Collective Action and the Financing of Innovation: Evidence from Crowdfunding

13 Pages Posted: 16 Jun 2014

See all articles by Sean Carr

Sean Carr

University of Virginia - Darden School of Business

Date Written: May 18, 2013

Abstract

The emergent phenomenon of crowdfunding, whereby large groups of individuals act collectively to support creative and entrepreneurial endeavors, suggests an alternate model for the financing of innovation. Drawing from extensive field interviews and unique hand-collected datasets of crowdfunding campaigns, this dissertation explored the following question: Under what conditions and through what mechanisms do voluntary contributors freely support private enterprise in the absence of conventional financial incentives? The results of this study revealed the significance of relational factors in the funding outcomes for crowdfunded projects, thereby advancing our understanding of social influence in the context of innovation and entrepreneurial finance.

Keywords: Crowdfunding, Collective Action, Entrepreneurial Finance, Innovation

JEL Classification: D70, O31, M13

Suggested Citation

Carr, Sean, Collective Action and the Financing of Innovation: Evidence from Crowdfunding (May 18, 2013). Darden Business School Working Paper No. 2450510, Available at SSRN: https://ssrn.com/abstract=2450510 or http://dx.doi.org/10.2139/ssrn.2450510

Sean Carr (Contact Author)

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-4812 (Phone)

HOME PAGE: http://www.batteninstitute.org

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