Short answer
Design and market strategies for crowdfunding platforms must holistically address the technological, environmental, and individual aspects that influence entrepreneurial adoption.
- Field
- Innovation & Markets
- Source
- Wayamba Journal of Management (2023)
- Method
- Literature Review
- Evidence
- Moderate effect
Entrepreneurs' intention to adopt crowdfunding platforms is significantly influenced by a combination of technological attributes, the surrounding business environment, and personal characteristics. This innovation & markets research insight is drawn from a 2023 study published in Wayamba Journal of Management. Using Literature review, researchers explored how this design variable affects real-world outcomes. The key design takeaway: Design and market strategies for crowdfunding platforms must holistically address the technological, environmental, and individual aspects that influence entrepreneurial adoption.
Entrepreneurial Crowdfunding Adoption Driven by Technology, Environment, and Individual Factors
Entrepreneurs' intention to adopt crowdfunding platforms is significantly influenced by a combination of technological attributes, the surrounding business environment, and personal characteristics.
Wayamba Journal of Management · 2023
Key Findings
- 01Technological factors influence user acceptance of crowdfunding.
- 02Environmental factors play a role in entrepreneurs' intention to use crowdfunding.
- 03Individual factors are significant determinants of crowdfunding adoption by entrepreneurs.
Application
Design takeaway
Design and market strategies for crowdfunding platforms must holistically address the technological, environmental, and individual aspects that influence entrepreneurial adoption.
How to apply
When designing a new crowdfunding platform or a service to support entrepreneurs, consider how to optimize the technology, create a supportive ecosystem, and appeal to the specific motivations and characteristics of target entrepreneurs.
Project actions
- 01When researching a new technology for a design project, consider how its features, the market it's entering, and the end-user's background will affect its adoption.
- 02Use literature reviews to build conceptual models that explain user behavior.
Method & Evidence
Variables
Strengths & Limitations
Strengths
- +Integrates two key theoretical models (UTAUT and entrepreneurial intention).
- +Provides a structured conceptual framework for future research.
Limitations
A literature review cannot capture the nuances of real-world adoption challenges without empirical data.
Reliability & validity
The reliability and validity of the proposed conceptual model would need to be established through empirical testing with a representative sample of entrepreneurs.
Think critically
How might the relative importance of technological, environmental, and individual factors vary across different types of entrepreneurial ventures or different stages of business development?
Design Principles
"Holistic adoption drivers: Design and market new technologies by considering the interplay of technological features, contextual influences, and user characteristics."
Understanding these drivers is crucial for designers and strategists developing crowdfunding platforms or supporting entrepreneurial ventures. By tailoring platform features and support systems to address these factors, businesses can increase the likelihood of successful adoption and utilization by entrepreneurs.
What This Means for Your Design
To get entrepreneurs to use crowdfunding, make the technology easy to use, ensure the business environment is supportive, and consider what motivates individual entrepreneurs.
How to use in your project
- 1.Use the conceptual model as a basis for identifying potential variables to investigate in your own design project, especially if it involves technology adoption or market entry.
Add to My Project
Quick Cite
Paragraph starter
This research highlights that entrepreneurial adoption of new technologies, such as crowdfunding, is not solely dependent on the technology's features but is also significantly influenced by the surrounding business environment and individual entrepreneurial characteristics. This suggests that for successful product launches, designers must consider a holistic approach that addresses technological usability, market support structures, and the specific needs and motivations of the target user group.
Source
Wayamba Journal of Management
Entrepreneurs’ Intention to Use Crowdfunding: Towards a Conceptual Framework of Technology Acceptance and Entrepreneurial Intention
journal · 2023
View sourceQuestions About This Research
- What does the research say about entrepreneurial crowdfunding adoption driven by technology, environment, and individual factors?
- Design and market strategies for crowdfunding platforms must holistically address the technological, environmental, and individual aspects that influence entrepreneurial adoption. Evidence: Wayamba Journal of Management (2023).
- Why does "Entrepreneurial Crowdfunding Adoption Driven by Technology, Environment, and Individual Factors" matter for design?
- Understanding these drivers is crucial for designers and strategists developing crowdfunding platforms or supporting entrepreneurial ventures. By tailoring platform features and support systems to address these factors, businesses can increase the likelihood of successful adoption and utilization by entrepreneurs.
- How can designers apply this research?
- Design and market strategies for crowdfunding platforms must holistically address the technological, environmental, and individual aspects that influence entrepreneurial adoption.
- What were the main findings?
- Technological factors influence user acceptance of crowdfunding.. Environmental factors play a role in entrepreneurs' intention to use crowdfunding.. Individual factors are significant determinants of crowdfunding adoption by entrepreneurs.
- What research method was used?
- Literature Review.
- How strong is the evidence?
- Evidence strength is rated Moderate effect, based on a 2023 journal from Wayamba Journal of Management.
- What should I do differently in my next project?
- When designing a new crowdfunding platform or a service to support entrepreneurs, consider how to optimize the technology, create a supportive ecosystem, and appeal to the specific motivations and characteristics of target entrepreneurs.
- What are the limitations?
- The proposed model is conceptual and requires empirical testing through field research.