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May 20, 2023
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Abstract
This study examines why project owners and campaign backers participate in crowdfunding. It explores what motivates crowdfunding participants to seek funding or fund projects using a multiple-case study approach. This study finds that project owners are motivated to crowdfund because of financial and marketing benefits. On the other hand, campaign backers are motivated to fund campaigns because they want early access to products, participate in the community, and support the project for altruistic motives.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
Vergara, R. A. G., & Vergara, K. C. S. (2023). Why Crowdfund? Motivations of Philippine-Based Project Owners and Backers. International Journal of Multidisciplinary: Applied Business and Education Research, 4(5), 1650-1658. https://doi.org/10.11594/ijmaber.04.05.26
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[15] Baber H, Fanea-Ivanovici M (2021) Motiva-tions behind backers’ contributions in re-ward-based crowdfunding for movies and web series. International Journal of Emerging Markets. 18(3): 666-684. https://doi.org/10.1108/IJOEM-01-2021-0073
[16] Bagheri A, Chitsazan H, Ebrahimi A (2019) Crowdfunding motivations: A focus on do-nors' perspectives. Technological Forecasting and Social Change. 146: 218-232. https://doi.org/10.1016/j.techfore.2019.05.002
[17] Chen Y, Dai R, Wang L, Yang S, Li Y, Wei J (2021) Exploring donor's intention in chari-table crowdfunding: intrinsic and extrinsic motivations. Industrial Management & Data Systems. 121(7): 1664-1683. https://doi.org/10.1108/IMDS-11-2020-0631
[18] Herrero A, Hernandez-Ortega B, San Martín H (2020) Potential funders’ motivations in re-ward-based crowdfunding. The influence of project attachment and business viability. Computers in Human Behavior. 106, 106240. https://doi.org/10.1016/j.chb.2019.106240
[19] Popescul D, Radu LD, Păvăloaia VD, Georgescu MR (2020) Psychological determinants of in-vestor motivation in social media-based crowdfunding projects: A systematic review. Frontiers in Psychology. 11, 588121. https://doi.org/10.1016/j.chb.2019.106240
[20] St John J, St John K, Han B (2022) Entrepre-neurial crowdfunding backer motivations: a latent Dirichlet allocation approach. Europe-an Journal of Innovation Management. 25(6): 223-241. https://doi.org/10.1108/EJIM-05-2021-0248
[21] Zhang H, Chen W (2019) Backer motivation in crowdfunding new product ideas: is it about you or is it about me? Journal of Product In-novation Management. 36(2): 241-262. https://doi.org/10.1111/jpim.12477
[22] Yin, RK (2014) Case study research: Design and methods. Sage publications
[2] Cosh A, Cumming D, Hughes A (2009) Outside enterpreneurial capital*. The Economic Jour-nal, 119(540): 1494-1533. https://doi.org/10.1111/j.1468-0297.2009.02270.x
[3] Prive T (2012, October 12) Top 10 benefits of crowdfunding. Forbes. Retrieved from http://www.forbes.com/sites/tanyaprive/2012/10/12/top-10-benefits-of-crowdfunding-2/2/
[4] Hui JS, Greenberg MD, Gerber EM (2014) Under-standing the role of community in crowd-funding work. In Proceedings of the 17th ACM conference on Computer supported co-operative work & social computing. 62-74 https://doi.org/10.1145/2531602.2531715
[5] Mollick ER, Kuppuswamy V (2014) After the campaign: Outcomes of crowdfunding. UNC Kenan-Flagler Research Paper (2376997)
[6] Lehner OM, Grabmann E, Ennsgraber C (2015) Entrepreneurial implications of crowdfund-ing as alternative funding source for innova-tions. Venture Capital. 17(1-2): 171-189. https://doi.org/10.1080/13691066.2015.1037132
[7] Agrawal AK, Catalini C, Goldfarb A (2011) The geography of crowdfunding. National Bureau of Economic Research (No. w16820). https://doi.org/10.3386/w16820
[8] Valanciene L, Jegeleviciute S (2013) Valuation of crowdfunding: benefits and drawbacks. Economics and Management, 18(1): 39-48. https://doi.org/10.5755/j01.em.18.1.3713
[9] Agrawal AK, Catalini C, Goldfarb A (2013) Some simple economics of crowdfunding. National Bureau of Economic Research (No. w19133). https://doi.org/ 10.1086/674021
[10] Belleflamme P, Lambert T, Schwienbacher A (2014) Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5): 585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
[11] Junge LB, Laursen IC, Nielsen KR (2022) Choosing crowdfunding: Why do entrepre-neurs choose to engage in crowdfunding? Technovation, 111, 102385. https://doi.org/10.1016/j.technovation.2021.102385
[12] Gerber EM, Hui J (2013) Crowdfunding: Moti-vations and deterrents for participation. ACM Transactions on Computer-Human Interac-tion (TOCHI), 20(6): 34. https://doi.org/10.1145/2530540
[13] Gerber EM, Hui JS, Kuo PY (2012, February). Crowdfunding: Why people are motivated to post and fund projects on crowdfunding plat-forms. In Proceedings of the International Workshop on Design, Influence, and Social Technologies: Techniques, Impacts and Eth-ics.
[14] Ordanini A, Miceli L, Pizzetti M, Parasuraman A (2011) Crowd-funding: transforming cus-tomers into investors through innovative service platforms. Journal of Service Man-agement. 22(4): 443-470. https://doi.org/10.1108/09564231111155079
[15] Baber H, Fanea-Ivanovici M (2021) Motiva-tions behind backers’ contributions in re-ward-based crowdfunding for movies and web series. International Journal of Emerging Markets. 18(3): 666-684. https://doi.org/10.1108/IJOEM-01-2021-0073
[16] Bagheri A, Chitsazan H, Ebrahimi A (2019) Crowdfunding motivations: A focus on do-nors' perspectives. Technological Forecasting and Social Change. 146: 218-232. https://doi.org/10.1016/j.techfore.2019.05.002
[17] Chen Y, Dai R, Wang L, Yang S, Li Y, Wei J (2021) Exploring donor's intention in chari-table crowdfunding: intrinsic and extrinsic motivations. Industrial Management & Data Systems. 121(7): 1664-1683. https://doi.org/10.1108/IMDS-11-2020-0631
[18] Herrero A, Hernandez-Ortega B, San Martín H (2020) Potential funders’ motivations in re-ward-based crowdfunding. The influence of project attachment and business viability. Computers in Human Behavior. 106, 106240. https://doi.org/10.1016/j.chb.2019.106240
[19] Popescul D, Radu LD, Păvăloaia VD, Georgescu MR (2020) Psychological determinants of in-vestor motivation in social media-based crowdfunding projects: A systematic review. Frontiers in Psychology. 11, 588121. https://doi.org/10.1016/j.chb.2019.106240
[20] St John J, St John K, Han B (2022) Entrepre-neurial crowdfunding backer motivations: a latent Dirichlet allocation approach. Europe-an Journal of Innovation Management. 25(6): 223-241. https://doi.org/10.1108/EJIM-05-2021-0248
[21] Zhang H, Chen W (2019) Backer motivation in crowdfunding new product ideas: is it about you or is it about me? Journal of Product In-novation Management. 36(2): 241-262. https://doi.org/10.1111/jpim.12477
[22] Yin, RK (2014) Case study research: Design and methods. Sage publications