Equity crowdfunding (ECF) can be an alternative to meet the funding needs of SMEs. ECF provides an opportunity for investor to periodically receive dividend from business profits, ECF may cause total loss of investment fund and big possibility of asymmetry information. This study aims to determine the effect of motivation, deterrents, trust and risk on Indonesian people's decisions to invest in ECF. This study uses a quantitative method to collect 154 respondents who have account in an ECF platform that is licensed by the OJK. The sample taken using convenience sampling method due to limited resources. The research uses partial least squares (PLS)-SEM analysis and SmartPLS program in measuring data and model structures. The results showed that motivation and deterrents had an effect on trust and trust influence Indonesian people to participate in ECF. The perceived risk is not proven to negatively influence the Indonesian people to participate in ECF. Keywords: deterrents; equity crowdfunding; motivation; risk; trust.