• Rosella Carè added an answer:
    How to measure success of a crowdfunding campaign ?

    what are the pertinent measures for a crowdfunding campaign sucess ?

    Rosella Carè

    Hi Stéphane,

    I just published a work on equity crowdfunding. I think that a successful experience may be analysed by following:

    - total capital raised;

    - involved investors (retail investors, crowd, professional investors).

    Please find below a short reference list.

    P. Haas, I. Blohm, J.M Leimeister, An Empirical Taxonomy of Crowdfunding Intermediaries, 2014,

    A. K. Agrawal, C. Catalini, A. Goldfarb, The geography of crowdfunding, 2011,

    A. K. Agrawal, C. Catalini, A. Goldfarb, Some simple economics of crowdfunding, 2013,

    G.K. Ahlers, D. Cumming, C. Günther, D. Schweizer, Signaling in equity crowdfunding, in Entrepreneurship Theory and Practice, 2015, p. 955 ss.

    R. D. Banhatti, Crowdfunding of a Social Enterprise: The GloW Project as a Case Study, in D. Brüntje, O. Gajda, (eds.), Crowdfunding in Europe, New York, 2016, p. 223 ss.

    P. Belleflamme, T. Lambert, A. Schwienbacher, Crowdfunding: Tapping the right crowd, in Journal of Business Venturing, 2014, p. 585 ss.

    P. Belleflamme, N. Omrani, M. Peitz, The Economics of Crowdfunding Platforms, 2015,

    M. Bertozzo, Le financement participatif: l´état du droit français, in Revue générale du droit, 2015,

    D. Brüntje, O. Gajda, (eds.), Crowdfunding in Europe, New York, 2016

    G. Bruton, S. Khavul, D. Siegel, M. Wright, New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer‐to‐Peer Innovations, in Entrepreneurship Theory and Practice, 2015, p. 9 ss.

    K. De Buysere, O. Gajda, R. Kleverlaan, D. Marom, M. Klaes, A framework for European crowdfunding, 2012,

    European Commission, Crowdfunding: Mapping EU markets and events study, Brussels, 2015,

    European Crowdfunding Network, Regulation of Crowdfunding in Germany, the UK, Spain and Italy and the Impact of the European Single Market, 2013,

    European Crowdfunding Network, Interpretations of existing regulation concerning crowdfunding in Europe, North America and Israel, 2014,

    Financial Conduct Authority, Crowdfunding and the Promotion of Non-Readily Realisable Securities Instrument, London, 2014,

    Financial Conduct Authority, The FCA’s regulatory approach to crowdfunding (and similar activities), London, 2014,  

    Financial Conduct Authority, The FCA’s regulatory approach to crowdfunding over the Internet, and the promotion of non-readily realisable securities by other media — Feedback to CP13/13 and final rules, London, 2014,  

    Financial Conduct Authority, A review of the regulatory regime for crowdfunding and the promotion of non-readily realisable securities by other media, London, 2015,

    G. A. Gabison, Understanding Crowdfunding and its Regulations, 2015,

    M.M. Gierczac, U. Bretschneider, P. Haas, I. Blohm, J.M. Leimeister, Crowdfunding: outlining the new era of fundraising, in D. Brüntje, O. Gajda, (eds.), Crowdfunding in Europe, New York, 2016,

    G. Giudici, Equity Crowdfunding of an Entrepreneurial Activity, in D. Audretsch, E. Lehmann, M. Meoli, S. Vismara, (eds.), University Evolution, Entrepreneurial Activity and Regional Competitiveness, New York, 2016, p. 415 ss.

  • Salvatore Luciano Furnari added an answer:
    Where i can find updated market data of crowdfunding in the USA and Europe?

    I only managed to find data of Europe referring to the period 2013-2014 while there is no clear data of the USA situation. 

    The sources that i find on the web, such as Massolution 2015 report, are so expensive for a law student as i am and for the data that i need.

