Publication Type

Journal Article

Version

publishedVersion

Publication Date

7-2020

Abstract

Crowdfunding is the practice of seeking support from a large number of backers, each funding a small amount, in order to reach a specific funding goal. This monograph examines: (1) the field of crowdfunding, (2) how it has evolved, (3) the impact crowdfunding has on the fields of innovation, marketing and finance and (4) the factors that can affect crowdfunding outcomes. We view crowdfunding as complementary and transformative, increasing the efficiency of several existing processes such as idea generation and testing, fund raising and collection. We combine practitioner perspectives and research findings to provide insights on this subject. We explore the crowdfunding ecosystem and the role that project creators, backers and the platform play in the entire crowdfunding process. We provide a comprehensive review of current academic research in crowdfunding that focus on three key components of the crowdfunding process: (1) project design and description, (2) project creator and backer characteristics and (3) platform design and architecture, and explore how different properties of these crowdfunding components impact the crowdfunding process and affect crowdfunding outcomes. We further provide an overview of new developments in crowdfunding (such as new crowdfunding models) and suggest trends (such as privacy issues) that may shape the crowdfunding ecosystem in the future.

Keywords

Crowdfunding, Fintech, marketing

Discipline

Finance and Financial Management | Marketing | Technology and Innovation

Research Areas

Marketing

Publication

Foundations and Trends in Marketing

Volume

14

Issue

2

First Page

53

Last Page

172

ISSN

1555-0753

Identifier

10.1561/1700000061

Publisher

Now Publishers

Embargo Period

5-24-2021

Copyright Owner and License

Authors

Additional URL

https://doi.org/10.1561/1700000061

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