contribution to ethical and socially
responsible investments. The findings reveal that crowdfunding and digital
innovation significantly enhance the efficiency, transparency, and impact of
projects targeting Sustainable Development Goals (SDGs), despite facing
challenges such as regulatory hurdles, market readiness, and technological
access. The originality of this research lies in its comprehensive analysis of
crowdfunding and digital innovation within the context of sustainable development, offering novel insights into leveraging these tools for societal
benefits. These limitations include the need for further empirical studies to
validate the proposed recommendations. This study provides recommendations for policymakers to create supportive environments to highlight the
potential of crowdfunding and digital innovation to increase inclusive growth
and environmental stewardship, thus contributing to a sustainable future for
the region. This analysis aims to inform stakeholders, including policymakers, entrepreneurs, and investors, about harnessing alternative financing and
digital solutions for sustainable development.
| Original language | English |
|---|---|
| Publication status | Published - Mar 2024 |
Keywords
- Crowdfunding
- Digital Innovation
- Sustainable Development
- Asia and the Pacific
- Islamic finance