A hierarchical structure model of success factors for (blockchain-based) crowdfunding
Blockchain-based crowdfunding is an emerging economic phenomenon and a state-of-the-art strategy to finance ventures. The number of blockchain-based crowdfunding campaigns has increased drastically in the last few years. However, there is a lack of understanding of the success factors of such campaigns that would enable new ventures or entrepreneurs to design their blockchain-based fundraising initiatives properly and facilitate potential investors to seek main signals and drivers of outstanding projects. To fill the knowledge gap, we investigated what the success factors are for blockchain-based crowdfunding campaign and how they are related to each other in this chapter. We have applied a mixed-method approach, including an analysis of three key evaluation websites of blockchain-based crowdfunding campaigns and construction of an interpretive structural model based on experts’ knowledge. The results of the study are a list of success factors of blockchain-based crowdfunding campaigns from both literature and practice and a hierarchical model of the relationships among these factors. The contribution of our study is a more extensive and structured understanding of what can lead to the success of blockchain-based crowdfunding campaigns.