ABSTRACT
In our time, the worldwide crowdfunding market has grown exponentially from a $2 billion market in 2012, to $6 billion in 2013, $16 billion in 2014, and $34 billion in 2015 (Massolution, 2015). According to World Bank’s estimate, it is expected to reach $93 billion in 2025 (infoDev and The World Bank, 2013). Regarding its global spread, crowdfunding has not only emerged in many developed countries but it also shares the same popularity in various developing countries as well, such as Vietnam (Bui, 2017), Zimbabwe (Munyanyi and Mapfumo, 2016) and India (Angle, 2017). According to one collection of statistics revealed by a Chinese crowdfunding website, Zhongchou, there have been 15,073 campaigns backed by 802,308 backers in which the total amount of contributions was equivalent to about $171,753,514 by 2014 (Yuan et al., 2016).
