Search Results (15)

The rapid evolution of fintech has accelerated the integration of blockchain technology and cryptocurrencies into crowdfunding platforms, reshaping entrepreneurial finance and challenging traditional conceptions of money, intermediation, and financial risk. This study empirically examines the socio-cultural, demographic, and behavioural factors influencing funders’ perceptions and investment decisions in crypto-crowdfunding, an emerging model situated at the intersection of digital currencies, financial inclusion, and decentralised capital formation. Using primary survey data from a focus group of 50 respondents measuring perceptions through a structured five-point Likert questionnaire, the analysis investigates how risk perception, trust and security, investor awareness, and perceived benefits shape participation in crypto-crowdfunded projects. The findings indicate that blockchain-based features such as transparency and decentralisation are associated with variations in perceived trust and risk assessment, rather than uniformly enhancing investor confidence. Socio-demographic characteristics emerge as significant determinants of investor awareness, perceived risks, and expected benefits, confirming pronounced behavioural heterogeneity in digital-finance participation. Regression results reveal strong interdependencies between trust, risk perception, and awareness, underscoring the importance of informational quality and risk-governance mechanisms in supporting sustainable adoption. By providing empirical evidence on individual-level determinants of participation in crypto-crowdfunding, the study contributes to the literature on the future of money by clarifying how crypto-crowdfunding operates as a behavioural-financial phenomenon embedded in decentralised governance structures. Full article

In the context of tightening sustainability regulations and rising demands for transparent and responsible capital allocation, understanding how digital financial innovations influence market efficiency has become increasingly important. This study examines the impact of Financial Technology (FinTech) solutions and crowdfunding platforms on sustainable market efficiency, volatility dynamics, and risk structures in the United Kingdom. Using weekly data for the Financial Times Stock Exchange 100 (FTSE 100) index from January 2010 to June 2025, the analysis applies the Lo–MacKinlay variance ratio test to assess compliance with the Random Walk Hypothesis as a proxy for informational efficiency. Firm-level proxies for FinTech and crowdfunding activity are constructed using the Nomenclature of Economic Activities (NACE) and Standard Industrial Classification (SIC) systems. The empirical results indicate substantial deviations from random-walk behavior in crowdfunding-related market segments, where persistent positive autocorrelation and elevated volatility reflect liquidity constraints and informational frictions. By contrast, FinTech-dominated segments display milder inefficiencies and faster information absorption, pointing to more stable price-adjustment mechanisms. After controlling for structural distortions through heteroskedasticity-consistent corrections and volatility adjustments, variance ratios converge toward unity, suggesting a restoration of informational efficiency. The results provide relevant insights for investors, regulators, and policymakers seeking to align financial innovation with the objectives of sustainable financial systems. Full article

Crowdfunding platforms like Kickstarter have reshaped early-stage financing by allowing entrepreneurs to connect directly with potential supporters. As a fast-expanding part of digital commerce, crowdfunding offers significant opportunities but also substantial risks for both entrepreneurs and platform operators, making predictive analytics an essential capability. Although crowdfunding shares some operational features with traditional e-commerce, its mix of financial uncertainty, emotionally charged storytelling, and fast-evolving social interactions makes it a distinct and more challenging forecasting problem. Accurately predicting campaign outcomes is especially difficult because of the high-dimensionality and diversity of the underlying textual and behavioral data. These factors highlight the need for scalable, intelligent data science methods that can jointly exploit structured and unstructured information. To address these issues, this study proposes a novel AI-based predictive framework that integrates a Convolutional Block Attention Module (CBAM)-enhanced symmetric autoencoder for compressing high-dimensional Generative AI (GenAI) BERT embeddings with meta-heuristic feature selection and advanced classification models. The framework systematically couples attention-driven feature compression with optimization techniques—Genetic Algorithm (GA), Jaya, and Artificial Rabbit Optimization (ARO)—and then applies Long Short-Term Memory (LSTM) and Gradient Boosting Machine (GBM) classifiers. Experiments on a large-scale Kickstarter dataset demonstrate that the proposed approach attains 77.8% accuracy while reducing feature dimensionality by more than 95%, surpassing standard baseline methods. In addition to its technical merits, the study yields practical insights for platform managers and campaign creators, enabling more informed choices in campaign design, promotional tactics, and backer targeting. Overall, this work illustrates how advanced AI methodologies can strengthen predictive analytics in digital commerce, thereby enhancing the strategic impact and long-term sustainability of crowdfunding ecosystems. Full article

