crowdfunding: determinants and motivations of the contributors to the crowdfunding platforms
TRANSCRIPT
Electronic copy available at: http://ssrn.com/abstract=2552168
Crowdfunding: Determinants and motivations of the contributors to the
Crowdfunding platforms
Amara Myriam
Doctorante
IHEC Carthage (Tunisie)
Amal Ben Cheikh
Doctorante
ISG Tunis (Tunisie)
Tarek Abdellatif
Expert Consultant en Stratégie Marketing
A.2.W.M Vanves (France)
Electronic copy available at: http://ssrn.com/abstract=2552168
Crowdfunding: Determinants and motivations of the contributors to the Crowdfunding
platforms
Abstract:
Crowdfundingplatform is considered as a virtual platform that brings together host individuals
who ask for a fundraiser to complete a project or an idea. In this study, we seek to identify the
motivations of contributors to this type platform. In this article, a qualitative approach based
on semantic analysis is used to reflect the emotions of borrowers and lenders in their
contribution on a Crowdfunding platform, and to explore other motivations aside fundraising
(for the borrower) and consumption of a product or the fact of living a successful experience
(for the lender). The research results suggest that participation in a crowdfundingplatform can
be influenced by the awareness of social media, the support of a project for a good cause or
interpersonal relationship which is established between the different parties and the feeling of
belonging to a group discussion which creates peer. This work will address the motivations
that lead people to contribute to the realization of a project or idea online.
The Keywords: Crowdfunding, motivation, the online community, creative, donors, lender,
borrower, platform.
Introduction
Crowdfunding is defined as an "online call" seeking financial resources in the form of
donations and in exchange for a product, service or reward or as a vote for the project to
succeed (Ordanini et al, 2009; Lambert and Schwienbacher 2010). Crowdfunding is used to
finance projects, through virtual platforms eliminating the effects of distances between
designers (borrowers) and donors (lenders) (A. Agrawal, C. Catalini, and A. Goldfarb, 2011).
Several Crowdfunding platforms such as "Kickstarter" or "Indiegogo" offer to anyone who
has an innovative idea whether to seek help to finance the project. The project can be a book,
a song, a concert.
Moneylenders found that "kickstarter" is the first project finance platform. The results lead us
to believe that money lenders motivation to finance a new project comes from the fact that
there are interactions with others on a virtual platform, around a same subject and eliminating
distances due to new technologies (Elizabeth M.Gerber, Julie S.Hui, Pei-Yi Kuo, 2013;
Sharma, 2011)
The Crowdfunding differs from older methods of fundraising as the Bank or the Foundations.
To invest in a new project and successfully financed, advocacy efforts of the owner of the
idea are necessary to bring the crowd to participate in the financing. The creator of the idea is
identified with a profile on the crowdfunding platform: a detailed project information
reflecting its monetary goal, the use of these funds, and finally schedule that leads to the
achievement of its objective. As an example of a musician seeking its public on a
Crowdfunding platform to support the launch of his new album, an amount of $ 10,000, a
period of 30 days and a reward in the form of an original copy of this album once produced.
Several studies have been conducted on the social networks and online communities, only few
of them were interested in Crowdfunding. Funding projects by small sums of money invested
by lenders and also the project creators induce the formation of new entities with their own
professional identities. This concept has an economic and social impact, as it decides how,
why, what the product / service may exist.
This exploratory study tries to understand what motivates contributors (borrower and lender)
to participate in a project of Crowdfunding.
This research paper is divided into three sections, the First will include the definition of
Crowdfunding, online communities, purchasing and behavior of the donor. The second
section presents the results, it identifies the motivations and perspectives of both project
creators and donors. The third section deals with the wider implications of this work and
suggestions for further research. This exploratory study is one of the first research studies on
the motivations that lead to participate in Crowdfunding from behavioral science and the
prospect of human-machine interaction.
