What drives crowdfunding participation? The influence of personal and social traits

Abstract

Purpose Crowdfunding has become a popular and achievable means of funding projects worldwide. The purpose of this study is to determine which personal and social traits can increase individuals’ intention to participate in crowdfunding. Design/methodology/approach This study examines innovativeness, attitudes toward helping others and interpersonal connectivity as determinants of consumers’ intention to participate in crowdfunding. Social identification with the crowdfunding community is proposed as a mediator in the model. Findings The results show that both social identification with the crowdfunding community and innovativeness have a positive effect on intention to participate. In addition, attitudes toward helping others and interpersonal connectivity indirectly affect intention to participate in crowdfunding through social identification with the crowdfunding community. Research limitations/implications This study analyzes a general audience of potential crowdfunders; therefore, the results identify just the indications for potential intentions to participate in crowdfunding activities. Practical implications Companies or fund-seekers currently using or expecting to use crowdfunding have to develop strategies focused on promoting social identification with the crowdfunding community. More effort should be devoted for developing consumers’ social relationships and ties within the crowdfunding community. Originality/value This study contributes to the literature by clarifying the characteristics that potential crowdfunders should have to be more prone to participate in these types of projects.

Can Co-Creation and Crowdfunding Types Predict Funder Behavior? An Extended Model of Goal-Directed Behavior

“…Since crowdfunding projects are offered only on one platform, success requires not only the positive attitude of funders toward the project itself, but also a positive attitude toward the Internet platform from potential contributors [44]. Crowdfunders with strong attitudes help others identify with the crowdfunding community [45]. This is potentially significant for a fundraising project as its success clearly depends on people's contribution.…”

“…The construct of attitude toward visitor economy crowdfunding participation has been operationalized with four items as suggested by [41,43,45,47]. These questions comprise funders' thinking on crowdfunding participation as an affirmative, beneficial, valuable, essential behavior (e.g., "Participating in visitor economy crowdfunding is an affirmative behavior").…”

Psychological Determinants of Investor Motivation in Social Media-Based Crowdfunding Projects: A Systematic Review

“…There is a growing body of literature that recognizes the importance of crowdfunding, which has emerged as a powerful, popular, and achievable means of funding projects worldwide (Nevin et al, 2017 ; Rodriguez-Ricardo et al, 2018 ; Brem et al, 2019 ; Kim et al, 2020a ). The first mentions of the concept in academic literature dates back to 2010, but the number of published articles increased significantly in recent years as a result of the rising interest for using the conjugated power of individuals organized dynamically into “crowds” using technology, as well as due to this financing means becoming legally recognized in more and more countries around the world (Smith and Hong, 2016 ).…”

“…After an initial success in the artistic field, online crowdfunding addressed entrepreneurial area, in domains such as technology, knowledge-based start-ups and new product development (Hemer, 2011 ; Rodriguez-Ricardo et al, 2018 ). Access to crowdfunding through the Internet has paved the way for many innovative products and services, by reducing the funding gap for innovative start-ups—some funded products are Pebble, the first smartwatch, 3D printers, hardware products, video game consoles, etc.…”

Bagaimana Crowdfunding Dapat Menyelesaikan Permasalahan Sosial Yang Terjadi di Masyarakat

“…Pada kenyataannya, crowdfunding menjadi tren secara cepat di kalangan masyarakat di era digital ini namun pemahaman dari crowdfunding masih dirasa terbatas (Colombo, Franzoni, & Rossi-Lamastra, 2015). Walaupun sepertinya crowdfunding merupakan program yang menjanjikan untuk memecahkan suatu problematika di masyarakat namun kemungkinan keberhasilan crowdfunding tidak mencapai 50%, hal ini dikarenakan semua individu dapat menjadi pelaku crowdfunding sehingga kebanyakan orang perlu mengetahui latar belakang program tersebut (Rodriguez-Ricardo, Sicilia, & Lopez, 2018) . Namun di beberapa Negara, Crowdfunding masih berada pada tahap awal dibandingkan dengan pasar lainnya yang telah lebih dulu 'matang', seperti yang terjadi di China, para peneliti di China masih perlu meneliti apa saja yang dapat dilakukan oleh crowdfunding agar dapat memberikan manfaat kepada penemu, penggerak crowdfunding, masyarakat bahkan Negara dalam sebuah kesatuan [Huang, Chiu, Mo, Marjerison, 2018].…”