From hashtag to cashback: Success determinants in crowdfunders' user behavior
Barra lateral del artículo
Contenido principal del artículo
Resumen
Crowdfunding is a popular approach for entrepreneurs to obtain financial support and has therefore gained importance in the literature and practice in recent years. The communication behavior of starters that lead to the success of a campaign will be summarized and expanded by new findings. As a theoretical added value, this article offers the first attempt to transfer communication theories to the field of reward-based crowdfunding to reveal success determinants in crowdfunders user behavior. The purpose of this paper is to give practical recommendations to starters on how to run a campaign successfully and, more generally, on how they can make full use of social media. By analyzing the dataset of crowdfunding campaigns from Startnext, the largest German-speaking reward-based crowdfunding platform, new success factors are identified using multivariate analysis methods. The results show that social media can offer significant value for businesspeople in terms of marketing if it is used strategically and frequently.
Palabras clave:
Citado por
Detalles del artículo
Referencias
Ashley, C. &Tuten, T. (2015). Creative Strategies in Social Media Marketing: An Exploratory Study of Branded Social Content and Consumer Engagement. Psychology & Marketing, 32(1), 15–27. https://doi.org/10.1002/mar.20761
Backhaus, K., Erichson, B., Plinke, W. & Weiber, R. (2018). Multivariate Analysemethoden: Eine anwendungsorientierte Einführung. Springer. https://link.springer.com/book/10.1007/978-3-662-56655-8
Belleflamme, P., Lambert, T. & Schwienbacher, A. (2010). Crowdfunding: An industrial organization. Proceedings of the Digital Business Model: Understanding Strategies, held in Paris on June, 25-26.
Belleflamme, P., Lambert, T. & Schwienbacher, A. (2012). Individual Crowdfunding Practices. Venture Capital: An International Journal of Entrepreneurial Finance 15(4), 313-333. https://doi.org/10.2139/ssrn.2151179
Bernardino, S., Freitas Santos, J. & Oliveira, S. (2021). The impact of social media and e-WOM on the success of reward-based crowdfunding campaigns. Management Letters, 21(2), 35–48. https://doi.org/10.5295/cdg.201300sb
Boeuf, B., Darveau, J. &Legoux, R. (2014). Financing creativity: Crowdfunding as a new approach for theatre projects. International Journal of Arts Managementl, 16 (3), 33-48. http://www.jstor.org/stable/24587184
Bogers, M., Afuah, A. & Bastian, B. (2010). Users as Innovators: A Review, Critique, and Future Research Directions. Journal of Management, 36(4), 857–875. https://doi.org/10.1177/0149206309353944
Bolino, M. C., Turnley, W. H. & Bloodgood, J. M. (2002). Citizenship Behavior and the Creation of Social Capital in Organizations. The Academy of Management Review, 27(4), 505-522 https://doi.org/10.2307/4134400
Box, G. E. P. & Tidwell, P. W. (1962). Transformation of the Independent Variables. Technometrics, 4(4), 531–550. https://doi.org/10.1080/00401706.1962.10490038
Calvo Dopico, D., del Castillo Puente, A.M. & Arias Montero, S.R. (2021). Marketing strategies of global and local brands in developing economies: a comparative study in the Ecuadorian chocolate market. Revista Galega de Economía 30(4), 1-19. https://doi.org/10.15304/rge.30.4.7824
Camoiras-Rodríguez, Z. & Varela-Neira, C. (2020). An empirical analysis of factors influencing Electronic Word of Mouth in Social Networking Sites after a brand promotion. Revista Galega de Economía 29(1), 1-18. https://doi.org/10.15304/rge.29.1.6123
Chiu, C.-M., Hsu, M.-H. & Wang, E. T. G. (2006). Understanding knowledge sharing in virtual communities: An integration of social capital and social cognitive theories. Decision Support Systems, 42(3), 1872–1888. https://doi.org/10.1016/j.dss.2006.04.001
