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Choosing the Crowd: A Qualitative Study on Entrepreneurial Model Selection in Crowdfunding
Aslan, Ephrem (2025) Choosing the Crowd: A Qualitative Study on Entrepreneurial Model Selection in Crowdfunding.
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| Abstract: | Crowdfunding is becoming an increasingly popular method of financing, especially for early-stage ventures as they struggle to obtain funding through bank loans or venture capital. Although the popularity of crowdfunding has increased, we identified that existing literature focuses primarily on the outcomes of crowdfunding campaigns, rather than on the decision-making process that precedes them. Particularly, the choice between reward-based, equity-based, and lending-based crowdfunding models. This thesis looks at what motivates entrepreneurs to select a specific crowdfunding model, focusing on the precampaign phase. Qualitative research in the form of 10 semi-structured interviews has been conducted. The participants included are entrepreneurs, experts, and investors. In order to analyze the data from the interviews, the thematic analysis from Bruan & Clarke (2006) will be used. The five core themes are: Motivations behind crowdfunding, model choice and decision-making, trust and public perception, contextual factors, and reflections & lessons. The findings reveal that entrepreneurs view crowdfunding as more than just a financing tool. But also perceive it as a strategic step to validate ideas, build a customer base, and increase market visibility. Model selection is shaped by a combination of strategic, contextual, and reputational factors. Some entrepreneurs even rejected crowdfunding a concern that it reputation damage. These insights show that model choice is not made in isolation, but the result of a broader alignment of entrepreneurial behaviour in early-stage financing and highlight the importance of tailored guidance in the model selection process. |
| Item Type: | Essay (Bachelor) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Programme: | International Business Administration BSc (50952) |
| Link to this item: | https://purl.utwente.nl/essays/106761 |
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