Eine Analyse von Investmententscheidungen bei Crowdfunding-ProjektenAn analysis of investment decisions in crowdfunding projects
Crowdfunding is gaining importance as an interesting option for financing of start-ups, not only in Germany, but also in other countries. In this context, the question arises which factors determine individual crowdfunding investment decisions, which is also the research subject of this article. To answer this question, two hypothetical case examples of German start-ups were used to create a questionnaire of individual crowdfunding investment decisions. Based on the conceptual model of rational and emotional factors, the quantitative study contains 221 responses. The results show that the product plays an important role in investment decisions, especially when it comes to gender differences. Moreover, personal relationships to the start-up positively influence the investment decision. Limitations as well as implications and further research suggestions are discussed.
Zfke - Zeitschrift Fur Kmu Und Entrepreneurship, 2014, Vol 62, Issue 1, p. 31-55