You've seen it online: crowdfunding for just about any purpose you can imagine. From artists trying to fund a project to individuals trying to pay a difficult health care bill, thousands have used sites like Go Fund Me to reach a financial goal. Globally, crowdfunding is $1.1 billion dollar market, with average campaigns reaching $8K USD. In the case of social entrepreneurs, however, crowdfunding projects that address a social issue take longer to reach their financial target.
, a team, including USC Marshall School of Business Professor Jill Kickul, identified strategies to incentivize individuals to more readily contribute to social impact projects through crowdfunding.
Studies have shown that material rewards and incentives—such as money, perks or gifts—might not work for activities such as donating or volunteering for charitable causes. But the emotional state achieved by contributing to athat helps others is paramount. As important is a state of mind called prosocial motivation—essentially the more empathetic a person feels, the more likely they are to contribute to the well-being or benefit of others, the researchers said.
While material rewards won't be a primary motivator in these situations, the researchers say inexpensive rewards like thank you gifts that align with a social or environmental cause could be valued by specific contributors. Other types of material rewards might repel those who find the rewards as unaligned in values or too expensive to come from a charitable donation.
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