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Equity Crowdfunding and the Online Investors’ Risk Perception: A Co-created List of Web Design Guidelines for Optimizing the User Experience

In: Managing Complexity

Author

Listed:
  • Sandrine Prom Tep

    (ESG, University of Quebec in Montréal)

  • Sylvain Sénécal

    (RBC Financial Group Chair of E-commerce, HEC Montréal)

  • François Courtemanche

    (Tech3lab, HEC Montreal)

  • Valerie Gohier

    (Imarklab)

Abstract

Equity crowdfunding is a new venue for businesses in search of investment money. It consists of funding within reach through dedicated online marketplaces, connecting angel investors and startups. It implies investment for partial ownership and is subject to securities and financial regulations. As the practices emerge, we need to better understand investors’ perception of the risk level associated with this type of investment. Our study evaluates how design and interface elements influence these perceptions. An experiment was conducted with potential investors (N = 30), who went through the investment process on a Web prototype mirroring Seedrs.com. Using eyetracking and facial emotion measures, cognitive attention processes were observed and triangulated with investors’ risk perception evaluations. The study identifies semantics and presentation sequence as prohibitive usability issues linked to risk perception.

Suggested Citation

  • Sandrine Prom Tep & Sylvain Sénécal & François Courtemanche & Valerie Gohier, 2017. "Equity Crowdfunding and the Online Investors’ Risk Perception: A Co-created List of Web Design Guidelines for Optimizing the User Experience," Springer Proceedings in Business and Economics, in: Jocelyn Bellemare & Serge Carrier & Kjeld Nielsen & Frank T. Piller (ed.), Managing Complexity, chapter 0, pages 301-311, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-29058-4_24
    DOI: 10.1007/978-3-319-29058-4_24
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    Cited by:

    1. Xiang Yuan & Luyao Wang & Xicheng Yin & Hongwei Wang, 2021. "How text sentiment moderates the impact of motivational cues on crowdfunding campaigns," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-26, December.

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