Developing a Comprehensive Framework for Crowd Funding Factors by Using the Hexagon Technique

Abstract

In recent years, crowd funding has seriously been considered as a novel method of financing start-up businesses and innovative ideas. In its short life time so far, the method has significantly grown in different aspects such as the number of proposed platforms, the number of campaigns and their success rate, the amount of capital provided, and the number of proposed models. In addition, various researchers have investigated the phenomenon from different points of view. Nevertheless, just a few studies have carried out a comprehensive review of the factors affecting this method. The main purpose of this research is to design and implement a comprehensive framework for factors that affect crowd funding. In order to achieve this goal, the effective factors in this regard were first identified through systematic review of the literature on crowd funding. Then, they were classified and clustered in a hexagonal framework based on the stakeholder's model. In other words, a qualitative method is used to extract the factors affecting crowd funding. The hexagons extracted from the literature were in 82 clusters out of which 38 were accounted for by capital seekers, 16 by investors and platforms, and 12 by other stakeholders. This study is the first effort to design a comprehensive framework for factors that affect crowd funding. Doi: 10.28991/HIJ-2021-02-02-07 Full Text: PDF