Corvinus
Corvinus

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

Aleksina, Anna and Akulenka, Stanislau and Lublóy, Ágnes (2019) Success Factors of Crowdfunding Campaigns in Medical Research: Perceptions and Reality. Working Paper. Corvinus University of Budapest Faculty of Economics, Budapest.

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Official URL: https://doi.org/10.1016/j.drudis.2019.05.012

A revised version of this paper has been published in Drug Discovery Today: Anna Aleksina, Stanislau Akulenka, Ágnes Lublóy. (2019). Success factors of crowdfunding campaigns in medical research: perceptions and reality. Drug Discovery Today, 24(7): 1413-1420. doi: https://doi.org/10.1016/j.drudis.2019.05.012

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.

Item Type:Monograph (Working Paper)
Series Name:Corvinus Economics Working Papers - CEWP
Series Number / Identification Number:2019/07
Uncontrolled Keywords:crowdfunding, medical research, stated preferences, revealed preferences, disease characteristics
JEL classification:L65 - Chemicals, Rubber, Drugs, Biotechnology, Plastics
H51 - National Government Expenditures and Health
I19 - Health: Other
O31 - Innovation and Invention: Processes and Incentives
Subjects:Finance
Social welfare, insurance, health care
ID Code:4130
Deposited By: Veronika Vitéz
Deposited On:03 Jul 2019 09:06
Last Modified:03 Jul 2019 09:32

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