Author(s): Somboon Prasobpiboon, Roongkiat Ratanabanchuen, Achara Chandrachai, Sipat Triukose
Crowdfunding is an emerging innovative financing option for project fundraising using the Internet platform to draw on relatively small contributions from the crowd. New entrepreneurs who have creative ideas normally face difficulties in project financing from traditional sources of funds like bank loans because of the risky nature of new creative projects from entrepreneurs and because they have no collateral assets to pledge for credit facilities from banks. This research started from the beginning of an exploration into the crowdfunding context through a qualitative approach. The purpose of this study was to highlight key determinants of success in a crowdfunding project. The research data was collected, through semi-structured interview, from five entrepreneurs and six backers who had experience in crowdfunding. Using the previous literature as a foundation and responses from interviews, the findings demonstrate that there are five aspects consisting of entrepreneurial, multimedia usage, communication, project and campaign aspects for entrepreneurs to focus on during their planning and preparation for a crowdfunding project. This outcome offers a preliminary foundation in the context of crowdfunding that can be utilized as the guide to effectively design crowdfunding campaigns and strategies for entrepreneurs who may be considering utilizing crowdfunding for their project fundraising.