The Role of Campaign Descriptions and Visual Features in Crowdfunding Success: Evidence from Africa

Lenny Phulong Mamaro (), Athenia Bongani Sibindi and Daniel Makina
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Lenny Phulong Mamaro: Department of Finance Risk Management and Banking, University of South Africa (UNISA), P.O. Box 392, Pretoria 0003, South Africa
Athenia Bongani Sibindi: Department of Finance Risk Management and Banking, University of South Africa (UNISA), P.O. Box 392, Pretoria 0003, South Africa
Daniel Makina: Department of Finance Risk Management and Banking, University of South Africa (UNISA), P.O. Box 392, Pretoria 0003, South Africa

JRFM, 2025, vol. 18, issue 9, 1-20

Abstract: Crowdfunding has gained popularity among entrepreneurs who seek funding for their business projects on crowdfunding platforms. The success of these campaigns largely depends on the ability to attract and convince backers to support the fundraising initiative. Drawing on signalling, persuasion, and attribution theories, this study examines how campaign descriptions and visual features specifically word description length, spelling errors, images, frequently asked questions (FAQs), number of backers, funding target, flexible funding, and campaign duration. The study utilised econometric techniques such as ordinary least squares and logistic regression models on a dataset consisting of 854 small and medium enterprises and entrepreneurial projects collected from Kickstarter, Indiegogo, and Fundraised databases. The probability of success is significantly increased by the length of project descriptions, the inclusion of images, and an increased number of backers. On the other hand, higher funding targets and flexible funding models decrease the probability of success. These results support the attribution and persuasion theories, indicating that detailed project descriptions can address information gaps and improve the project’s credibility and trustworthiness. This study contributes to the literature by providing an empirically grounded understanding of how textual and visual elements influence crowdfunding outcomes in the African context and offers practical guidance for entrepreneurs and investors on designing effective campaigns.

Keywords: crowdfunding success; campaign descriptions; visual features; funding targets; backers; Africa (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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