Two acts, one stage: Crowdfunding and the power of self-presentation in times of crisis
Article Date: 2025
Article URL: https://www.tandfonline.com/doi/full/10.1080/00472778.2025.2567661?af=R
Article Image: https://www.tandfonline.com/cms/asset/dcd0d692-ad89-471d-ae89-c662a9090b80/ujbm_a_2567661_f0001_b.gif
Summary
This paper examines how the COVID-19 pandemic introduced a functional split in reward-based crowdfunding: traditional value-driven campaigns (aimed at creating new products or experiences) now share the platform stage with survival-driven campaigns (launched to keep existing businesses afloat). Using 3,477 Startnext campaigns from March 2020–February 2022 and drawing on impression management theory, the authors show that survival-driven campaigns generally attract more backer support. Crucially, self-presentation strategies matter: self-promotion (e.g. All-or-Nothing funding model, positive emotional language) helps value-driven campaigns but can harm survival-driven ones; supplication (negative emotional language) boosts survival-driven campaigns but reduces appeal for value-driven campaigns. The study offers actionable guidance for campaign creators and platform design to better align messaging with campaign purpose.
Key Points
- Survival-driven campaigns (urgent need to preserve operations) attracted more backers and funding than value-driven campaigns during the pandemic period on Startnext.
- Impression management (how campaigns present themselves) significantly moderates campaign success in mixed-purpose environments.
- Choosing All-or-Nothing (AON) funding signals commitment and increases support for both campaign types, but is especially important for value-driven campaigns.
- Positive emotional language and other self-promotion tactics help value-driven campaigns by lowering perceived risk, but they can undermine the urgency and credibility of survival-driven appeals.
- Negative emotional language (supplication) strengthens survival-driven campaigns by emphasising need and impact, yet it damages value-driven campaign credibility.
- Practical takeaway: match tone and funding model to functional purpose—self-promote for aspirational projects, supplicate (carefully) for survival appeals.
Content summary
The authors manually coded 3,477 Startnext campaigns launched during the pandemic and measured backer support via number of backers and total funding (log-transformed). They tested how campaign type (value vs survival) interacted with three impression management techniques: funding model (AON vs KIA), positive emotional language, and negative emotional language (LIWC measures).
Key empirical findings: value-driven campaigns received less backer support overall, but selecting AON narrowed that gap. Positive emotional language increased support for value-driven campaigns yet reduced support for survival-driven campaigns. Conversely, negative emotional language improved survival-driven campaign outcomes while harming value-driven ones. Results held under robustness checks including subsamples and alternative outcome measures.
Context and relevance
Why this matters: crowdfunding platforms are not just launchpads for new ideas anymore — they also became emergency lifelines during the pandemic. That functional mix creates new competitive dynamics and requires different communication strategies. The findings are relevant to campaign creators, platform designers and policymakers interested in crisis-adaptive finance, as they show that the same impression-management ‘tools’ can have opposite effects depending on a campaign’s functional purpose.
Why should I read this?
Short version: if you run or advise crowdfunding campaigns (or design platforms), this paper tells you exactly how to tweak message tone and funding setup to get more support. It’s practical, backed by a big dataset, and saves you trial-and-error in a crowded, crisis-prone market.
Author style
Punchy — the paper combines clear theorising with direct, usable recommendations. If you care about crowdfunding strategy or platform policy, the results are worth diving into in full.
Source
Source: https://www.tandfonline.com/doi/full/10.1080/00472778.2025.2567661?af=R