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

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.