How different are crowdfunders? Examining archetypes of crowdfunders

• Main Authors: Lin, Yan, Boh, Wai Fong
• Other Authors: Nanyang Business School
• Format: Article
• Language: English
• Published: 2021
• Subjects: Business::General; Crowdfunding; Single Platform
• Online Access: https://hdl.handle.net/10356/151583
• Institution: Nanyang Technological University

We unpack the complexities of the crowdfunder community by identifying different archetypes of crowdfunders funding technology projects on Kickstarter.com. Drawing on the extant literature on innovation adoption and opinion leadership, we propose two dimensions of crowdfunders that capture the heterogeneity in crowdfundersʼ behavior: opinion leadership and interest specialization of crowdfunders. Using a set of variables representing these two dimensions, our analysis revealed five distinct archetypes of crowdfunders: the Vocal Actives, the Silent Actives, the Focused Enthusiasts, the Trend Followers, and the Star Seekers, who each adopted distinct crowdfunding strategies. We established external and criterion-related validity of the cluster solutions in multiple ways. Our results suggest that the composition of crowdfunders is complex, even within a single platform.