Strategies for reward-based crowdfunding campaigns

Publication: Research - peer-reviewJournal article

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Crowdfunding represents an alternative way of funding entrepreneurial ventures – and is attracting a high amount of interest in research as well as practice. Against this back- ground, this paper analyzes reward-based crowdfunding campaign strategies and their communication tools. To do this, 446 crowdfunding projects were gathered and empirically analyzed. Three different paths of successful crowdfunding projects could be identified and are described in detail. Practical implications of crowdfunding strategies are derived, and are dependent on the required sales effort and the project added value. The terms communicator, networker and self-runner are created for this crowdfunding strategy and filled with practi- cal examples. This paper contributes to the literature in different ways: first, it sheds more light on the developing concept of crowdfunding, with an overview of current academic dis- cussions on crowdfunding. Furthermore, the analysis of success factors for crowdfunding initiatives adds to an emerging area of research and allows entrepreneurs to extract best practice examples for increasing the probability of successful crowdfunding projects under consideration of the key influencing factors of communication.
Original languageEnglish
JournalJournal of Innovation & Knowledge
Volume1
Issue number1
Pages (from-to)13-23
Number of pages10
ISSN2444-569X
DOIs
StatePublished - 2016