This study investigates the critical macro-level conditions that determine the success of crowdfunding platforms, a pivotal segment of the FinTech landscape. We propose a novel configurational theory to decipher how combinations of institutional, economic, and social factors drive platform performance across diverse European economies. Utilizing fuzzy-Set Qualitative Comparative Analysis (fsQCA), we move beyond linear models to reveal that high platform success is not a product of any single factor but emerges from specific, equifinal configurations. Our findings demonstrate that robust crowdfunding ecosystems can thrive even in contexts with less advanced technological infrastructure, provided there is a synergistic interplay of platform governance, institutional trust, regulatory quality, and economic competitiveness. This research contributes to the FinTech literature by reframing crowdfunding success as a complex, context-dependent phenomenon, offering valuable insights for platform developers, regulators, and investors seeking to foster vibrant digital financing environments. Full article

Entrepreneurs based in developing nations, as well as in contexts with significant corruption, find significant issues when seeking financing, and this was exacerbated by the 2008 financial crisis. Nevertheless, recently developed financial approaches such as international reward-based crowdfunding (RBC), may provide support for these entrepreneurs. Based on this, this study investigates how entrepreneurs’ macroeconomic context, specifically, country-level economic development and corruption, affect crowdfunding outcomes. This aim was addressed by using campaigns on Kickstarter, the world’s leading digital RBC platform, as its study population, and examining campaigns conducted between 2009 and November 2016. Logistic and ordinary least squares multi-level models showed that country-of-origin macroeconomic context was significantly associated with crowdfunding outcomes. After controlling variables specific to the entrepreneur and campaign, developing-economy entrepreneurs found greater success on the platform than those from developed countries. Nevertheless, corruption at the country level has a significant adverse association with campaign outcomes. The study’s empirical findings show robustness and consistency under a range of testing approaches. Implications for digital platforms, entrepreneurial individuals, and policymakers are highlighted. Full article

Information Systems (ISs) research frequently relies on digital trace data, often using simple activity counts as proxies for complex latent constructs like ‘experience’. However, the validity of such proxies is often assumed rather than critically scrutinized. This study problematizes this practice by treating a common proxy—a creator’s prior project count on Kickstarter—not as a measure of experience, but as a focal signal whose meaning is inherently ambiguous and context-dependent. By analyzing large-scale data (N ≈ 16,407 projects), we uncover a nuanced ‘experience paradox.’ The proxy exhibits a significant inverted-U association with backer mobilization and non-linearly moderates the value of other positive signals. Strikingly, it also maintains a persistent negative direct association with total funding, with its meaning varying significantly across project categories. These findings reveal the profound ambiguity of seemingly objective digital traces. Our primary contribution is methodological and theoretical: we provide a robust empirical critique of naive proxy use and refine signaling theory for digital contexts by integrating it with cognitive limitations and contextual factors. We urge IS scholars to develop more sophisticated measurement models and offer specific, evidence-based cautions for platform managers against the simplistic use of activity metrics in the digital economy. Full article

Access to business financing in Europe has historically been a challenge for small and medium-sized enterprises (SMEs), which represent a significant share of economic activity and employment in Europe. This issue has been significantly intensified since the global financial crisis, disproportionately affecting this segment. This study analyzes firm-level determinants influencing access to alternative financing sources, including crowdfunding, venture capital, and other non-bank channels, using data from the 2023 SAFE covering 15,855 firms across Europe. Results indicate that firm size significantly affects access, with larger, established firms more likely to secure such funding. However, younger, innovation-driven firms demonstrate a higher propensity to pursue equity and crowdfunding options, driven by their need for flexible and early-stage capital. Sectoral patterns also emerge: industrial firms more often obtain public grants, while service-sector firms lead in adopting equity-based and crowdfunding models. The findings highlight the critical role of innovation capacity and international orientation in broadening financial access. Digital platforms are identified as key enablers in democratizing funding, particularly for SMEs. This research advances understanding of SME financing dynamics within evolving financial landscapes and provides actionable insights for policymakers and practitioners aiming to promote inclusive and sustainable access to finance. Full article

