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Crowdfunding success: the role of co-creation, feedback, and corporate social responsibility

Leonardo Mastrangelo (Department of Business Management, University of Valencia, Valencia, Spain)
Sonia Cruz-Ros (Department of Business Management, University of Valencia, Valencia, Spain)
Maria-Jose Miquel-Romero (Department of Marketing, University of Valencia, Valencia, Spain)

International Journal of Entrepreneurial Behavior & Research

ISSN: 1355-2554

Article publication date: 16 December 2019

Issue publication date: 8 May 2020

1184

Abstract

Purpose

The purpose of this paper is to investigate the factors that determine two forms of crowdfunding campaign success: success in securing the necessary financial resources and personal success in terms of the entrepreneur’s satisfaction. Specifically, it studies factors linked to the relationship between entrepreneurs and funders (co-creation and feedback) and factors linked to the campaign’s content (dimensions of corporate social responsibility (CSR)).

Design/methodology/approach

An empirical study of 52 crowdfunding entrepreneurs was conducted. Data were gathered using a structured questionnaire. Fuzzy-set qualitative comparative analysis was performed.

Findings

For financial and personal success, all factors, except the social dimension of CSR, are necessary conditions. Two configurations are sufficient for entrepreneurs to achieve financial success. The first configuration that is sufficient for personal success is the same as the first configuration for financial success. The second configuration for personal success is similar to the second configuration for financial success, except that it also includes financial success itself.

Research limitations/implications

Entrepreneurs should invest in CSR and seek to improve the quality of their relationships with their funders. Crowdfunding platforms should design and manage co-creation and feedback tools that are capable of providing deep knowledge of users’ opinions and concerns whilst generating value. The limitations of this study are that only the reward-based crowdfunding model was considered, and the data covered just two platforms.

Originality/value

This study contributes to the literature by presenting empirical analysis of the factors that influence financial success and personal success in reward-based crowdfunding. It examines aspects that strictly refer to the content of the project and aspects that refer to the entrepreneur–funder relationship. Specifically, the roles of the four dimensions of CSR were considered. Moreover, the fsQCA method provides a fresh approach to research in this area.

Keywords

Acknowledgements

This paper forms part of a special section “Knowledge, Business, and Innovation. Economies and sustainability of future growth”.

Citation

Mastrangelo, L., Cruz-Ros, S. and Miquel-Romero, M.-J. (2020), "Crowdfunding success: the role of co-creation, feedback, and corporate social responsibility", International Journal of Entrepreneurial Behavior & Research, Vol. 26 No. 3, pp. 449-466. https://doi.org/10.1108/IJEBR-06-2019-0391

Publisher

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Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited

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