Chorev, S. & Anderson, A. R. (2006). Success in Israeli high-tech start-ups; Critical factors and process. Technovation, 26(2), 162–174. https://doi.org/10.1016/j.technovation.2005.06.014
Colombo, M. G., Franzoni, C. & Rossi–Lamastra, C. (2015). Internal Social Capital and the Attraction of Early Contributions in Crowdfunding. Entrepreneurship Theory and Practice, 39(1), 75–100. https://doi.org/10.1111/etap.12118
Cordova, A., Dolci, J. &Gianfrate, G. (2015). The Determinants of Crowdfunding Success: Evidence from Technology Projects. Procedia - Social and Behavioral Sciences, 181, 115–124. https://doi.org/10.1016/j.sbspro.2015.04.872
Courtney, C., Dutta, S. & Li, Y. (2017). Resolving Information Asymmetry: Signaling, Endorsement, and Crowdfunding Success. Entrepreneurship Theory and Practice, 41(2), 265–290. https://doi.org/10.1111/etap.12267
Crosetto, P. &Regner, T. (2014). Crowdfunding: Determinants of success and funding dynamics. Jena Research Papers, 8 (2014-035), 1-24. wp_2014_035.pdf(uni-jena.de)
Cumming, D. J., Hornuf, L., Karami, M. & Schweizer, D. (2016). Disentangling Crowdfunding from Fraudfunding. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2828919
Dikaputra, R., Sulung, L. A. K. & Kot, S. (2019). Analysis of Success Factors of Reward-Based Crowdfunding Campaigns Using Multi-Theory Approach in ASEAN-5 Countries. Social Sciences, 8(10), 293. https://doi.org/10.3390/socsci8100293
Eiteneyer, N., Bendig, D. &Brettel, M. (2019). Social capital and the digital crowd: Involving backers to promote new product innovativeness. Research Policy, 48(8), 103744. https://doi.org/10.1016/j.respol.2019.01.017
Ferreira, F. & Pereira, L. (2018). Success Factors in a Reward and Equity Based Crowdfunding Campaign. 2018 IEEE International Conference on Engineering, Technology and Innovation (ICE/ITMC), 1–8. Germany. https://doi.org/10.1109/ICE.2018.8436308
Furlan, A., Grandinetti, R. &Paggiaro, A. (2014). Unveiling the growth process: Entrepreneurial growth and the use of external resources. International Journal of Entrepreneurial Behavior& Research, 20(1), 20–41. https://doi.org/10.1108/IJEBR-12-2012-0142
Giudici, G., Nava, R., Rossi Lamastra, C. &Verecondo, C. (2012). Crowdfunding: The New Frontier for Financing Entrepreneurship? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2157429
Glaeser, E. L. & Shleifer, A. (2001). Not-for-profit entrepreneurs. Journal of Public Economics, 81, 99–115. PII: S0047-2727(00)00130-4 (harvard.edu)
Hapsari, N. S. & Sulung, L. A. K. (2021). The Role of Social Capital and Reward Factor in the Success of Crowdfunding Project Fundraising: Case Study of Emerging Market Countries. Advances in Social Science, Education and Humanities Research, 558, 591–599. https://doi.org/10.2991/assehr.k.210531.074
Harzer, A. (2013). Erfolgsfaktoren im Crowdfunding. Monsenstein y Vannerdat OHG. ebook_cf_alexandra_harzer_002 (db-thueringen.de)
Hui, J. S., Greenberg, M. D. & Gerber, E. M. (2014). Understanding the role of community in crowdfunding work. Proceedings of the 17th ACM Conference on Computer Supported Cooperative Work & Social Computing, 62–74. https://doi.org/10.1145/2531602.2531715
Kazai, G. (2011). In Search of Quality in Crowdsourcing for Search Engine Evaluation. In P. Clough, C. Foley, C. Gurrin, G. J. F. Jones, W. Kraaij, H. Lee, & V. Mudoch (Eds.), Advances in Information Retrieval6611, (pp. 165–176). Springer. https://doi.org/10.1007/978-3-642-20161-5_17
Kraus, S., Richter, C., Brem, A., Cheng, C.-F. & Chang, M.-L. (2016). Strategies for reward-based crowdfunding campaigns. Journal of Innovation & Knowledge, 1(1), 13–23. https://doi.org/10.1016/j.jik.2016.01.010
Kunz, M. M., Bretschneider, U., Erler, M. & Leimeister, J. M. (2017). An empirical investigation of signaling in reward-based crowdfunding. Electronic Commerce Research, 17, 425–461. https://doi.org/10.1007/s10660-016-9249-0