This study investigates how new ventures on global e-commerce platforms use textual marketing signals to attract foreign consumers, a critical challenge characterized by information asymmetry. Integrating Signaling Theory and Optimal Distinctiveness Theory (ODT), we examine how two key creator-controlled textual signals—International Orientation Expression (IOE) intensity (a signal of legitimacy) and Project Genre Atypicality (GA) (a signal of differentiation)—non-linearly and interactively influence foreign customer engagement. Analyzing a large-scale dataset of 17,084 Kickstarter projects using computer-aided text analysis and fixed-effects regression models, we yield several key insights. First, we find a robust inverted U-shaped relationship between IOE intensity and foreign backer engagement, suggesting that while moderate international emphasis enhances legitimacy, excessive claims can undermine credibility. Second, GA exhibits a positive linear relationship with foreign engagement, indicating that novelty-seeking foreign consumers consistently value textual differentiation. Third, and most critically, we uncover a significant negative interaction, termed the “cost of dual extremes”, where simultaneously signaling extreme international ambition and extreme product novelty deters foreign consumers, likely due to perceived strategic incoherence and heightened execution risk. Finally, we confirm that attracting a diverse foreign audience is a strong predictor of overall project funding success. This research extends ODT by identifying a novel interactive boundary condition for distinctiveness in digital markets and advances signaling theory by demonstrating the complex, non-linear effectiveness of textual signals, offering actionable insights for optimizing communication strategy in global e-commerce. Full article

Crowdsourcing has become increasingly relevant in academic research due to its role in the evolving digital landscape, where information is a key driver of organizational performance. In a context dominated by emerging technologies and digital platforms, organizations are turning to external sources for data and idea generation. This paper offers a comprehensive review of the literature on crowdsourcing and digital information, using bibliometric techniques and qualitative analysis to identify major trends. The findings reveal several shifts in focus: from conceptual frameworks to practical applications; from customer participation to broader stakeholder involvement; and from general technological and managerial approaches to specific technologies and emerging perspectives in entrepreneurship and finance. The primary contributing disciplines are Computer Science, Engineering, and Information Science. Recent research (post 2023) emphasizes constructs such as “crowdfunding”, “digital platforms”, and “machine learning”, moving beyond earlier focuses like “citizen science” and “social media.” This review also reveals growing interest in managerial, medical, and cultural heritage applications, alongside a decline in research related to geography and crisis management over the past two years. This study enhances our understanding of current research directions and practical implications in crowdsourcing and digital information, offering valuable insights for both academics and practitioners. Full article

Background: Charitable crowdfunding platforms have become widely used tools for raising funds to support social and humanitarian causes. As participation in these platforms is voluntary, understanding the influence of individual motivations and cultural values is essential, particularly when engaging donors across culturally diverse regions. Within the framework of Self-Determination Theory (SDT), this study explores whether consumers’ cultural orientations influence their motivations and levels of engagement in charitable crowdfunding. Methods: Data were collected through an online survey using the Computer-Assisted Web Interviewing (CAWI) method from 680 participants recruited via Amazon Mechanical Turk. Structural equation modeling was employed to analyze the effects of three cultural dimensions—collectivism, power distance, and uncertainty avoidance—on charitable giving behavior, including their interactions with intrinsic and extrinsic motivations. Results: Collectivism was found to positively predict charitable giving, while uncertainty avoidance had a negative effect. Power distance showed a mixed influence, depending on the underlying motivational factors. Comparative analysis revealed significant regional differences, particularly between respondents from the Americas and Europe, in the strength and nature of these relationships. Conclusions: The findings underscore the importance of integrating cultural factors into digital fundraising strategies and offer new insights into how individual cultural values shape prosocial behavior in online crowdfunding environments. Full article

Crowdfunding platforms are important for startups, since they offer diverse financing options, market validation, and promotional opportunities through an investor community. These platforms provide detailed company information, aiding informed investment decisions within a regulated and secure environment. Machine learning (ML) techniques are important in analyzing large data sets, detecting anomalies and fraud, and enhancing decision-making and business strategies. A systematic review employed PRISMA guidelines, which studied how ML improves fraud detection on digital crowdfunding platforms. The analysis includes English-language studies from peer-reviewed journals published between 2018 and 2023 to analyze the pre- and post-COVID-19 pandemic. The findings indicate that ML techniques such as Random Forest, Support Vector Machine, and Artificial Neural Networks significantly enhance the predictive accuracy and utility of tax planning for startups considering equity crowdfunding. The United States, Germany, Canada, Italy, and Turkey do not present statistically significant differences at the 95% confidence level, standing out for their notable academic visibility. Florida Atlantic and Cornell Universities, Springer and John Wiley & Sons Ltd. publishing houses, and the Journal of Business Ethics and Management Science magazines present the highest citations without statistical differences at the 95% confidence level. Full article

