Israeli Crowdfunding: A Reflection of Its Entrepreneurial Culture

Efrat, Kalanit; Gilboa, Shaked; Berliner, Daniel

doi:10.1007/978-3-030-46309-0_15

Cited by 5 publications

(10 citation statements)

References 19 publications

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“…Moreover, the results confirm H4, implying that crowdfunding participation that is motivated by the desire to fulfill personal values is associated with a sense of meaning in life ( B = 0.3, SE = 0.08, p < 0.01). The quantitative support for H3 and H4 is in line with recent qualitative studies that analyze the linkage between supporting RBCF and DNCF and backers' reported well-being (Efrat et al , 2020a, b, c; Sherman and Axelrad, 2021), however, our results reject H5, as contrary to previous studies (Efrat et al , 2020a, b, c; Sherman and Axelrad, 2021), the quantitative investigation did not support the notion that social intrinsic motivation, as manifested by concepts such as “helping others to fulfill their dreams” (Efrat et al. , 2020a, b and c), is associates with backers' SWB.…”

Section: Resultssupporting

confidence: 85%

“…we found no empirical support for the association between the backing experience and global life evaluation or happiness as expressed by positive feelings. The findings that contradict those of previous qualitative studies (Agrawal et al , 2014; Bretschneider and Leimeister, 2017; Efrat et al , 2020a, b, c; Sherman and Axelrad, 2021) may be explained by the nature of retrospective assessments of individual feelings. When interviewing participants about their subjective RBCF and DBCF experience, their mind is focused on this specific experience.…”

Section: Discussioncontrasting

confidence: 84%

“…This firm has a pool of registered individuals, who are willing to participate in various surveys for a small monetary reward. Efrat et al (2020a) [6] suggest that “the drivers of the Israeli crowdfunding are strongly associated with the country's entrepreneurship ecosystem. Israel has been an entrepreneurship leader for most of the last three decades” (p. 342).…”

Section: Methodsmentioning

confidence: 99%

“…Sherman and Axelrad (2021) suggest that Seligman's (2011) theory of well-being, which consists of five elements (positive feelings, engagement, relationships, meaning and accomplishment), can explain backers' funding behavior and their tendency to turn into serial RBCF and DBCF funders. In a similar context, Efrat et al. (2020a, b and c) draw a model showing that entrepreneurs and backers develop different aspects of well-being during different RBCF and DBCF stages.…”

Section: Introductionmentioning

confidence: 99%

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A quantitative study on crowdfunders' motivations, their sense of meaning and social welfare

Sherman

Axelrad

2021

IJEBR

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PurposeIn recent years, crowdfunding has developed as a new fundraising alternative. Yet, the effects of the backing experience in reward and donation-based crowdfunding (DBCF) on well-being were researched only through qualitative practices. The current study offers a novel quantitative inquiry of the association between backing motivation and backers' well-being.Design/methodology/approachThe study is based on a uniform questionnaire distributed among 700 Israeli adults, which included questions about backing experience, sense of meaning and social welfare.FindingsThe results indicate that only intrinsic backing motivation is associated with the sense of meaning in life. Non-investment crowdfunding offers a platform for people who are intrinsically motivated to increase their sense of meaning in life. Moreover, the authors find that the tendency to back further projects is associated with backers' sense of meaning in life.Social implicationsThe findings can promote a better matching between backers' desire for living the good life and entrepreneurs' desire to reach their funding targets. Social welfare implications are discussed.Originality/valueThe linkage between backers' well-being and crowdfunding has not been explored in quantitative studies. Hence, the study offers a novel approach and some new insights on this linkage.

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Section: Resultssupporting

confidence: 85%

Section: Discussioncontrasting

confidence: 84%

Section: Methodsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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A quantitative study on crowdfunders' motivations, their sense of meaning and social welfare

Sherman

Axelrad

2021

IJEBR

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“…Second, Israel's culture is characterized by a high degree of solidarity (Weiss, 2003), manifested in the desire to assist each other and support crowdfunding campaigns. Third, its community-based social networks (Efrat et al , 2020c) facilitate access to relevant interviewees.…”

Section: Methodsmentioning

confidence: 99%

The emergence of well-being in crowdfunding: a study of entrepreneurs and backers of reward and donation campaigns

Efrat

Gilboa

Wald

2020

IJEBR

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PurposeThe current study explores the emergence of well-being, a fundamental human goal, in the crowdfunding process by investigating entrepreneurs and backers' interactions within reward and donation campaigns.Design/methodology/approachThe study is based on interviews with 64 entrepreneurs and 50 backers of rewards and donation campaigns.FindingsThe analysis revealed that the crowdfunding experience triggers all three aspects of well-being––hedonic, eudaimonic and social––for both entrepreneurs and backers. These aspects emerged in the course of the campaign's life stages.Originality/valueThe study establishes well-being as a core aspect of entrepreneur–backer interaction and shows how entrepreneurs' well-being feeds back into backers' well-being and vice versa. Furthermore, it illustrates how well-being, in its various aspects, develops during the different stages of the crowdfunding process to facilitate a full well-being experience and a sense of accomplishment for both types of participants.

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Crowdfunding in times of crisis – the interplay of uncertainty and backers' well-being in small business rescue campaigns

Efrat

Gilboa

Wald

2023

BJM

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PurposeThe economic crisis triggered by the COVID-19 pandemic seriously jeopardized small businesses. To survive, many small businesses turned to their networks by launching crowdfunding “rescue” campaigns, which were very successful in eliciting both funding and community support. This study aims to explain this success from the backers' perspective by addressing support intentions in uncertain times. The authors examine backers' paradoxical behavior by investigating the influence of ambiguity aversion (individual uncertainty), business-level uncertainty and environmental uncertainty on backers' intentions to support small businesses and the interaction of uncertainty with backers' well-being.Design/methodology/approachSurvey data from 230 backers of small business rescue campaigns were analyzed using structural equation modeling.FindingsThe findings indicate that ambiguity aversion negatively dominates backers' support intentions. However, under the mediating effect of well-being, business-level and environmental uncertainties positively impact backers' intentions, whereas ambiguity aversion becomes non-significant.Originality/valueUncertainties are supposed to have a negative influence on individual well-being. By contrast, this study shows that backers' well-being is influenced by the context of the crowdfunding campaign. Uncertain conditions can provide value in addition to the benefits gained by backers from supporting crowdfunding campaigns.

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Israeli Crowdfunding: A Reflection of Its Entrepreneurial Culture

Cited by 5 publications

References 19 publications

A quantitative study on crowdfunders' motivations, their sense of meaning and social welfare

A quantitative study on crowdfunders' motivations, their sense of meaning and social welfare

The emergence of well-being in crowdfunding: a study of entrepreneurs and backers of reward and donation campaigns

Crowdfunding in times of crisis – the interplay of uncertainty and backers' well-being in small business rescue campaigns

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