Abstract
Crowdfunding is a customer participation activity on an online platform that takes the form of financial support for a target project. Despite its importance in both research and practice, the nature of a crowdfunding platform and its effect on business and society are not fully understood. Therefore, in this study, we intend to develop a conceptual model of the crowdfunding process to understand its nature and to uncover the dynamics among the creators, projects, and sponsors of the crowdfunding platform. Based on the two-sided membership platform (TSMP) framework, we develop the Crowdfunding Participation Model (CPM) to represent how creators and sponsors are linked through projects on a crowdfunding platform. We use the CPM to propose a research model that links creator motivations, project characteristics, sponsor motivations, and funding behavior. Additionally, we empirically validate the relationships by combining survey data from the creators and sponsors of a crowdfunding platform and diverse transaction data. The results of the analysis enable us to determine the important variables, relationships, and paths in the CPM.
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