1. Literature Review
1.1. The history of Crowdfunding
The Crowdfunding derives from the concept of Crowdsourcing. Appeared in 2006, the
concept of Crowdsourcing is defined as an outsourcing through a well-defined task for a large
set of individuals or "a Crowd". (Howe, 2006), Crowdfunding is a fundraising tool, ideal for
financing small projects, such as those artists who have a well-defined public. (T. Lambert
and A. Schwienbacher, 2010). In order to highlight this vision, Crowdfunding platforms
provide an exchange interface between project developers and funders to materialize the
different ideas.
This concept of Crowdfunding was adopted by the creators, but following a personal
approach. As when a painter asks his entourage (friends, family ...) to fund his exhibition of
his works. Today, Crowdfunding platforms allow the financing of several projects in various
fields such as sport, cinema, literature, computer software ...
The Crowdfunding is an external capital for entrepreneurs (Schwienbacher Ralde & Larson,
2010). It is different from bank loans and net liquidity (Belleflamme, et al, 2011). It is a
concept that will change our investment vision in the capital. (Lawton Marom, 2010)
Platforms welcome innovative topics and projects looking to be financed in exchange for a
reward that may be material or immaterial. (Elizabeth M.Gerber, Julie S.Hui, Pei-Yi Kuo,
2013)
1.2. Research on Crowdfunding
Since the concept of Crowdfunding mainly discusses the participatory project financing,
economists and management experts are those who have dealt with the subject. They observe
the advantage of this concept on the economy of the state and also seek disadvantages.
Crowdfunding encourages a diverse individuals together to undertake new projects, which has
a significant effect on the economy of the state. (Gerber et al, 2011). Management researchers
also find that Crowdfunding eliminates the distance between the project developers and
investors, a distance that is about 5000 kilometers in previous studies. (Agrawal et al, 2011)
According to R. Kraut and P. Resnick(2011), there is indeed a link between motivation and
contribution of the individuals on a Crowdfunding platform. Studies done by administering a
questionnaire to experts in entrepreneurship on a Crowdfunding platform concluded that
fundraising, public attention and comments on the product and / or service are considered as
elements that motivated participation in the Crowdfunding platform. P. Belleflamme, T.
Lambert, and A. Schwienbacher(2010) argued that gathering information on the motivation
will facilitate the creation of a Crowdfunding platform. Different types of innovators and
funders are the community of Crowdfunding platforms, from where it would be interesting to
know what motivates this array of individuals to participate in this type of financing.
1.3. Crowdfunding platforms
In order to have exponential increase in the number of projects on Crowdfunding platforms,
marketing and communications researchers found that a lot of information (Mr. Greiner and
H. Wang, 2009); very detailed and clear description of the product (L. Larrimore, L. Jiang, J.
Larrimore, D. Markowitz, and S. Gorski, 2011); the approval of the leaders of the
Crowdfunding platform (J. Ryan, K. Reuk, and C. Wang, 2007) and finally strengthening
interpersonal bonds between the members (Besley T. and S. Coates, 1995), influence the
success of the project funding. Different elements can thus lead to the realization of a funding
target.
In this context, the researchers found that information provided to participants should be
simple and reliable, this type of information will develop a positive perception of the
borrower. (Pötzsch S. and R. Bohme, 2010). Therefore, through this research we try to
understand the relationship between online communities and individuals’ contribution. (R.
Kraut and P. Resnick, in press; Y. Weng and D. Fesenmaier, 2003)
1.4. Social Online Community
Because Crowdfunding platforms are formed by online communities, researchers are trying to
find out how to make these communities on Crowdfunding platforms, how newcomers hear
about, what encourages them to participate in projects how to behave, how they manage
conflicts among members, and how to coordinate them. (P. Resnick and R. Kraut, 2011)
In this context, the researchers found that online communities contribution motivations on
Crowdfunding platforms are multiple, as the prestige of belonging to a group of very specific
participants, find friends with whom they share the same occupations or area of activity (Y.
