A qualitative study on money, well-being and serial crowdfunding

Abstract

Purpose

The paper aims to examine the unique nature of crowdfunding and its association with supporters' well-being, measured by Seligman's (2011) well-being theory and its five elements of PERMA: positive emotions, engagement, relationships, meaning and accomplishment.

Design/methodology/approach

22 structured interviews were conducted with supporters of crowdfunding projects. The interviews were analyzed using deduction, generating themes and assigning them to the relevant PERMA elements.

Findings

Almost all interviews included five or four PERMA elements, supporting the hypothesis about crowdfunding as a form of economic behavior that is triggered by the desire for fulfillment in life. The authors found that the tendency to become a serial crowdfunder is triggered by PERMA and a sense of trust.

Originality/value

This is the first study that presents a well-being theory of non-investment crowdfunding contributions. Based on the interviews, we suggest a theory linking the motivation for backing current and future projects with PERMA elements, sense of trust and the nature of adaption to activities with intrinsic attributes.

Citation

Sherman, A. and Axelrad, H. (2021), "A qualitative study on money, well-being and serial crowdfunding", Baltic Journal of Management, Vol. 16 No. 1, pp. 97-112. https://doi.org/10.1108/BJM-06-2020-0190