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Despite the critical contribution of serial backers in advancing crowdfunding volumes, few studies have addressed the phenomenon of serial backing. Research on the motivations of backers suggests that cognitive antecedents influence pledging in crowdfunding projects according to the theory of planned behavior. However, intrinsic factors associated with different dimensions of well-being may also explain crowdfunding support. This study seeks to advance the understanding of drivers of serial backing by combining the theory of planned behavior and the theory of well-being.

The study draws on survey data from 336 serial backers, complemented by objective data on the number of campaigns and amounts invested by backers from Headstart, the largest crowdfunding platform in Israel. The research model is tested using structural equation modeling.

The findings indicate that the well-being of serial backers mediates the impact of attitude, subjective norms and social norms on their loyalty. However, while loyalty can be explained by elements of both theories, it does not translate into actual serial backing behavior.

This study is the first to systematically explore serial backers' motivations in crowdfunding and the influence of these motivations on their actual behavior. It combines two previously separate theories, the theory of planned behavior and the theory of well-being.

Serial crowdfunding is becoming a common phenomenon as entrepreneurs repeatedly return to online crowdfunding to raise capital. In this study, the authors focus attention on serial crowdfunders, that is, entrepreneurs who experience launching more than one crowdfunding project. The purpose of this paper is to investigate the role of past experience on subsequent crowdfunding performance. This study also examines whether initial success vs initial failure leads serial crowdfunders to engage in more explorative behaviors (i.e. switching industry) and to take exploitative actions (i.e. adjusting campaign strategies in terms of goal setting and funding option).

Data on serial crowdfunding projects was retrieved from Indiegogo platform. The logistic regression models are estimated to assess the impact of past entrepreneurial experience on subsequent crowdfunding decisions, and to estimate the effects of the three strategies on subsequent funding performance.

The results show that serial creators who experienced successful initial crowdfunding are more likely to explore a new industry or product category in the crowdfunding market and to set a higher target capital for the subsequent campaign when they change a project category.

Despite the fact that there are a considerably large number of serial crowdfunders in crowdfunding market, relatively little research has been conducted to investigate the presence of learning benefits from a previous to a subsequent crowdfunding project. Two competing hypotheses, drawn from the attribution theory and hubris theory of entrepreneurship, were tested in this study to determine the impact of prior success vs failure experience on both subsequent crowdfunding decisions and funding performance.

Serial crowdfunders are vital to the advancement of crowdfunding, either by launching subsequent campaigns or by mentoring novice (first-time) crowdfunders. However, research on crowdfunders’ drivers has focused on either novice crowdfunders’ motivations or the factors contributing to serial crowdfunders’ success. The present study aims to complement existing knowledge on serial crowdfunders by exploring behavioral and well-being aspects that drive novice crowdfunders to become serial crowdfunders.

Data on crowdfunders were retrieved through in-depth interviews with 42 novice and 17 serial crowdfunders on a list provided by the largest crowdfunding platform in Israel. Complementary data were collected from interviews with the chief executive officers (CEOs) of two leading rewards and donations platforms in Israel and from the contents of the pages of crowdfunding campaigns. A four-stage process of content analysis was applied.

Novice and serial crowdfunders follow different logics. While novice crowdfunders’ motivations and behavior can mostly be explained by the theory of planned behavior (TPB) and follow a more rational process, serial crowdfunders’ motivations and behavior are guided by aspects of well-being.

The findings show that the more rational process described by the TPB and the dimensions of well-being interacts in a circular way to motivate serial operations by crowdfunders. Well-being is also manifested in the maintenance of social ties and the development of social capital, which are crucial for serial entrepreneurs.

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.

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.

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.

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.

This paper aims to explore whether crowdfunding creators can learn from previous experiences to have a better financing performance of future crowdfunding projects.

This paper uses Python to capture the data of 6,267 crowdfunding projects from one of the largest crowdfunding platforms in China (JingDong Crowdfunding) and the author use the negative binomial regression model and the OLS model in this empirical study.

The empirical results show that both the early-stage experience of creating a crowdfunding project and the early-stage experience of supporting projects of other crowdfunding creators can improve the financing performance of their newly launched projects. The social network of the previous projects and the “Blockbuster” projects initiated before can also make the newly initiated projects obtain better financing performance.

Current research on entrepreneurial experience shows that serial entrepreneurs have significantly different success rates than novice or inexperienced entrepreneurs but there is limited literature on the learning effect of crowdfunding creators. This study adds to the literature on entrepreneurial learning and provides suggestions to crowdfunding creators.

In recent years, crowdfunding has developed as a new fundraising alternative. Yet, the effects of the backing experience in reward and donation-based crowdfunding (DBCF) on well-being were researched only through qualitative practices. The current study offers a novel quantitative inquiry of the association between backing motivation and backers' well-being.

The study is based on a uniform questionnaire distributed among 700 Israeli adults, which included questions about backing experience, sense of meaning and social welfare.

The results indicate that only intrinsic backing motivation is associated with the sense of meaning in life. Non-investment crowdfunding offers a platform for people who are intrinsically motivated to increase their sense of meaning in life. Moreover, the authors find that the tendency to back further projects is associated with backers' sense of meaning in life.

The findings can promote a better matching between backers' desire for living the good life and entrepreneurs' desire to reach their funding targets. Social welfare implications are discussed.

