Two acts, one stage: Crowdfunding and the power of self-presentation in times of crisis

Syrine Adala, Carolin Bock and Konstantin Kurz

Publications of Darmstadt Technical University, Institute for Business Studies (BWL) from Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL)

Abstract: The Corona Virus Disease 2019 (COVID-19) pandemic transformed reward-based crowdfunding into a dual-purpose space, as struggling businesses seeking financial relief entered a domain traditionally dominated by aspirational campaigns. This shift introduced new competitive dynamics, bringing value- and survival-driven campaigns into direct coexistence. Yet, little is known about how these campaign types attract support when sharing the same “stage,” or whether they require distinct self-presentation strategies. Drawing on impression management (IM) theory, we examine how a campaign’s functional purpose interacts with specific IM techniques to shape patterns of backer engagement. Analyzing 3,477 campaigns on Startnext, we find that survival-driven campaigns generally attract more support than value-driven ones, with IM strategies moderating this effect. While self-promotion enhances value-driven campaigns, it backfires for survival-driven ones, whereas supplication strengthens survival-driven campaigns but harms value-driven ones. Our findings underscore the importance of strategic self-presentation, offering theoretical and practical insights for building a more inclusive and resilient crowdfunding ecosystem.

Date: 2025-11
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Published in Journal of Small Business Management (2025-11) : pp. 1-38

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