    The data are: Total amount of money collected, average collected, amount collected by equity based crowdfunding

    Thanks in advance. Your help could be useful for my final dissertation on European Equity Based Crowdfunding 

    Salvatore Luciano Furnari
    I am sorry but there i have found only data about 2013. Thank you for your time
  • Elmar Lins added an answer:
    What conceptual framework can be used to study motivation of people to invest in crowdfunding ?

    I am conducting a study about motivations of people to give money on crowdfunding projects

    Elmar Lins

    Hi Yasmine,

    Impression Management Theory might be a promising approach for future research. Here are some ideas:

    • Source
      [Show abstract] [Hide abstract]
      ABSTRACT: Crowdfunding allows entrepreneurs to fund their business projects by attracting crowd investors to provide relatively small financial amounts via a standardized internet-based platform. Research on this topic is still limited, especially considering determinants that actually " convince the crowd " to fund someone else's business idea. This study examines impression management strategies as drivers for crowdfunding success. Based on a sample of 264 crowdfunding campaigns from Kickstarter, we develop and test hypotheses concerning linguistic behaviors affecting the likelihood of raising funds and the number of project backers. We find that crowd investors prefer high levels of positive language patterns and moderate levels of promoting innovativeness.
      Full-text · Conference Paper · Jan 2016
  • Mai Anh Doan added an answer:
    How do I manage (equity) crowdfunding investor relations?


    I'm working on a research on various equity crowdfunding platforms to see how they facilitate communication between entrepreneurs and potential investors and among investors themselves. I'd very much appreciate your comments, referral, recommendation of resources on this topic.

    Thanks a lot.

    Mai Anh Doan

     Thank you, everyone, for your answers. They helped guide me towards a clearer direction now.

    And Happy New Year to all!

  • Alain de assis rosa added an answer:
    What is your attitude towards Crowd Funding project creators?

    Participate in my online research and you will assist me in determining what impact, if any, a Crowdfunding project creators identity has upon potential contributors. The research requires 250 respondents, so your assistance will be greatly appreciated.  Please follow this link to participate:

    Alain de assis rosa

    thank you!

  • Gloria Gomez Diago added an answer:
    What theoretical framework can be used when studying drive forces and incitaments of investors when investing in a start-up through crowdfunding?

    Our thesis will be a bachelor's thesis in business and the type of crowdfunding is going to be Equity crowdfunding. Do you have any suggestions of relevant theoretical framework?

    Gloria Gomez Diago

    here you can find some suggetsions. I hope it helps you. Best wishes.

  • Ekaterina Damer added an answer:
    What are the best crowdsourcing services similar to Amazon Mechanical Turk in Europ?

    I would like to use away to use Amazon Mechanical Turk for my own survey application, but it seems It is not possible for those who are not resident of USA or don't have USA credit card.

    I found some services such as crowdflower,, smartsheet which use mturk as a ground layer and built upon it and also some other similar platforms such as Cloudcrowd or Samesource..

    However, I am not quite sure which one more suits my goal, and what are the limitations for the tasks that we can put on mturk (if there is any limitation)

    I really appreciate all your ideas,

    Ekaterina Damer

    Hi Daniel,
    Prolific works such that you insert a survey link in order to start collecting responses (you can find more info here: We do not provide representative samples as such, but rather randomly chosen sub-samples of all participants that are eligible your study. I'm not entirely sure about the other platforms. Hope this helps :)

  • Leo Trespeuch added an answer:
    What could be a theoretical framework for the cultural adoption of crowdfunding?

    I would like to perform a regression analysis with several cultural factors (Uncertainty Avoidance, Indivualism vs Collectivism, Social Media Penetration, Ease of Getting Credit, Demography of a Society) and Crowdfunding volume as the dependent variable.

    The research question is: "How can you measure the cultural adoption of a new and disruptive financial technology like crowdfunding?"

    Could you recommend a suitable theoretic framework for this topic?

    Thank you very much in advance.

    Leo Trespeuch

    Sorry no

  • Daniel Sinkonde Kayange added an answer:
    How can one model the crowdsourcing/ crowd tasking?

