Success Factors of Crowdfunding Campaigns in Medical Research: Perceptions and Reality

Anna Aleksina, Stanislau Akulenka and Ágnes Lublóy

Corvinus Economics Working Papers (CEWP) from Corvinus University of Budapest

Abstract: Crowdfunding in medical research is becoming more popular due to the shrinking and increasingly competitive government funding. In order to inform researchers applying for this complementary source of research funding, we investigate the determinants of successful crowdfunding campaigns in medical research. We find that establishing and maintaining professional contacts through social media is of major importance for successful crowdfunding campaigns; an additional tweet or retweet significantly increases the success of crowdfunding campaigns. In contrast to the stated preferences of prospective donors, we document that crowdfunding campaigns might achieve their fundraising goal regardless of the disease characteristics. Scientists thus may ask funding for any kind of project, including therapies for rare diseases and diseases with lower mortality rate.

Keywords: crowdfunding; medical research; stated preferences; revealed preferences; disease characteristics (search for similar items in EconPapers)
JEL-codes: H51 I19 L65 O31 (search for similar items in EconPapers)
Date: 2019-07-03
New Economics Papers: this item is included in nep-pay
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:cvh:coecwp:2019/07

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