Crowdfunding campaign and design guide

Abstract

Crowdfunding is a novel method for funding a variety of ventures, allowing individual founders of for-profit, cultural, or social projects to request funding from many individuals, often in return for future products or equity. This study aimed at exploring the current process of crowdfunding, and its challenges so as to determine effective ways of improving it. We conducted two interviews and administered online questionnaires from which we were able to obtain 202 respondents. We used the convenience sampling technique to select participants for the study. The interviews were aimed at obtaining an in-depth understanding of crowdfunding activities and procedures. The questionnaire sought information including the respondent’s knowledge about crowdfunding, their funding history, circumstances for having information about the fundraiser, and opinions about the relevance of crowdfunding. The data collected was coded and analyzed using the Python programming language. The results showed that 63.7% of people know about crowdfunding, 65.8% have never contributed to a crowdfunding campaign, and 95.1% preferred to have information about the fundraiser prior to funding. We recommend that start-ups and individuals embrace crowdfunding as the basis for adequate funding of projects and different campaigns.