Weng and D. Fesenmaier, 2003); have the feeling of contributing to a project for a good cause
and the good of society (Massolution, 2012).
Weng and Fesenmaier (2003) classify motivations into five broad categories: instrumental,
effectiveness, quality, condition, and hope. An example of instrumental motivation uses the
Facebook platform to develop the social network of a person. The specific instrumental
motivations include research affection, find friends, strengthening the relationship, the
membership group, the revelation of their identity, and increased self-esteem. Second, an
example of the effectiveness of a platform like when physicians provide health advice about
an online health forum. The motivations of the efficiency include the satisfaction of the needs
of others, to be helpful to others and to help them seek and provide advice, and share the fun.
Third, an example of the quality assurance of motivation is to edit Wikipedia to make sure the
information is correct and current. The basic quality assurance motivations control products,
service quality, and application suggestions. Fourth, the motivations of the state include
prestige gain and obtain a status within the community. Finally, an example of waiting, as a
contribution of motivation to a Crowdfunding platform, is to wait for a response to a Twitter
feed or discussion started on Facebook. (Y. Weng and D. Fesenmaier, 2003).
1.5. Motivations of Crowdfunding contribution
The concept of Crowdfunding is a call to the online help for the collection of financial
resources in the form of donation or exchange of products or services, researchers interested
in the psychology of the donor, seeking to know why the person agrees to donate, and how to
make a participation (F. Kleemann, G. Vob, and K. Rieder., 2008; P. Belleflamme, T.Lambert
and A.Schwienbacher 2011).
Various factors explain that the donor supports a humanitarian project without waiting for a
reward in return, he participated to see a humanitarian project concretized for a good cause
(Massolution, 2012). Several elements such as information turns around this project (M.
Greiner and H. Wang, 2009); the social network of the creator and the size of its network (Y.
Weng and D. Fesenmaier, 2003; Elizabeth M.Gerber, Julie S.Hui, Pei-Yi Kuo, 2013); or part
of the application (W. Liu and J. Aaker, 2008); can influence donor behavior during
theparticipation. Studies have shown that people who agree to buy virtual products such as
those in the platforms had well-defined motivations factors such as the influence of group
membership, perceived enjoyment, a similar enjoyment perceived by the lender and the nature
of the jurisdiction (A. J. Strauss and Corbin, 1990).
2. Methodology:
To study the contributors’ motivations of a Crowdfunding platform, we will proceed with a
semantic analysis. A study that will reflect the emotions of the people through their
contribution. Researchers interviewed participants in different Crowdfunding platforms with
various competence. They are students or professionals and participants in various projects
(whether scientific, theater project, music project ...). Stakeholders are recruited directly on
Crowdfunding platforms or share their knowledge of the concept through social networks like
Facebook or Twitter.
2.1. Measures of the study:
The data measurements collected during this study are divided into three sections.
The first parthighlights how participants accumulate knowledge of the concept of
Crowdfunding platforms and how they engage in projects that are proposed. Meanwhile, we
try to draw a rough deadline of the creator or donor participation process in order to have an
idea about the order of the actions and motivations pushing them to act.
In the second section, researchers will ask the participants to describe the different factors of
the motivations encouraging them to go on a Crowdfunding platform and participate.
And finally, in the third phase of this research, researchers will ask the participants to talk
about the influence of these Crowdfunding platforms. They will discuss their participation in
this type of platform. This part of the study will help us understand how
Crowdfundingplatform influences the behavior of the participant and his way of interacting
with others.
The average of timeperformed with the participants was 30 minutes, a minimum of 15
minutes and a maximum of 1 hour. The glimpsed are recorded and transcribed for analysis.
Data collection was done through the participation process on Crowdfunding platforms, in
order to detect the motivation factors.
2.2. Results interpretation and analysis:
In this study, researchers chose to establish a semantic study. It is considered in linguistics as
a discipline for studying the meaning given to forms and expressions of natural languages.
