When crowds play god: a Promethean perspective on crowdfunding

Kieran Conboy, Rob Gleasure and Lorraine Morgan

European Journal of Information Systems, 2022, vol. 31, issue 2, 207-226

Abstract: Crowdfunding projects have been the subject of contrasting narratives. To many, they are the antithesis of predatory bottom-line business ventures, and to others, they are an under-regulated vehicle for immature, or unscrupulous project owners to exploit inexperienced and vulnerable investors. These differences are significant, given many use crowdfunding to build public awareness and project a positive image. We use the myth of Prometheus – the Greek god associated with “defiant progress” and technological advancement – as a sensitising lens to build a set of competing, dialectic archetypes. We then apply these archetypes through a Hegelian dialectic analysis of three high-profile crowdfunding campaigns. The overarching contribution of the study is that it provides a foundation for discussion of the positive and negative narratives surrounding crowdfunded project owners and explicates the limitations of crowdfunding as an enabler of positive systemic change. The dialectic approach provides a systematic means of identifying the essence of disagreement between narratives. While it may be too early to predict the outcomes for emerging technology-driven initiatives such as crowdfunding, the use of myth offers a sophisticated means to look for “rhyming” phenomena, where the phenomena at play are similar to the grand frailties of humankind throughout history.

Date: 2022
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DOI: 10.1080/0960085X.2020.1860655

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