Revolutionising higher education funding in Malaysia: unleashing the power of crowdfunding mechanism
Muhammad Nazmul Hoque, Norhayati Mohamed, Zaid Mat Yusop, Mizan Bin Hitam, Norashikin MisnanPurpose
This research explores the transformative potential of leveraging crowdfunding mechanisms to revolutionise higher education funding in Malaysia. As traditional funding sources for higher education face challenges, this study aims to uncover how crowdfunding can be harnessed to address these issues and drive positive change. This study assesses the potential impact of crowdfunding on expanding access to education, promoting innovation and fostering community engagement within the higher education sector.
Design/methodology/approach
This research used a semi-structured interview method to achieve comprehensive insights. The interview involved collecting data on existing crowdfunding campaigns in the education sector, focusing on their success rates, funding levels and donor demographics. The qualitative analysis involved in this study involved in-depth interviews with higher education stakeholders, including officers, institutional leaders and potential donors.
Findings
The findings of this study revealed that crowdfunding is a feasible and sustainable funding mechanism for higher education institutions in Malaysia. The research demonstrated that crowdfunding has the potential to expand access to education for underprivileged students and catalyse innovative educational programmes. The study uncovered the regulatory and equity challenges linked with crowdfunding for education, offering insights into potential solutions to overcome these obstacles. This research contributes to the existing body of knowledge by offering empirical insights into the uncharted territory of using crowdfunding as a transformative force in higher education funding in Malaysia.
Originality/value
The study’s findings will guide policymakers, institutions and stakeholders in making informed decisions about the feasibility, benefits and challenges of implementing a crowdfunding mechanism. By unpacking the potential of crowdfunding, this research advances discussions on diversifying and democratising funding sources for higher education, ultimately contributing to the advancement of Malaysia’s education landscape.