The transformation of technological orientation and crowdfunding as innovative concepts combined with cutting-edge digital tools provides the foundation for outstanding fundraising success. Therefore, this study aims to explore the relationship between technology orientation (TO) and crowdfunding performance. Additionally, this research also investigates how crowdfunding digital platform mediates and innovation strategy moderates in the linkage between crowdfunding performance and technology orientation. Data were collected through a questionnaire on the basis of cross-sectional research design. Structural econometric models for direct and indirect analyses were conducted to test hypotheses. The results confirmed the direct positive impact of technology orientation on crowdfunding performance. Moreover, the findings prove the mediating role of a crowdfunding digital platform and moderating role of innovation strategy between technology orientation and crowdfunding performance. Fundraisers are required to give attention to technology orientation for the acceptance and adoption of the latest advancements in technology. They must consider digital platforms for fundraising and pay proper attention to innovation strategy for achieving the needed crowdfunding performance. This research discusses how return base crowdfunding performance occurs; in future, other researchers may provide evidence on donations/charity campaign base crowdfunding. This is the first study in the context of digital transformation that explored the nexus of technology orientation, crowdfunding digital platform and innovation strategy for attaining crowdfunding performance. Full article

The current study aims to explore how different owners and investors use digitalcrowdfunding platforms for advertisement and selection of different projects. This connection enhances the number of effective projects and attracts the attention of various entrepreneurs for investment. This research examines the direct impact of the crowdfunding digital-platform on crowdfunding performance as well as the role of the social capital as a mediating variable and innovative performance as a moderating variable. A quantitative approach was used for data collection and analysis. The findings show that digitalcrowdfunding platforms can be predicted through crowdfunding performance. The outcomes show that innovative performance strengthens the relationship between crowdfunding digitalplatforms and crowdfunding performance. This research reveals how fundraisers can improve crowdfunding performance through crowdfunding digitalplatforms, social capital, and innovative performance. Social capital plays a critical role in the enhancement of crowdfunding performance. Full article

In the marketing mix, promotion is mentioned as using the communication channels available to present and market the product or service at hand. In recent years, social media has risen as an influential marketing communication channel in digital space. Apart from end-to-end direct messengers and video communication in times of the COVID-19 pandemic, the social media channel Clubhouse offers an audio-only experience. The current research lacks analysis of the potential influence of the hyped social network. Due to the novelty of the channel and the absence of text messages as well as visual stimuli, questions regarding the impact that usage of this social media channel might have on crowdfunding, a means of rising popularity in alternative financing, have arisen. The study builds upon the media richness theory of Daft and Lengel as well as the channel expansion theory of Carlson and Zmud. Besides literature research, explorative expert interview analyses were applied to answer the research question at hand. The main findings include different approaches to foster the opportunities of Clubhouse for marketing crowdfunding campaigns in line with insights about the user group of Clubhouse as well as development options for the platform. Full article

Augmented reality (AR) and virtual reality (VR) technologies have been dramatically expanded in recent years. In the near future, we expect that diverse digital services that employ Internet of Things (IoT) technologies enhanced with AR and VR will become more popular. Advanced information technologies will enable the physical world to be fused with the virtual world. These digital services will be advanced via virtuality, which means that things that do not physically exist make people believe in their existence. We propose a design space for digital services that are enhanced via virtuality based on insights extracted from three case studies that we have developed and from discussions in focus groups that analyze how existing commercial IoT products proposed in a commercial crowdfunding platform, Kickstarter, could be enhanced through virtuality. The derived design space offers three dimensions to design a digital service to fuse IoT technologies with virtuality: (1) Taxonomy of IoT; (2) Visualizing Level, and (3) Virtuality Level. The design space will help IoT-based digital service designers to develop advanced future IoT products that incorporate virtuality. Full article