Gordon Burtch, Temple University
Anindya Ghose, New York University
Sunil Wattal, Temple University
This report examines a new application of crowdsourcing focused on the generation of funding for ideas initiated by others. While news articles and reports on crowdfunding have cited the success of numerous campaigns, the majority of efforts have actually failed. A better understanding of the design of campaigns and the management of the required platform can result in success. The report discusses opportunities, benefits, and pitfalls and demonstrates how the crowdfunding marketplace has the potential to be an innovation hub and improve open innovation practices. The report also provides suggestions on how businesses can leverage crowdfunding concepts, how to conduct a crowdfunding campaign, and how to influence contributor behavior.
In donation-based platforms, we have found that crowdfunders’ contribution behavior parallels that observed in charitable contexts
© 2013 The IBIT Report, Institute for Business and Information Technology, Fox School of Business, Temple University, Philadelphia, PA 19122, USA. All rights reserved. ISSN 1938-1271.