Success factors of crowdfunding campaigns in medical research: perceptions and reality

Aleksina, Anna; Akulenka, Stanislau; Lublóy, Ágnes

doi:10.1016/j.drudis.2019.05.012

Cited by 46 publications

(80 citation statements)

References 41 publications

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“…Additionally, Borst et al (2018), found a positive effect of project updates and tweets on the success of crowdfunding campaigns. This was in line with Aleksina et al (2019) findings which revealed that founders should establish and maintain professional contacts through regular updates to increase the probability of campaign success. Regular updates also create a sense of trust from the backers.…”

Section: Literature Reviewsupporting

confidence: 88%

“…Additionally, Song et al (2019) study recommended that crowdfunded campaigns with shorter funding days attract more backers. However, crowdfunded campaigns should not set very high or unrealistic goals as this may discourage potential backers (Aleksina et al, 2019). This argument was supported by Song et al (2019) who argued that project founders should set realistic funding goals.…”

Section: Literature Reviewmentioning

confidence: 99%

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Crowdfunding in Kenya: Factors for Successful Campaign : The Case of Kickstarter Crowdfunding Platform

Wachira¹,

Wachira²

2021

PFQ

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The study aimed at investigating the factors that lead to successful crowdfunding campaigns in Kenya. The success factors of reward-based crowdfunded campaigns vary in different countries due to differences in cultures, legal requirements, social interactions, political and business environments. With very minimal research on crowdfunding funding in Kenya, the study therefore, aimed at analyzing reward-based crowdfunding in Kenya using Kickstarter data, and identifying the crucial factors necessary to run a successful campaign. To achieve this objective, the study used a multiple regression and Pearson correlations. The study found a statistically significant regression equation hence the regression model was considered a good fit. The study using the Pearson correlations analysis found a very strong and positive statistical correlation between updates, amount pledged, backers, and successful projects, moderate but positive statistical correlation between comments, new backers, returning backers, and successful projects. However, there was a negative but insignificant correlation between the goal, funding period, and successful projects. The novelty will be of great benefit to project funders who want to run successful projects in Kenya. This is because the concept of crowdfunding is still new in Kenya and has not been widely publicized, accepted, or researched. The results of this study will guide potential founders on the do’s and don’ts of running a successful campaign. Finally, the study recommends further research on the success factors of other crowdfunding models in Kenya as the study solely focused on the reward-based model.

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Section: Literature Reviewsupporting

confidence: 88%

Section: Literature Reviewmentioning

confidence: 99%

Crowdfunding in Kenya: Factors for Successful Campaign : The Case of Kickstarter Crowdfunding Platform

Wachira¹,

Wachira²

2021

PFQ

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“…Ultimately, we received 138% of the target (CHF 69,109) from 235 donors. This success is somewhat contradictory to the experiences reported in the scientific literature suggesting that crowdfunding can hardly yield sums larger than US $10,000 [4,10,11] and that similar to traditional funding agencies, donors are hesitant about supporting innovative projects [19]. What are the specific aspects of our campaign that could have contributed to its success?…”

Section: Principal Resultsmentioning

confidence: 59%

Exploring Novel Funding Strategies for Innovative Medical Research: The HORAO Crowdfunding Campaign

