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Traits Matter - Personality and Crowdfunding Performance
... Moreover, ties strength effects are most profound at the beginning and end of a campaign (Borst et al., 2018) since early contributions of "family and friends" are later replaced by loyal backers who care more about the content of the project than the initiator (Skirnevskiy et al., 2017). This connects to the finding that social media is most effective at a campaign's beginning (Dehdashti et al., 2022), since with soliciting close ties, social media platforms play an essential role, with Facebook being the leading media platform (Hekman & Brussee, 2013;Hong, Hu, & Burtch, 2015;Van Teunenbroek & Hasanefendic, 2022). Facebook works better for projects focused on public goods, while Twitter works better for projects developing a product (Hong, Hu & Burtch, 2015). ...
... ;Helmig & Rottler, 2019;Ho et al., 2021;Jian & Usher, 2014;J. Kim, Cho, & Lee, 2016;J. ...
... (Ahrens, Isaak, Istipliler, & Steininger, 2019;Aprilia & Wibowo, 2017;Borrero Domínguez, Cordón-Lagares, & Hernández-Garrido, 2022;Borst, Moser, & Ferguson, 2018;Bukhari, Usman, Usman, & Hussain, 2019;Byrnes, Ranganathan, Walker, & Faulkes, 2014;Cavalcanti Junqueira & Soetanto, 2022;Cicchiello, Gallo, & Monferrà, 2022;Clauss, Niemand, Kraus, Schnetzer, & Brem, 2020;Courtney, Dutta, & Li, 2017;Dalla Chiesa, 2022;Dalla Chiesa & Dekker, 2021;Davidson & Poor, 2015;Dehdashti, Namin, Ratchford, & Chonko, 2022;Demandt, 2019;English, 2014;Flanigan, 2017;Gerber & Hui, 2013;Gleasure & Feller, 2016Hekman & Brussee, 2013;Ho et al., 2021;Hong, Hu, & Burtch, 2018;Hörisch, 2015;S. Huang, Pickernell, Battisti, & Nguyen, 2022;Z. ...
Which key mechanisms are central to giving via philanthropic crowdfunding? Philanthropic crowdfunding refers to donation-and reward-based crowdfunding, an academic field in which studies contributed limited to no effort to developing a theoretical explanation explaining why a mechanism would impact giving. As a result, we are left with a series of empirical accounts without a clear theoretical background or an explanation behind the suggested mechanisms. We developed a theoretical framework by first categorising the empirical findings reported in the 195 studies, which resulted in four crowdfunding features impacting giving, namely the (1) project creator, (2) social information, (3) rewards, and (4) project description. As a next step, we explain why these features impact giving (i.e. mediators), by integrating them with insights from several fields of social sciences and deriving specific giving mechanisms. We conclude that with impacting donations via crowdfunding, three general giving themes exist: being affected by (1) a project's quality, (2) social connection and/or (3) rewards. The categorisation of mechanisms for giving via crowdfunding adds to an emerging area of research. It allows initiators to extract best practice examples for increasing the probability of successful crowdfunding projects considering the mechanisms for giving.
Using two studies of the same leading Israeli crowdfunding platform—‘Headstart’—various aspects of the fundraising method discussed in this article were explored. The first study identifies the factors that impact the amount of investment in crowdfunding projects. Using data from 517 backers who invested in ‘Headstart’ projects, direct correlations were established between the age of the backers, the minimum tangible reward levels, being friends or family of the entrepreneurs and the level of risk aversion with the investment amount. It is argued that these results are related to more extensive information being available to family and friends. Furthermore, the findings implicate that for different amounts of investment, different factors will have an impact. The second study seeks to identify the crowdfunding entrepreneurs’ unique characteristics that make some of them succeed in funding their projects more than others. According to the responses of 162 crowdfunding entrepreneurs to the ‘Big Five’ questionnaire, their agreeableness and extraversion have a positive impact on the success of campaign funding, but the impact is gender related. Neuroticism and conscientiousness are also factors. These studies contribute to the literature by using rare, first-hand information from entrepreneurs and backers to identify the internal and external factors that lead to success in crowdfunding.
Crowdfunding is a new form of micro-fundraising for projects that has been around the world for thousands of years. It can be said that centuries ago, human beings were familiar with this capacity and were able to use micro-capital in different ways in different ways. Collective financing aims to raise the micro-capital that exists in the community to invest in various types of projects. In line with previous studies, this study has identified the cognitive errors of entrepreneurial negotiations with a focus on crowdfunding projects. To validate the results obtained in the past, a semi-structured interview was conducted with 15 co-financing experts who worked in the investment house. The sampling method is purposeful judgmental and qualitative content analysis has been used to achieve the goal. According to previous texts and interviews, the cognitive errors in entrepreneurial negotiations in crowdfunding were identified, which were classified into Two categories: cognitive errors caused by the entrepreneur, investor and project. Entrepreneur and investor mistakes include stereotypes, auras, such projection and error within the group. he Second error is related to the project error, such as the innovation-innovation error, the anchoring error, and the confirmation bias that were identified. Following is the identification of these errors in order to achieve a win-win and error-free entrepreneurial negotiation.
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