Beyond Money: Unlocking the Psychological Drivers Behind Crowdfunding Contributions
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Abstract
Crowdfunding has changed the way entrepreneurs get money, but we still don't know much about the psychological reasons behind contributor behavior. This study uses cognitive mapping and MICMAC structural analysis to look into the non-financial reasons why people use crowdfunding platforms. We used data from 32 industry experts to find three main types of motivation: (1) instrumental motivation (making emotional connections and expressing one's identity), (2) efficacy motivation (helping others and building skills), and (3) quality assurance motivation (project credibility and reward expectations). Our research shows that instrumental factors are the main drivers, while efficacy and quality assurance act as moderators that increase funding engagement. These results go against traditional economic models by showing that identity alignment and perceived impact are more important than money alone. We give practitioners useful information to improve campaign design by leveraging motivational psychology.
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