The linkage between backers' well-being and crowdfunding has not been explored in quantitative studies. Hence, the study offers a novel approach and some new insights on this linkage.

The purpose of this study is to investigate the initial investment's motivations and study the reinvesting motivations. The results revealed differences in reinvestors' motivations of reinvestors in both winning and losing situations. Specifically, financial return and excitement motives were supported for win and loss situations, while recognition was supported for loss and pleasure in win situations.

The impact of intrinsic and extrinsic motivations on reinvestors was tested using the structural equation model. Furthermore, the framework was analysed with survey data from a total of 355 digital workers from Amazon Mechanical Turk, one of the world's largest crowdsourcing platforms.

The results indicate that there are differences in the motivations for reinvestors when they are in both winning and losing situations. Financial return and excitement motives were supported for win and loss situation, while recognition was supported in loss and pleasure in win situation.

This study makes it possible to better understand the motivations behind crowdfunding reinvestment among digital workers. To build on this work, more studies should be conducted with different samples to test the generalisability of these results. Moreover, future studies on different samples could determine whether the same motivations would hold for other investors or whether another motivation would have greater impact on these reinvestment decisions.

While previous research on equity crowdfunding has predominantly focused on intrinsic and extrinsic motivations for participating and investing in equity crowdfunding platforms, the motives that specifically affect winning or losing situations for reinvestors have been largely overlooked.

Even though the crowdfunding (CF) literature is rapidly reaching its maturity phase, the topic of serial CF (i.e. the participation in more than one CF campaign) is as much promising as still largely under explored. This study thus aims to offer a thorough view of the dynamic and complex processes characterizing the participation of the start-ups to more than one campaign adopting a business network perspective.

In line with an explorative research aim, a multiple case study analysis is performed by taking into consideration four start-ups engaged in more than one CF campaigns with different combinations of equity and non-equity CF, adopting the actor–resource–activity (ARA) model as theoretical framework.

Multiple CF campaigns are embedded in the overall changing startup’s network and are affected by the concurrent and overlapping startup’s development processes. From this standpoint, the adoption of the ARA model suggests to reconsider the “serial” dimension of multiple CF campaigns. These processes can be more or less “linear” as they could be affected by the combination of CF schemes and by the degree of alignment of actors, activities and resources, whose “assembly” can be facilitated by learning processes and impaired by unexpected circumstances.

This paper explores in depth the startup’s serial CF journey, building on recent studies calling for stronger analyses of the directions and outcomes of innovative funding trajectories pursued and implemented by new business ventures. From this standpoint, to the best of the authors’ knowledge, this is the first study to consider a complete spectrum of combinations between CF schemes within serial CF, thus allowing for a better understanding of the role of such a factor within a dynamic and contextual view, that is, that offered by the business network perspective. This paper also contributes to the Industrial Marketing and Purchasing research on start-ups.

Fierce competition in the crowdfunding market has resulted in high failure rates. Owing to their dedication and efforts, many founders have relaunched failed campaigns as a second attempt. Despite the need for a better understanding, the success of campaign relaunches has not been well-researched. To fill this research gap, this study first theorizes how founders’ learning may enhance their competencies and influence investors’ attribution of entrepreneurial failure. The study then empirically documents the extent and conditions under which such learning efforts impact campaign relaunch performance.

This study examines 5,798 Kickstarter-relaunched campaigns. The founders’ learning efforts are empirically captured by key changes in campaign design that deviate from past business practices. Word movers’ distances and perceptual hashing algorithms (pHash) are used separately to measure differences in campaign textual descriptions and pictorial designs.

Differences in textual descriptions and pictorial designs during campaign failure–relaunch are positively associated with campaign relaunch success. The impacts are further amplified when the previous failures are more severe.

This study is one of the first to examine the success of a campaign relaunch after an initial failure. This study contributes to a better understanding of founders’ learning in crowdfunding contexts and provides insights into the strategies founders can adopt to reap performance benefits.

Confidence gives entrepreneurs the belief that they can exercise control and that they have the ability to ensure the success of a focal entrepreneurial endeavor. However, failure can rattle an entrepreneur's confidence causing them to question their belief and ability. This study investigates the link between confidence and entrepreneurial plan upon reentry after crowdfunding failure. Particularly, it examines whether more confident entrepreneurs who failed in their original crowdfunding endeavor persist or change their plan in terms of the positioning of the crowdfunding endeavor and the funding goal in the subsequent attempt.

Using a sample of 2179 serial crowdfunding entrepreneurs who initially experienced failure before launching a subsequent crowdfunding endeavor, this study explores and tests four hypotheses on the relationship between confidence and the change implemented by entrepreneurs in their subsequent crowdfunding endeavors after failure.

The results suggest that more confident entrepreneurs who experienced failure in their initial crowdfunding endeavor persist in their positioning when they attempt a subsequent endeavor. However, no strong relationship was observed between entrepreneurial confidence and persistence with the funding goal of the initial crowdfunding plan in the subsequent crowdfunding endeavor. The study also finds suggestive but inconclusive evidence that the level of negative performance in the failed crowdfunding endeavor moderates the relationship between the entrepreneur's confidence and change in crowdfunding positioning.

This study provides new insights into the effect of entrepreneurial confidence on crowdfunding endeavors after an initial failure. Prior research has focused on its effect in driving the performance of crowdfunding endeavors rather than on how it may affect the plan in terms of the positioning and funding goal enacted by the entrepreneur after experiencing failure.