Title: Crowdfunding: exploring the factors associated with the users' intention to finance a project online

Authors: Prodromos Kontogiannidis; Georgios Theriou; Lazaros Sarigiannidis

Addresses: Department of Business Administration, Eastern Macedonia and Thrace Institute of Technology, Agios Loukas, 65404, Kavala, Greece ' Department of Business Administration, Eastern Macedonia and Thrace Institute of Technology, Agios Loukas 65404, Kavala, Greece ' Department of Business Administration, Eastern Macedonia and Thrace Institute of Technology, Agios Loukas 65404, Kavala, Greece

Abstract: This study seeks to empirically examine the factors that affect the intention of users to participate financially in crowdfunding projects. A structured questionnaire was designed and distributed to 339 individuals that had already participated in a crowdfunding process. Results indicate the factors which affect the intention of consumers/users to financially participate in crowdfunding projects include intrinsic and extrinsic motivations, the characteristics of the project initiator and some platform characteristics. The research findings clearly state that crowdfunding platforms should focus primarily on brand credibility, brand image, perceived risk reduction, gamefication techniques, implementation and social network usage to promote the entrepreneurial ideas of the project's initiators. With regard to project initiators, the findings indicate that the promoting video, the investor's perception on the entrepreneurs' integrity and claims related to their entrepreneurial idea, as well as specific rewards are considered crucial factors for the success of a campaign.

Keywords: crowdfunding; entrepreneurial finance; new ventures; startups; user motivation; intrinsic-extrinsic motivation; platform characteristics; project initiator characteristics; social networking; intention to finance; project finance; online funding; brand credibility; brand image; perceived risk reduction; gamefication; social network usage; promotional videos; investors perceptions; entrepreneurial integrity; rewards.

DOI: 10.1504/IJWBC.2017.082721

International Journal of Web Based Communities, 2017 Vol.13 No.1, pp.73 - 101

Received: 28 Mar 2016
Accepted: 08 Apr 2016

Published online: 01 Mar 2017 *

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