This is possible through the knowledge of the meaning of words in a text. It is defined by
Kreidler (1998) as the study of how languages organize and express meanings. Semantic
analysis is concerned with the meaning of a sentence and words.
Researchers use TROPES analysis, which is a semantic text analysis software used by many
professionals, invented by Pierre Molette and Agnès Landré(1994), based on the work of
Rudolf Ghiglione(1990).
a. Crowdfunding platforms:
A multitude of Crowdfundingplatformsallowed researchers to have a good number of
participants. The creators or the borrowers are the owners of innovative ideas and new
projects and donors or lenders are those who fund these projects in exchange for a "reward".
The level of participation varies from one participant to another, it can even be "ten dollars"
and be part of the project (Dell, 2008). Crowdfunding is presented in the form of an "open
call" to send financial resources as grants or expectation of reward or as a vote for the project
to succeed(Ordanini et al, 2009; Lambert and Schwienbacher, 2010). Crowdfunding platform
range encompasses several areas such as sports, music, movies ... Each platform includes
participants with financial characteristics and / or geographical specificities.
Some sites are based on the funding system "all or nothing" as platform "Kickstarter", which
implies that if a funding target is not reached, the funds are returned to the donor and creator
receives nothing in return (Kickstarter.com).
Other platforms such as "RocketHub" or "IndieGoGo" use the funding model "keep it-you-
lift" which states that the creator can keep the money paid by lenders and if these funds do not
cover the lens of departure, the creator shall complete the missing amount (A. Bandura, 1997)
The creators as donors differ from one platform to another, depending on the type of project,
the funding and of the reward.
b. Project creators:
Creator: Fundraising
The results of our study suggest that innovators and creators choose Project Crowdfunding
platforms in order to raise funds for the completion of their ideas (SchwienbacherRalde&
Larson, 2010; Belleflamme et al, 2011). Fundraising is one of the motivations for them to use
this type of platform (P. Belleflamme, T. Lambert, and A. Schwienbacher, 2010).
The financing of the project on Crowdfunding platforms from a large number of individuals,
which reduces fundraising for lenders and facilitates the realization of the project for the
borrower (Nuno Moutinho E _ Pedro Leite, 2012)
Creators: Social media and interaction with others
The use of social media even more motivates participants to adhere to Crowdfunding
platforms. Social media allow creators on Crowdfunding platforms to educate more people to
their cause in order to implement their project. (Elizabeth M.Gerber, Julie S.Hui, Pei-Yi Kuo,
2013). Crowdfunding platforms allow lenders and borrowers interact around an innovative
subject (Elizabeth M.Gerber, Julie S.Hui, Pei-Yi Kuo, 2013).
Based on the platform Kickstarter, the concept of Crowdfunding is not only the funding of a
project or an innovative idea, but also an excellent field of exchange between lenders and
borrowers.
Interaction with others established a strong interpersonal tie that motivates to participate in
Crowdfunding. (T. Besley and S. Coates, 1995)
The interaction that takes place between the various parties on Crowdfunding platforms may
not be focused only on the financial transaction but have simple discussion between peers,
which motivates the participation of creators and also lenders. (R. Kraut and P. Resnick, in
press.)
Creators: Receiving project approval
Project approval by the group's leaders motivates the lender to participate in Crowdfunding
and the borrower to move forward. (J. Ryan, K. Reuk, and C. Wang, 2007), project validation
by the administrators of Crowdfunding platforms reflects the willingness of the borrower to
complete the project. When this project is validated, it is the whole of the creator who
interested in its realization community; it follows all stages of financing and participation.
The size of the social network of the borrower and little influence motivation of the lender to
participate in the project through Crowdfunding. (Elizabeth M.Gerber, Julie S.Hui, Pei-Yi
Kuo, 2012).
According to Y. Weng and D. Fesenmaier (2003) belong to a Crowdfunding platform, allows
the donor to develop self-esteem.