Liao, C., Zhu, Y. & Liao, Y. (2015). The role of internal and external social capital in crowdfunding: Evidence from China. Revista de Cercetare Si Interventie Sociala, 49, 187–204. https://www.rcis.ro/images/documente/rcis49_13.pdf
Lopez, M., Vukovic, M. & Laredo, J. (2010). PeopleCloud Service for Enterprise Crowdsourcing. 2010 IEEE International Conference on Services Computing, 538–545. https://doi.org/10.1109/SCC.2010.74
Lu, C.-T., Xie, S., Kong, X. & Yu, P. S. (2014). Inferring the impacts of social media on crowdfunding. Proceedings of the 7th ACM International Conference on Web Search and Data Mining, 573–582. https://doi.org/10.1145/2556195.2556251
Maas, G., Jones, P. & Lockyer, J. (2019). The Journey to Transformational Entrepreneurship. In G. Maas & P. Jones (Eds.), Transformational Entrepreneurship Practices, 1–14. Springer. https://doi.org/10.1007/978-3-030-11524-1_1
Mavlanova, T., Benbunan-Fich, R. & Koufaris, M. (2012). Signaling theory and information asymmetry in online commerce. Information & Management, 49(5), 240–247. https://doi.org/10.1016/j.im.2012.05.004
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Mount, M. & Martinez, M. G. (2014). Social Media: A Tool for Open Innovation. California Management Review, 56(4), 124–143. https://doi.org/10.1525/cmr.2014.56.4.124
Nahapiet, J. & Ghoshal, S. (1998). Social Capital, Intellectual Capital, and the Organizational Advantage. The Academy of Management Review, 23(2), 242–266. https://doi.org/10.2307/259373
Nambisan, S. (2017). Digital Entrepreneurship: Toward a Digital Technology Perspective of Entrepreneurship. Entrepreneurship Theory and Practice, 41(6), 1029–1055. https://doi.org/10.1111/etap.12254
Parker, G., Van Alstyne, M. W. & Jiang, X. (2016). Platform Ecosystems: How Developers Invert the Firm. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2861574
Sánchez-Arrieta, N., González, R. A., Cañabate, A. & Sabate, F. (2021). Social Capital on Social Networking Sites: A Social Network Perspective. Sustainability, 13(9), 5147. https://doi.org/10.3390/su13095147
Schmitz, A., Urbano, D., Dandolini, G. A., de Souza, J. A. & Guerrero, M. (2017). Innovation and entrepreneurship in the academic setting: A systematic literature review. International Entrepreneurship and Management Journal, 13, 369–395. https://doi.org/10.1007/s11365-016-0401-z
Secundo, G., Del Vecchio, P. & Mele, G. (2021). Social media for entrepreneurship: Myth or reality? A structured literature review and a future research agenda. International Journal of Entrepreneurial Behavior& Research, 27(1), 149–177. https://doi.org/10.1108/IJEBR-07-2020-0453
Tabachnick, B. G. &Fidell, L. S. (2007). Using multivariate statistics (5th ed). Allyn& Bacon/Pearson Education.
Vaz, R. (2021). Firm Growth: A review of the empirical literature. Revista Galega de Economía, 30(2), 1-20. https://doi.org/10.15304/rge.30.2.7190
Wheat, R. E., Wang, Y., Byrnes, J. E. & Ranganathan, J. (2013). Raising money for scientific research through crowdfunding. Trends in Ecology & Evolution, 28(2), 71–72. https://doi.org/10.1016/j.tree.2012.11.001
Xu, A., Yang, X., Rao, H., Fu, W.-T., Huang, S.-W. & Bailey, B. P. (2014). Show Me the Money!: An Analysis of Project Updates during Crowdfunding Campaigns. Proceedings of the SIGCHI Conference on Human Factors in Computing Systems, 591-600. https://doi.org/10.1145/2556288.2557045
Yeh, T.-L., Chen, T.-Y. & Lee, C.-C. (2019). Investigating the funding success factors affecting reward-based crowdfunding projects. Innovation, 21(3), 466–486. https://doi.org/10.1080/14479338.2019.1585191
Yezza, H., Chabaud, D., Dana, L. P. &Maalaoui, A. (2021). The impact of bridging social capital in family firms’ performance: Exploring the mediation role of successor’s social skills. International Journal of Entrepreneurial Behavior& Research, 27(8), 2009–2027. https://doi.org/10.1108/IJEBR-01-2021-0032