There are three parties in a crowdfunding transaction, and each party has its own motives and expectations for taking part in crowdfunding. The three parties are:
- the backer
- the project creator
- the online intermediary crowdfunding platform, such as Kickstarter
It is very important to understand the type of relationship between a backer and the project creator, as well as the relationship between a backer and the crowdfunding platform. The type of relationship is influenced by the motives displayed by each party, as well as the expectations each party has on each other. This extends to how each party would label the transaction and interaction between the platform, the project creator and backer.
Because of the nature of the crowdfunding, there are strong psychological aspects inherent in the crowdfunding process. These aspects can be grouped together and called behavioural crowdfunding, and, as backers, we need to be acutely aware of how these psychological aspects impacts and influences us during a campaign.
The key articles in this section are:
- What do I expect as a backer for your project?
- Motives of a project creator
- Motives of the crowdfunding platform