Analysing the Factors Influencing Funding Intentions in Crowdfunding: A Scale Development Approach

Crowdfunding (CF) has grown in popularity over the last decade, as has research in the field. The existing literature on CF has identified various elements of a CF campaign as factors influencing the funding outcome. However, the viewpoint of the funders about the campaign elements has not yet been investigated. Therefore, the objective of the study is to analyze the different factors based on campaign elements that affect funders' intentions to contribute. The study adopts a two-step research approach, which involves developing a scale based on the guidelines of Churchill (J Mark Res 16(1):64–73. https://doi.org/10.1177/002224377901600110, 1979) to conceptualize the different elements into well-structured factors and assess the impact of these factors on funding intentions. For assessing the influence of the conceptualized factors on the funding intentions, the study proposed a conceptual framework based on an elaboration likelihood model that reveals which factors effectively persuade the funders to fund a campaign. The research focuses on the Indian crowdfunders. The findings lead to clubbing different elements into five factors, out of which, visual cues, Social Media (SM), and rewards have a positive impact on funding intentions. The study has theoretical and strategic implications along with avenues for future research. The findings offer certain key points that can help the campaign creators as well as the CF platforms in developing an effective fundraising campaign.