How to create an engagement-friendly environment in reward-based crowdfunding?

Bielicki Marcin () and Rydzewski Rafał
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Bielicki Marcin: Poznań University of Economics and Business, Department of Investments and Financial Markets Institute of Finance al. Niepodległości 10, 61-875 Poznań, Poland
Rydzewski Rafał: University of Economics in Katowice, Faculty of Management Department of Enterprise Management ul. 1 Maja 50, 40-287 Katowice, Poland

Central European Economic Journal, 2022, vol. 9, issue 56, 38-55

Abstract: Crowdfunding appears to be an innovative way of fundraising various projects. Although it is a relatively new and unique way of financing, competition for potential backers increases every year. While recent works have explored the role of engagement and involvement in crowdfunding, there is still a lack of understanding of how creators can stimulate backers’ activity. Therefore the aim of this paper is to identify and classify the methods used for crowdfunding by the top creators to boost and maintain backer engagement. Drawing from the Theoretical Model of Customer Engagement and Theory of Intrinsically Motivating Instruction, we propose a theoretical model that is backer engagement-based. It presents the unique role of involvement and participation in engagement and its interrelationship with value and community involvement. We investigate the top 30 most funded campaigns on Kickstarter in the tabletop games category. Based on our cross-case study, we identify and categorise tactics that create engagement-friendly environments. Our findings suggest that over time creators tend to focus on shorter but more dynamic campaigns with the higher engagement of backers. The creators of the best campaigns use similar tactics that affect both engagement and involvement. The important but often ignored factor that influences engagement is social interaction.

Keywords: crowdfunding; entrepreneurship; involvement; crowdsourcing; engagement (search for similar items in EconPapers)
JEL-codes: D81 G21 G41 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ceuecj:v:9:y:2022:i:56:p:38-55:n:2

DOI: 10.2478/ceej-2022-0003

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