Creators: Reproduce the successful experience of others
One of the motivations of participants to Crowdfunding platforms is reliving the feeling of a
successful experience that others lived. The success of this experience of Crowdfunding
motivates the participant to such platforms to replicate the same success following his
participation. (R. Cialdini, 2001). Success makes reproduction made by participants
(designers and funders).
c. The Donors: project funding
Donors: looking for reward and enjoyment
Crowdfunding platforms seeking fundraising and donors seek to turn future rewards. The
reward can be represented as a product or service (restaurant ticket, concert ticket, a dinner
with an artist, a participation of appearing in a film ...).
Stakeholders in our study told us that the enjoyment in an innovative project financing is
related to the project success(A. Strauss and J. Corbin, 1990)
According to Massolution (2012), the reward is the feeling of contribution to a good cause.
We noticed that through donation, participants to Crowdfunding platforms support a
humanitarian project without waiting for a reward in return. In this case, the reward is the the
objective of the project which is for a good cause (Massolution, 2012).
Donors: efficiency and simplicity of information
This study leads us to believe that the type of information shared on the Crowdfunding
platform is one of the factors that motivates the donor to fund a specific project. Therefore,
make sure that the information is effective and updated for the donor helping to fund the
innovative idea. (Y. Weng and D. Fesenmaier, 2003).
Funding: Support causes through new technologies
Consumers who participate in Crowdfunding sites have innovative behavior and want to be
the first to use highly interactive tools (Ordanini et al, 2009).
This may depend on the identity of each, which directs its belonging to one community
against another, this identity can motivate the lender to participate in a Crowdfunding
platform (J. Aaker and S. Akutsu, 2009).
Internet social networks and platforms of crowdfunding present a new distribution channel for
the concept of Crowdfunding. New communication technologies facilitate the sharing of
information and interaction between the different parties (Sharma, 2011).
These new technologies are exploited and thus associated with the implementation and
financing of new projects through Crowdfunding platforms (Sharma, 2011). According to
Agrawal et al (2011) and by referring to this study, we note that new technologies limited
geographical space and thus approach the various stakeholders.
3. Discussion:
In this section, researchers will present the results of our qualitative study for which
contributors spend on the platforms of Crowdfundingboth as a creator and as a donor.
Starting from the semantic approach, we have created some scenarios from references used
based on the collected qualitative text sentences and representative of our respondents.
a. The "Borrower" scenario:
The borrower is defined on Crowdfunding platforms as the project creator or innovator. This
is the person who chose a Crowdfunding platform in order to realize his idea. In the first
analysis, we notice the large size of the project area, platform and participation that are near
the center. The lender is also present but smaller in size. Further we find the creator, motivate,
company, prestige, boss, reference, theory, positive and motivated cited many times by
contributors. In the second analysis, platform and project are cited more but they are still
sizable based of their importance to this central concept. Other factors are discussed as
experience, live, idea or concept.
Borrowers refer to Crowdfunding platforms as the solution for their fundraising problem to
realize their project. (Schwienbacher Ralde & Larson, 2010; Belleflamme, et al, 2011). In this
context, we note that Crowdfunding platforms are a fundraising tool for borrowers, which
allow the realization of innovative projects and ideas (Koren, 2011).
b. The scenario "Success":
Success is an element that encourages the participant to a Crowdfunding platform to
participate. In the first analysis, near the center we find the knowledge monitoring
participation with significant size and further funding and motivate. The platform and
description are combined, which explains their close bond. In the second analysis, knowledge
followed by participation and financing that appear with significant size and confused let
understand the bond that ties them to success. Further from the center social and large
platform, motivation and the media are less mentioned by respondents during the data
collection.
According to A. Bandura (1986), when they have successful experiences and receive public
recognition of their success, people's beliefs are increasing their capacity. Participants in
Crowdfunding platforms seek to replicate the success.
c. The scenario "Funder"
Donors are also recognized in the lender's name on Crowdfunding platforms. It is "the crowd"
who makes the Crowdfunding. In the first analysis, far from the center, we notice the
presence of aid, identity, cause, all with the same size. Further the project element is
significant. In the second analysis, motivation and community are confused but far from the
center. With large sizes, the elements participation and platform indicate the distance between
the donors.
