Key Motivational Drivers of Participation in a Reward-based Crowdfunding: Case of Russia

Abstract

The main goal: Identification of the key motivational values which trigger the intention of Russians to participate financially in a reward-based crowdfunding project and therefore a practical knowledge of motivation in crowdfunding formation that benefits crowdfunders to improve their potential and current campaigns Main tasks: - To review the theoretical base of crowdfunding, its main types and core participants; - To observe how crowdfunding keeps emerging in the world fundraising practice; - To identify the current state of crowdfunding phenomena in Russia with its limitations and perspectives; - To review theory of consumption value, self- and others-benefit appeals as well as self-deterministic theory using as a framework components to assess values that drive the intention to invest in a crowdfunding project; - To identify the way reward is perceived influences the intention to support crowdfunding project; - To demonstrate to what extent lead user characteristics, as well as trust influence the intention to invest in a crowdfunding project Main results: - The current state of crowdfunding in both EU and Russia is analyzed; - The most common investment behavioral patterns are reviewed; - Motivation factors influencing participation decision in crowdfunding and grouped in different theories are observed; - Several conceptual models relying on the observed motivational theories and consisting of a combination of crowdfunding motivational drivers are built; - Managerial implications of the results of regression analysis are proposed.