Crowdfunding in the financing of innovative entrepreneurship: A study on investor motivation of equity-based crowdfunding

The aim of this study is to reveal how the internal and external motivation factors play a role in the decision-making processes of investors involved in equity-based crowdfunding projects in Turkey, which is one of the developing countries. It is aimed to determine the relationship between the dependent and independent variables determined with the statistical analysis of the obtained data and the investment rate of the crowdfunding investor. With the findings obtained in this study, the previous investment experiences of equity-based crowdfunding investors, their expectations from crowdfunding projects and their motivating factors are determined and a contribution is made to the literature. The data subject to the research were obtained by reaching the active investors in the fonbulucu, which is the first platform actively working for equity-based crowdfunding in Turkey. Aes/Aesthetics factor with the aesthetic appeal of all kinds of promotional activities related to the venture (project) in investment decisions, Nov/Novelty factor with investing in an innovative and original project, in addition, it has been analyzed that investment is made with the effect of Com/Community factor by being included in a community that has an innovative perspective and a vision for the future while participating in this funding process. It can be stated that male investors give more importance to financial factors than female investors. It has been analyzed that investors who have previously invested in BIST expect to obtain more financial returns. It can be said that the confidence in the use of funds affects the investment decision of the investors. These platforms and funding types will offer alternative opportunities to entrepreneurs who want to realize their business idea in developing countries such as Turkey. With equity-based crowdfunding, financing will spread, and it will be one of the driving forces that solve the problem of finding finance in developing countries.