According to Gerber et al (2011), and as shown in the graph, the element "motivate" implies
that donors are motivated to participate in an innovative project to get rewards, they support
the creators and strengthen connections with people in their social networks in other words
their community.
The identity of the factor mentioned in the first analysis, states that it influences the actions
that people take and why they decide to give (J. Aaker and S. Akutsu, 2009)
d. The scenario "Funding":
In this graph, and at the first sight, more elements of different sizes and all are present near
the center as "platform, simplicity, information, success, loan, project ...", "Purpose and
participate" coincide, and finally, far from the center we find social, sizable participation.
In the second analysis, and a short distance from the concept "funding" is at the center, we
notice the presence of the project, new platform that is small. This explains the close
relationship between the project and its financing.
Crowdfunding by the crowd, a project of the borrower, is the definition of the concept of
Crowdfunding (Nuno Moutinho_E Pedro Leite, 2012).
This funding is a call on an Internet platform of financial resources in the form of a cash
donation or exchange of a future product, service or reward (F. Kleemann, G. Vob, and K.
Rieder., 2008; P. Belleflamme T Lambert and A.Schwienbacher, 2011). The funding is tied to
the project, the platform and the new.
This efficient information is determined by a concrete and detailed project description (L.
Larrimore, L. Jiang, J. Larrimore, D. Markowitz, and S. Gorski, 2011).
It must also be simple and understandable (S.Potzsch and R.Bohme, 2010).
e. The scenario "Lender":
The lender or funder is the one that funds the innovative project creator on a Crowdfunding
platform.In the first part of the analysis, we note the "use" confused with "social prestige"
while nearly motivation. Further there borrower, project identification, exchange, group or
approval. In the second analysis, the "platform" has a short distance from the center
occupying a large volume, glued to participate. Besides, financing, borrower, the project have
different sizes. Motivation and information are of significant size, but very far from the
center.
The results of this analysis conclude that being a lender on a Crowdfunding platform and
participate in a project is a prestige acquired by the donor within his community (Y. Weng
and D. Fesenmaier, 2003).
The relationship is present between lender and platform, this states that it eliminates the
effects of the distance between the donor and project designers (A. Agrawal, Catalini C., and
A. Goldfarb, 2011).
Having lender status in a Crowdfunding platform is a prestige that the participant is looking
within its virtual community. The social status of the lender bases its Crowdfunding on a
Crowdfunding platform (Elizabeth M.Gerber, Julie S.Hui, Pei-Yi Kuo, 2013).
f. The scenario "aid":
The "aid" are paramount in the navigation process for different platforms users of the web.
Participants consider it as an important factor to stay on Crowdfunding platforms. In the first
analysis we notice the presence of platform, social, cause, aid, media and participation that are
very close to see the distance between them. Also we find that the identity and motivation are
confused but relatively far from the center. In the second analysis we note the redundancy of
the same factors but with different sizes and links. The emergence of new technologies with a
small sphere near to the center "aid" may explain the link that connects the two factors. The
platform factor is closer to the center support and monitoring of participants with different
sizes and we find further factor that the project is too large to a platform but with a greater
distance separating the center. There is the emergence of other factors such as "human, social
network, creator device".
In this context, Sharma (2011) states that the new technologies must be exploited and
involved in the implementation and financing of new projects through Crowdfunding
platforms. To do this, and in order to facilitate access to new platforms for a definite cause,
such as the financing of a new project, support and assistance are required for participants
(designers and funders), this can result in an effective, relevant and updated motivating
participants Crowdfunding(Y. Weng and D. Fesenmaier, 2003).