    I have played a bit with netlogo over the holidays and produced a very simple model which demonstrates a difference between crowdsourcing and crowd tasking. All it does is to implement two types of agents which can report on "issues":

    • Type 1 ("reporters") walks randomly and spontaneously reports "issues" in their neighbourhood.
    • Type 2 ("observers") can be talked to confirm the findings.

    The model nicely demonstrates the obvious: taskable volunteers are much better at confirming the findings than the random walkers.

    I see plenty of possibilities for improving this model, but I am not sure what to go for first. Motivation? Different task types? More intelligent tasking mechanism? GIS? Service API?

    In your opinion, what is/are the most important features which this crowdsourcing/ crowd tasking model should implement?

    • Source
      [Show abstract] [Hide abstract]
      ABSTRACT: This *very simple* model illustrates the difference between crowdsourcing and crowdtasking. Two types of volunteers are deployed to discover and report some "issues". The first type walks randomly and reports and reports nearby issues. Second type can be tasked to confirm existing reports. The model clearly shows that a small number of taskable volunteers greatly shortens the time needed to confirm the findings.
      Full-text · Dataset · Jan 2015
    Daniel Sinkonde Kayange

    In your question there are two key words, from the first question it was about “How can one model the crowdsourcing/ crowd tasking?  And the second question is about "how to get the most out of your volunteers without loosing them"

    These are the two terms; Crowdsourcing and volunteering:
    Crowdsourcing: is the act of sharing a job or function that was once the domain of a specific agent with distributed masses through an open call e.g. Wikipedia.

    Volunteering: participants are volunteers in the true sense of the word in that they: come and leave of their own free will, are unknown to the administrators before they volunteer – i.e., they can come from anywhere, not just from the administrators’ domains, and do not expect substantial compensation. By allowing anyone on the Internet to join as their contributors.

    An addition to the previous mentioned techniques, these include technical issues that need to be addressed in making volunteer computing possible and effective. These technical issues can be classified broadly into:

    Accessibility (making volunteer computing as easy, open, and inviting to volunteer as possible)
    Applicability (making volunteer computing useful in real life), and
    Reliability (making volunteer computing work in the presence of faults and malicious volunteers).

  • Neeraja Havaligi added an answer:
    How do scientists applying for crowd funding protect their IP? Do most crowd funding sites expect them to share their results?

    What are some of the other pros and cons of crowd funding specifically for scientific research?

  • Patrick Navatte added an answer:
    Can Corporate Finance be operated merely with Crowdfunding?

    Crowdfunding seems efficient for individual, retail financing (e.g. fundrasing for a project).

    How could a company use only web-technology for its Corporate Finance actions (e.g. new Bond and Stock emission, for liability and equity financing)?

    How could the services of an Investment Bank offered to a company be provided merely via the Web (e.g. syndication, IPO, etc.)?

    Patrick Navatte

    I think that crowfunfing campaigns may help entrepreneurs to obtain feedback on their market demand and may complement the financing needs of the young firm. But the idea underpinning the  firm's project may be replicated quickly by others, if revealed on a platform. Moreover, the presence on platforms of professional investors (venture capitalists) reduces the entrepreneur's incentives to undertake a crowfunding campaign.. Perhaps the optimal funding structure turns out to be a mix of crowfunding and professionnal investors financing schemes.

