Edited by Russell W. Belk, Giana M. Eckhardt and Fleura Bardhi
Chapter 13: Crowdfunding the development of new products and services
Crowdfunding is an important part of the sharing economy, which involves products and services before they are created and brought to the market. This focus on the earliest stages of value creation makes crowdfunding and its participants unique compared with other forms of sharing activities in which actors exchange or obtain access to actual possessions. The role of crowdfunders is of particular interest, as they act not only as financial contributors to the development of new products but also as consumers who make the earliest decisions to adopt or reject innovations. In this chapter, the authors present crowdfunders as a separate adopter category and discuss their characteristics. They also suggest how the innovation-decision process of crowdfunders, given the unique nature of crowdfunding, differs from the way in which other adopter categories make their decision about the acceptance or rejection of innovations. Finally, they discuss how the heterogeneity of crowdfunders and the specifics of their decision making may influence the crowdfunding process. Through this, they indicate the areas that deserve the special attention of founders and platform organizations seeking to improve communication and build mutually beneficial relationships among crowdfunding participants.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.