g. The scenario 'help'
Help is one factor that pushes the participants to act on Crowdfunding platforms. In the first
analysis we can see that the cause is quite far from the help which may indicate the lack of
connection between the two factors. Factors participation and platform are of equal size but
with a distance between them. The social factor and cause combined reflect the relationship
that may explain the participation of Internet users Crowdfunding platforms. A little further
from the center scattered we find the identity factors funder, people or consistency. Far from
the center motivational factors and motivate confused and sizable. In the second analysis, the
cause and support are two spheres of equal size and confused with each other. The platform,
participation and the project have the same size, each with a distance from the center. New
technologies are combined with the platform reflecting the strong bond between the two. The
donor element in this analysis is closer to the center but always with the same sphere size. We
also note the presence of creator, device, rise, identity social and human development
network.
Participants in Crowdfunding platforms seek to support the causes of the creator by helping to
complete the project (Elizabeth M.Gerber, Julie S.Hui, Pei-Yi Kuo, 2013). Through the
development and use of new technologies, the participants of Crowdfunding platforms enable
an innovative idea to emerge (Sharma, 2011). The same principle of participation in a
Crowdfunding platform is to assist in the implementation of a new idea, this explains the
convergence of the factor help. According to Gerber et al (2011), donors support creators and
also the causes of projects. According to Ordanini et al (2009), consumers who participate in
Crowdfunding sites have innovative behavior and want to be the first to use highly interactive
tools.
Conclusion:
Based on this study, researchers were able expand the knowledge about the different factors
that motivate participants to be present on a Crowdfunding platform (creator, funder) and the
behavior of the user through a new technology. Because of its importance, these
Crowdfunding platformsimpact both the individual and the state.
Further research on the motivations of the individual to invest in an innovative project on
behalf of an unknown is possible and beneficial to the different parties (entrepreneurial
enterprises, state, the creator, the donor ...).
It is noted that the Crowdfundingcalls the attention of managers and marketing researchers
trying to understand the behavior of the participant (creator and funder) and their motivations.
This research is one of the pioneers in this field.
Project creators are motivated to fundraise their projects, they receive the approval of the
administrators of the platforms, and interaction with each other, and the fact that reproduce a
successful experience and transition with new technologies namely internet and networks
social is very important. Donors are in turn motivated by the reward they will get
followedtheir participation, support for the good cause and thus the development of self-
esteem, membership in a social group and finally the perceived enjoyment shared by the
outcome of the funded project.
Crowdfunding introduced the idea of the virtual financing, an innovative experience that
differs from the old methods of financing such as bank loans, requires very specific skills to
undertake it. A form of participation that has a significant effect on the economy of the state,
while encouraging a diverse set of individuals to participate (Gerber et al, 2011).
Limits and future suggestions:
The qualitative study is based on the words and sentences of respondents which allowed us to
collect a lot of information. The data collection technique is based on the exploitation of
different platforms of Crowdfunding and bringing together experts as novices on the concept
of Crowdfunding. As part of the community in these platform this can bias the results with
oriented responses and to satisfy the need for information. The donors who participated in
innovative projects that received an award against some may have different motivations of
those who have not received. The same for creators, motivations of a borrower who has seen
old projects realized differ from one who has not had the chance to see the project succeed.
In future studies, researchers propose to study the factors that influence the motivation of the
participants in a definite platform or in a specific sector (sports, cinema, music, research ...)
with a target population that allows us to understand how is the operation, and we can choose
the financing of project monitoring preselected. And precision that will enable the participant
to know how to incorporate a Crowdfunding platform.
It is interesting to examine the behavior of the participant on the Crowdfunding platform and
explain the choice of participating in being a creator, a donor or an observer on this type of
platform. In this context, we intend to see what type of project must be maintained for a
Crowdfunding (financing period, the project goal, reward ...).
Finally, following the rapid development of technology, studies are made on the interaction of
web sites and their influence on participation in online communities, and to learn more about
the motivations of the creators and donors on Crowdfunding platform, it is important to
explore the skills and attitudes which are necessary for participation in this type of platform.
How is the communication that must be made for a successful integration into a convincing
Crowdfunding platform?
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