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Crowdfunding: Why People Are Motivated to Post and Fund Projects on Crowdfunding Platforms

document Crowdfunding, Distributed Knowledge
Crowdfunding research has primarily been the purview of economists and management scholars. Economists study consumer behavior and how consumers continually make choices among products and services. They examine advantages of crowdfunding such as practicing menu pricing and extracting a larger share of the consumer surplus, and disadvantages of crowdfunding such as constraining the choices of prices to attract a large number of funders. Management scholars find crowdfunding eliminates the effects of distance from funders whom creators did not previously know .
In this paper, researchers report preliminary findings from a qualitative exploratory study of creators and funders on three popular crowdfunding platforms. In addition to anticipated extrinsic motivators,such as securing funding (creators) and consuming products and experiences(funders), their initial findings suggest that people are also motivated to participate because of social interactions realized through crowdfunding platforms, such as strengthening commitment to an idea through feedback(creators) and feelings of connectedness to a community with similar interests and ideals(funders). Researchers present this
research in the context of what they are calling motivational crowdwork,the investigation of motivation as it relates to online task outsourcing.

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