Schucht¹,

Roccaro-Waldmeyer²,

Murek³

et al. 2020

J Med Internet Res

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Background The rise of the internet and social media has boosted online crowdfunding as a novel strategy to raise funds for kick-starting projects, but it is rarely used in science. Objective We report on an online crowdfunding campaign launched in the context of the neuroscience project HORAO. The aim of HORAO was to develop a noninvasive real-time method to visualize neuronal fiber tracts during brain surgery in order to better delineate tumors and to identify crucial cerebral landmarks. The revenue from the crowdfunding campaign was to be used to sponsor a crowdsourcing campaign for the HORAO project. Methods We ran a 7-week reward-based crowdfunding campaign on a national crowdfunding platform, offering optional material and experiential rewards in return for a contribution toward raising our target of Swiss francs (CHF) 50,000 in financial support (roughly equivalent to US $50,000 at the time of the campaign). We used various owned media (websites and social media), as well as earned media (press releases and news articles) to raise awareness about our project. Results The production of an explanatory video took 60 hours, and 31 posts were published on social media (Facebook, Instagram, and Twitter). The campaign raised a total of CHF 69,109. Approximately half of all donations came from donors who forwent a reward (CHF 28,786, 48.74%); the other half came from donors who chose experiential and material rewards in similar proportions (CHF 14,958, 25.33% and CHF 15,315.69, 25.93%, respectively). Of those with an identifiable relationship to the crowdfunding team, patients and their relatives contributed the largest sum (CHF 17,820, 30.17%), followed by friends and family (CHF 9288, 15.73%) and work colleagues (CHF 6028, 10.21%), while 43.89% of funds came from donors who were either anonymous or had an unknown relationship to the crowdfunding team. Patients and their relatives made the largest donations, with a median value of CHF 200 (IQR 90). Conclusions Crowdfunding proved to be a successful strategy to fund a neuroscience project and to raise awareness of a specific clinical problem. Focusing on potential donors with a personal interest in the issue, such as patients and their relatives in our project, is likely to increase funding success. Compared with traditional grant applications, new skills are needed to explain medical challenges to the crowd through video messages and social media.

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“…Lastly, SM can be directly used by health researchers to support prevention interventions to raise awareness and engage populations [ 78 ] and to crowdfund by promoting their research on SM. Indeed, crowdfunding can be eased by establishing professional contacts through SM and sharing campaigns [ 79 ].…”

Section: Discussionmentioning

confidence: 99%

The Use of Social Media for Health Research Purposes: Scoping Review

Bour¹,

Ahne²,

Schmitz³

et al. 2021

J Med Internet Res

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Background As social media are increasingly used worldwide, more and more scientists are relying on them for their health-related projects. However, social media features, methodologies, and ethical issues are unclear so far because, to our knowledge, there has been no overview of this relatively young field of research. Objective This scoping review aimed to provide an evidence map of the different uses of social media for health research purposes, their fields of application, and their analysis methods. Methods We followed the scoping review methodologies developed by Arksey and O’Malley and the Joanna Briggs Institute. After developing search strategies based on keywords (eg, social media, health research), comprehensive searches were conducted in the PubMed/MEDLINE and Web of Science databases. We limited the search strategies to documents written in English and published between January 1, 2005, and April 9, 2020. After removing duplicates, articles were screened at the title and abstract level and at the full text level by two independent reviewers. One reviewer extracted data, which were descriptively analyzed to map the available evidence. Results After screening 1237 titles and abstracts and 407 full texts, 268 unique papers were included, dating from 2009 to 2020 with an average annual growth rate of 32.71% for the 2009-2019 period. Studies mainly came from the Americas (173/268, 64.6%, including 151 from the United States). Articles used machine learning or data mining techniques (60/268) to analyze the data, discussed opportunities and limitations of the use of social media for research (59/268), assessed the feasibility of recruitment strategies (45/268), or discussed ethical issues (16/268). Communicable (eg, influenza, 40/268) and then chronic (eg, cancer, 24/268) diseases were the two main areas of interest. Conclusions Since their early days, social media have been recognized as resources with high potential for health research purposes, yet the field is still suffering from strong heterogeneity in the methodologies used, which prevents the research from being compared and generalized. For the field to be fully recognized as a valid, complementary approach to more traditional health research study designs, there is now a need for more guidance by types of applications of social media for health research, both from a methodological and an ethical perspective. International Registered Report Identifier (IRRID) RR2-10.1136/bmjopen-2020-040671

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Success factors of crowdfunding campaigns in medical research: perceptions and reality

Cited by 46 publications

References 41 publications

Crowdfunding in Kenya: Factors for Successful Campaign : The Case of Kickstarter Crowdfunding Platform

Crowdfunding in Kenya: Factors for Successful Campaign : The Case of Kickstarter Crowdfunding Platform

Exploring Novel Funding Strategies for Innovative Medical Research: The HORAO Crowdfunding Campaign

The Use of Social Media for Health Research Purposes: Scoping Review

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