Successful Crowdfunding: Focusing on Social Interaction and Goal Achievement Motivations

Recently, with the development of information technology and the proliferation of mobile devices, the sharing economy shows a rapid growth rate. In 2015, Pricewaterhouse Coopers, a consulting firm, projected that global revenue from the five main sharing sectors, namely travel, car sharing, finance, staffing, and music/video streaming, is expected to increase from USD 15 billion to approximately USD 335 billion by 2025 (PricewaterhouseCoopers LLP, 2015). Particularly, crowdfunding is gaining popularity as a business model of the sharing economy in the financial sector. As raising financial resources is available on crowdfunding platforms, venture start-ups, and small and medium-sized enterprises can gain access to financing from a large number of investors. From an investor point of view, these are enabled to find new opportunities for investment. In general, even if start-ups have good ideas for business, they experience

[1]  J. Hausman.  Specification tests in econometrics , 1978 .

[2]  J. Block,et al.  Crowdfunding: A Literature Review and Research Directions , 2014 .

[3]  S. Bi,et al.  The influence of online information on investing decisions of reward-based crowdfunding , 2017 .

[4]  Kelly E. See,et al.  The Paradox of Stretch Goals: Organizations in Pursuit of the Seemingly Impossible , 2010 .

[5]  Alexander Benlian,et al.  Understanding the Dynamic Interplay of Social Buzz and Contribution Behavior within and between Online Platforms - Evidence from Crowdfunding , 2014, ICIS.

[6]  Xiao-Liang Shen,et al.  Herd behavior in consumers’ adoption of online reviews , 2016, J. Assoc. Inf. Sci. Technol..

[7]  Rainer Alt,et al.  Sharing Economy , 2016, Bus. Inf. Syst. Eng..

[8]  Haichao Zheng,et al.  The role of trust management in reward-based crowdfunding , 2016, Online Inf. Rev..

[9]  Sirkka L. Jarvenpaa,et al.  Motivating IT-Mediated Crowds: The Effect of Goal Setting on Project Performance in Online Crowdfunding , 2015, ICIS.

[10]  Xiao Ma,et al.  Understanding Members’ Active Participation in Online Question-and-Answer Communities: A Theory and Empirical Analysis , 2015, J. Manag. Inf. Syst..

[11]  E. A. Locke,et al.  A theory of goal setting & task performance , 1990 .

[12]  E. A. Locke,et al.  Goal setting and task performance: 1969–1980. , 1981 .

[13]  Byungtae Lee,et al.  Herding behavior in online P2P lending: An empirical investigation , 2012, Electron. Commer. Res. Appl..

[14]  A. Banerjee,et al.  A Simple Model of Herd Behavior , 1992 .

[15]  B. Bayus,et al.  Crowdfunding Creative Ideas: The Dynamics of Project Backers in Kickstarter , 2015 .

[16]  E. A. Locke,et al.  Building a practically useful theory of goal setting and task motivation. A 35-year odyssey. , 2002, The American psychologist.

[17]  A. Parasuraman,et al.  Crowd-Funding: Transforming Customers into Investors through Innovative Service Platforms , 2011 .

[18]  S. Bikhchandani,et al.  Herd Behavior in Financial Markets: A Review , 2000, SSRN Electronic Journal.

[19]  Chang Won Lee.  A Study on Fintech(Financial Technology) and E-Business : State of the Art , 2015 .