Academic Research on Crowdfunders: What's Been Done and What's To Come?

Macht, Stephanie; Weatherston, Jamie

doi:10.1002/jsc.2010

Cited by 45 publications

(37 citation statements)

References 48 publications

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“…This study makes several contributions to research. First, currently, crowdfunding research is focused on the reasons why sponsors pledge money and how to improve the funding performance of crowdfunding projects, with very little academic knowledge related to the post‐investment activities of sponsors (eg, Belleflamme et al, ; Burtch et al, ; Gerber & Hui, ; Macht & Weatherston, ; Zheng et al, ). Reward‐based crowdfunding not only calls for the sponsors to invest money but also involves them in the production process as value cocreators.…”

Section: Resultsmentioning

confidence: 99%

Sponsor's cocreation and psychological ownership in reward‐based crowdfunding

Zheng

Zhang

et al. 2018

Information Systems Journal

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Crowdfunding is a new financing channel for small and mediumsized enterprises and individual entrepreneurs to raise funds for innovation projects online. In reward-based crowdfunding, project sponsors invest money and receive rewards as a return. They may also participate in product development and project implementation as value cocreators. This paper investigates how sponsors' cocreation behaviours lead to their generation of psychological ownership in the crowdfunding projects. The research model was developed, and data were collected from sponsors on Zhongchou (www.zhongchou.com), a well-known crowdfunding platform in China. The results indicated that psychological ownership is an important mental state for sponsors in crowdfunding, which significantly affects their commitment to projects. We also identified the important routes to sponsor psychological ownership in crowdfunding: perceived control and intimate knowing, through which sponsors' cocreation significantly influences the emergence of psychological ownership. The effects of cocreation process are moderated by 2 important factors: entrepreneur activeness, and sponsor's social connection, in the crowdfunding projects. This paper contributes to crowdfunding research and has practical implications for crowdfunding projects and platforms.

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Section: Resultsmentioning

confidence: 99%

Sponsor's cocreation and psychological ownership in reward‐based crowdfunding

Zheng

Zhang

et al. 2018

Information Systems Journal

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“…Crowdfunding is not a quick or short-term activity and involves a process with multiple stages, requiring different activities and focus. One earlier conceptualization of this process has identified two stages relevant for backers, including pre-investment and post-investment (Macht and Weatherston 2015). Pre-investment involves due-diligence efforts and investment decision making based on relevant motivations.…”

Section: The Crowdfunding Processmentioning

confidence: 99%

Introduction: From Fundamentals to Advances in Crowdfunding Research and Practice

Shneor

Zhao

Flåten

2020

Advances in Crowdfunding

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The chapter introduces the phenomenon of crowdfunding while presenting its definition and main manifestations in recent years. It then discusses the roles played by the various parties to a crowdfunding transaction, as well as the benefits each may gain from such engagement. Overall, it argues for a win-win situation, where all parties become better off from involvement in a responsible crowdfunding engagement. Furthermore, the chapter highlights the process dimension of crowdfunding, as represented through a series of three main stages, which are further specified into a seven sub-stage model. Each stage in the process depends on successful completion of the stage preceding it and relates to concrete activities and considerations that should be taken at different points in time. The chapter concludes with a review of the chapter contributions included in this book and highlights their main contributions.

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“…There are three central actors in crowdfunding: the fund-seeking entrepreneurs, the crowdfunders (that is, members of the general public providing the funds) and an intermediary, usually a crowdfunding platform bringing the project initiators and supporters together (Macht and Weatherston, 2015;Pelizzon et al, 2016). In addition, many crowdfunding platforms rely on a number of service providers, which may conduct financial due diligence or assessment of social or environmental outcomes (UNDP, 2017).…”

Section: How Crowdfunding Work: the Actors On A Crowdfunding Scenementioning

confidence: 99%