The Effect of Reward Strategies on the Success of Crowdfunding Campaigns

Verschoore, Jorge Renato; Araújo, Mariana de

doi:10.1590/1678-6971/eramr200139

Cited by 2 publications

(5 citation statements)

References 42 publications

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“…Chen et al, 2020;Regner & Crosetto, 2020;Verschoore & Araújo, 2020;Xiao & Yue, 2018;Yang, Wang, & Hahn, 2020). Two studies agree with one another that trivial symbolic rewards are insufficient to spur campaign performance; where they differ is if material rewards are better than certain types of experiential rewards (Regner & Crosetto, 2020;Verschoore & Araújo, 2020). Two additional studies found a similar curvilinear U-shaped outcome concerning reward options, one for total reward options, and the other for limited rewards (Cai et al, 2020;Yang et al, 2020).…”

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confidence: 89%

“…In addition, following the most comprehensive recent SLR in the CF space a summary of publication by method type is presented in Figure 3. The vast majority of papers still employ quantitative analysis, usually of web scraped data from various CFPs looking at campaign characteristics; however, several qualitative papers were published in the examined timeframe, employing fuzzy-set qualitative com-parative analysis (fsQCA) to examine the influence of RBCF performance factors and success as casual conditions in terms of antecedents and consequences (Mastrangelo, Cruz-Ros, & Miquel-Romero, 2020;Verschoore & Araújo, 2020). fsQCA builds a bridge between logical truth tables and fuzzy sets that can define membership beyond traditional dichotomies (Ragin, 2009).…”

Section: Protocolmentioning

confidence: 99%

“…Both paths involved customer CSR, governance CSR, co-creation, and feedback, only differing in the necessity of either employee CSR or social CSR (Mastrangelo et al, 2020). The other paper examines the types of rewards offered by RBCF campaigns that lead to success, showing that tangible rewards outperform other types of rewards (Verschoore & Araújo, 2020).…”

Section: Addressed Gapsmentioning

confidence: 99%

“…Concerning the need for a further examination of RBCF rewards (Kaartemo, 2017), a large number of papers examined concerned themselves with this subject (Adam, Wessel, & Benlian, 2019;Cai, Zhang, & Han, 2020;M. Chen et al, 2020;Regner & Crosetto, 2020;Verschoore & Araújo, 2020;Xiao & Yue, 2018;Yang, Wang, & Hahn, 2020). Two studies agree with one another that trivial symbolic rewards are insufficient to spur campaign performance; where they differ is if material rewards are better than certain types of experiential rewards (Regner & Crosetto, 2020;Verschoore & Araújo, 2020).…”

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confidence: 99%

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An Examination of Unaddressed Research Gaps in Reward-Based Crowdfunding Performance and Success

grace

2023

MBR

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Entrepreneurs’ options for raising capital in the 21st Century have changed dramatically. Of the new options for individuals and businesses to raise funds, none has received more attention in the last decade than Crowdfunding. Crowdfunding, having emerged from crowdsourcing, allows fundraisers to collect funds from funders, usually via the internet, and most often through an intermediary, the crowdfunding platform. The most studied type of crowdfunding is reward-based crowdfunding in which funders receive a reward from the funder for pledging funds to a campaign. What factors impact the performance of reward-based crowdfunding campaigns is of vital importance. Similarly, knowledge of the recent advances in the field including the remaining research gaps, which have so far been underexplored, is also pressing. The purpose of this systematic review was therefore to answer two interrelated, questions: first, what performance and success factors have been recently discovered in the RBCF literature (2018-2021)? Second, what are the remaining unaddressed research gaps in reward-based crowdfunding performance and success? This review produced several key findings. In addition to the many gaps already identified in previous crowdfunding reviews, this review identified several novel gaps. First, the extant literature has not addressed the importance of macroeconomic factors in determining the performance of campaigns. Second, there is a paucity of research concerning the impact of the COVID-19 Pandemic on campaign performance, or how funder motivations and behaviors have been affected. Third, there has been a lack of research on fundraisers whose campaigns are “self-hosted” on their own websites bypassing crowdfunding platforms altogether. Lastly, this review did not identify any studies that attempted to understand the effects of funders canceling or decreasing previously made pledges to a campaign, or what motivates funders to change their pledges mid-campaign.

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confidence: 89%

Section: Protocolmentioning

confidence: 99%

Section: Addressed Gapsmentioning

confidence: 99%

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confidence: 99%

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An Examination of Unaddressed Research Gaps in Reward-Based Crowdfunding Performance and Success

grace

2023

MBR

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“…Some studies determined that rewards are an important material incentive for investors, implying that it is better for entrepreneurs to offer tangible rewards (a copy of the book, album, display, etc.) rather than intangible rewards (such as thank-you e-mails) (Read, 2013; Verschoore & Araujo, 2020). This recommendation was also supported by later studies (James et al, 2021; van Teunenbroek et al, 2023).…”

Section: Literature Reviewmentioning

confidence: 99%

The Two Sides of Crowdfunding Success: Attributes and Motivations of Backers and Entrepreneurs—Evidence from Israel

Nayer,

Rosenboim,

Malul

2024

The Journal of Entrepreneurship

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Using two studies of the same leading Israeli crowdfunding platform—‘Headstart’—various aspects of the fundraising method discussed in this article were explored. The first study identifies the factors that impact the amount of investment in crowdfunding projects. Using data from 517 backers who invested in ‘Headstart’ projects, direct correlations were established between the age of the backers, the minimum tangible reward levels, being friends or family of the entrepreneurs and the level of risk aversion with the investment amount. It is argued that these results are related to more extensive information being available to family and friends. Furthermore, the findings implicate that for different amounts of investment, different factors will have an impact. The second study seeks to identify the crowdfunding entrepreneurs’ unique characteristics that make some of them succeed in funding their projects more than others. According to the responses of 162 crowdfunding entrepreneurs to the ‘Big Five’ questionnaire, their agreeableness and extraversion have a positive impact on the success of campaign funding, but the impact is gender related. Neuroticism and conscientiousness are also factors. These studies contribute to the literature by using rare, first-hand information from entrepreneurs and backers to identify the internal and external factors that lead to success in crowdfunding.

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The Effect of Reward Strategies on the Success of Crowdfunding Campaigns

Cited by 2 publications

References 42 publications

An Examination of Unaddressed Research Gaps in Reward-Based Crowdfunding Performance and Success

An Examination of Unaddressed Research Gaps in Reward-Based Crowdfunding Performance and Success

The Two Sides of Crowdfunding Success: Attributes and Motivations of Backers and Entrepreneurs—Evidence from Israel

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