Crowdfunding
Top Cited Papers
- 1 December 2013
- journal article
- Published by Association for Computing Machinery (ACM) in ACM Transactions on Computer-Human Interaction
- Vol. 20 (6), 1-32
- https://doi.org/10.1145/2530540
Abstract
Crowdfunding is changing how, why, and which ideas are brought into existence. With the increasing number of crowdfunded projects, it is important to understand what drives people to either create or fund these projects. To shed light on this new social phenomenon, we present a grounded theory of motivation informed by the first cross-platform qualitative study of the crowdfunding community. By performing 83 semistructured interviews, we uncover creator motivations, which include the desire to raise funds, expand awareness of work, connect with others, gain approval, maintain control, and learn; and supporter motivations, which include the desire to collect rewards, help others, support causes, and be part of a community. We also explore deterrents to crowdfunding participation, including, among creators, fear of failure, and, for supporters, lack of trust. Based on these findings, we provide three emergent design principles to inform the design of effective crowdfunding platforms and support tools.Keywords
This publication has 32 references indexed in Scilit:
- Crowdfunding of Small Entrepreneurial VenturesSSRN Electronic Journal, 2010
- The effect of perceived trust on electronic commerce: Shopping online for tourism products and services in South KoreaTourism Management, 2010
- Harnessing Crowds: Mapping the Genome of Collective IntelligenceSSRN Electronic Journal, 2009
- Nonprofit organizations' use of the internet: A content analysis of communication trends on the internet sites of the philanthropy 400Nonprofit Management and Leadership, 2007
- Creativity support toolsCommunications of the ACM, 2002
- Absorptive Capacity: A New Perspective on Learning and InnovationAdministrative Science Quarterly, 1990
- Introduction: Technology, Organizations, and InnovationAdministrative Science Quarterly, 1990
- Characteristics of the rewarder and intrinsic motivation of the rewardee.Journal of Personality and Social Psychology, 1981
- The Strength of Weak TiesAmerican Journal of Sociology, 1973
- The Discovery of Grounded Theory; Strategies for Qualitative ResearchNursing Research, 1968