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Success Factors of Crowdfunding Campaigns in Medical Research: Perceptions and Reality

Author

Listed:
  • Aleksina, Anna
  • Akulenka, Stanislau
  • Lublóy, Ágnes

Abstract

Crowdfunding in medical research is becoming more popular due to the shrinking and increasingly competitive government funding. In order to inform researchers applying for this complementary source of research funding, we investigate the determinants of successful crowdfunding campaigns in medical research. We find that establishing and maintaining professional contacts through social media is of major importance for successful crowdfunding campaigns; an additional tweet or retweet significantly increases the success of crowdfunding campaigns. In contrast to the stated preferences of prospective donors, we document that crowdfunding campaigns might achieve their fundraising goal regardless of the disease characteristics. Scientists thus may ask funding for any kind of project, including therapies for rare diseases and diseases with lower mortality rate.

Suggested Citation

  • Aleksina, Anna & Akulenka, Stanislau & Lublóy, Ágnes, 2019. "Success Factors of Crowdfunding Campaigns in Medical Research: Perceptions and Reality," Corvinus Economics Working Papers (CEWP) 2019/07, Corvinus University of Budapest.
    • Handle: RePEc:cvh:coecwp:2019/07
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    File URL: https://unipub.lib.uni-corvinus.hu/4130/
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    Citations

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    Cited by:

    1. Feng Chen & Jian Ding & Mochou Li & Bingqing Wang, 2021. "From self‐entertainment to being appreciated: how does social media transfer talent to business?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 6113-6146, December.
    2. Edgar Cambaza, 2023. "The Role of FinTech in Sustainable Healthcare Development in Sub-Saharan Africa: A Narrative Review," FinTech, MDPI, vol. 2(3), pages 1-17, July.

    More about this item

    Keywords

    crowdfunding; medical research; stated preferences; revealed preferences; disease characteristics;
    All these keywords.

    JEL classification:

    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • I19 - Health, Education, and Welfare - - Health - - - Other
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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