  • Matt Holland added an answer:
    Crowdfunding basic science research?
    Has anyone tried crowdfunding their basic science research projects? I would be interested to hear about your experiences if you have.
    Matt Holland

    Not sure if this is useful, came across this as a PeerJ preprint "To crowdfund research, scientists must build an audience for their work"

  • Siddhi Joshi added an answer:
    Does anyone have some experience with outreach for a Crowdfunding of a Science Projector and could help with it?
    We started a crowdfunding campaign on indigog recently and we still need some help regarding outreach. we already wrote to a lot of newspapers and radio as well as some blogs, but most of them did not get back to us. Does someone has maybe some tips or do know a journalist who might be good to approach? Check out our Ocean Sampling Day Project on indigogo!
  • Suzanne Cecilia Perkins added an answer:
    Can anyone share experience with crowdfunding platforms?
    There are crowdfunding platforms such as, that focus on funding science projects. Does anyone have experience with such platforms and can share tips and tricks how to use them effectively?
    Suzanne Cecilia Perkins

    I'm trying to crowdfund my research into brain effects of child abuse. I feel it is intuitive to lay people. It really requires you to tap into your own networks. Also people have to just click on it to make it more visible on indiegogo.

  • Joris Van Ostaeyen added an answer:
    What product and/or period is the best parallel for crowdfunding, if one hopes to identify and apply previous historical patterns to the industry?
    My first thought is mutual funds, what other suggestions could you provide?
    Joris Van Ostaeyen

    In a more recent past, some parallells with crowdfunding could be found in microstock photography (e.g. Shutterstock), whereby images are crowdsourced from a large number of photographers, often semi-professional, and sold at low price levels. This model has opened up new markets but has also challenged the dominant logic of traditional stock businesses. In this parallel, professional photographers in the traditional model could be seen as VCs or angel investors and microstock photographers as (small) investors in crowdfunding platforms.

  • Ben I Mcneil added an answer:
    Would you use crowdfunding to co-finance globalized research projects?
    Increasingly developed economies reduce budget for research projects, in public and private institutions. And developing economies are increasing budget for nationally-oriented research projects with little international networking. Institutions, with the advice of often old obsolete scholars, fix targets of our research. Also, targets of our outputs. Just because they are the financial source of research. But, all the questions and topics you are indicating in this website show alternative research topics which attract people from all over the world. Why if some of us think about doing cooperative research in a really different topic, and use crowdfunding to get funds? Would you try it?
  • Ben I Mcneil added an answer:
    How does reward-based crowdfunding impact the design and development process?
    Reward-based crowdfunding represents a massive shift in conventional stakeholder-developer relations, putting the reins firmly in the hands of developers rather than user-stakeholders. I've just finished a thesis project on the types of crowdsourcing that are used in crowdfunded design projects to leverage the crowd's creative capacities, and am interested in further examining the impact that this shift has on design and development processes, as compared to conventional top-down investment.
  • Alisa G Woods added an answer:
    Following up on the crowd funding idea, here's a recent article. It includes our project.
    Alisa G Woods
    Sounds great. Our project was successful and we are working on a second project:
  • Onyegu osokam shadrach added an answer:
    What is the impact of crowdfunding on project executions?
    Checking out the possibility of crowdfunding a project.
    Onyegu osokam shadrach
    Ana María Sánchez Peralta, Alma Dzib Goodin
    thank you for your contribution.
  • Kakoli Majumder added an answer:
    Can crowdfunding prove to be an alternative to the traditional funding sources? What are the challenges and risks involved in the process?
    Increased competition coupled with diminishing government funding has made it very difficult for university researchers to start new scientific projects. It is even more difficult for young researchers to get grants. Under the circumstances, many scientists are turning to crowdfunding as an alternative funding source. While many scientists have managed to collect adequate funds for their project, there have been instances of failure as well. Additionally, some donors are unsure of the credibility of the scientists and feel it is risky to contribute over such forums. Would like to know your views on crowdfunding.
    Kakoli Majumder
    Thanks for your insightful answer Matthias! I do agree with you that finding donors for scientific projects would be difficult unless it is addresses a very specific issue catering to the needs of a section of people. True, the topic is indeed of prime importance and there is a high degree of risk involved as there is no guarantee that the research will be completed. However, in the face of diminishing government funds, I think it's worth giving a try. Can you think of any other ways of funding one's research?

About Crowdfunding

Crowd funding or crowdfunding (alternately crowd financing, equity crowdfunding, or hyper funding) describes the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the internet, to support efforts initiated by other people or organizations. -

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