Graduation Year


Document Type




Degree Granting Department

Business Administration

Major Professor

Paul Spector, Ph.D.

Co-Major Professor

Alan Hevner, Ph.D.

Committee Member

Joann Quinn, Ph.D.

Committee Member

Robert Hammond, DBA


entrepreneurship, design science, investment decision-making, regulation a+, regulation cf


Crowdfunding is an increasingly popular method for entrepreneurial ventures to raise financing from a large number of small supporters (the “crowd”) instead of raising it through a small number of larger supporters. Crowdfunding is normally conducted through online platforms such as Kickstarter and Indiegogo, where the entrepreneurial venture runs a campaign directly seeking support from individual funders. Most of the research into crowdfunding to date has been focused on what elements of the crowdfunding campaign lead to eventual successful funding, especially in the rewards-based crowdfunding space. The comparatively new equity-based crowdfunding has not been as heavily researched and is technically closer to venture capital investment than the more common rewards-based crowdfunding. In this dissertation, I focused on the characteristics that motivate individual investors to engage in equity-based crowdfunding and that inform how they choose which campaigns to support. This was done following Elaborated Action Design Research (eADR), including the creation of a conceptual model and the testing of the model through a survey of equity-based crowdfunding participants. The created artifact was then used in the guidance of an equity-based crowdfunding campaign with analysis of a case study. This study contributes to the understanding of the motivations and influences of equity-based crowdfunding investors. This research empowers practitioners in the crowdfunding space to leverage investor motivations effectively and strategically, ultimately contributing to more impactful and successful crowdfunding endeavors.