We employ the Attraction-Selection-Attribution perspective to examine the effect of gender on crowdfunding. Based on the gender of both project founders and backers, we propose two types of fit, superficial and characteristic. Further, based on characteristic fit, we develop a typology of crowdfunding attractions (shown below). We then further classify gender-related funding into four categories: traditional, personal, physical, and contemporary. In addition, we identify the characteristics that are an ideal fit for each category.

What we found

The results of the data analysis show that the four types of fit share some commonalities but also are unique in the factors that lead to crowdfunding success. Our findings suggest that similarity positively affects funding intention for all crowdfunding founders. Our results also show that different factors drive different gender interactions. For example, for a traditional fit, agentic characteristics such as expertise play an important role in funding intention (Davis et al., 2021), while, for a contemporary fit, communal attributes such as warmth and friendliness can influence funding intention. The findings are interesting because our research shifts the scholarly debate from simple gender fit to a more refined characteristic fit.

Why it is important

This research reconciles the inconsistent findings among previous studies on gender and crowdfunding. Rather than debating which gender benefits more from crowdfunding, we approach gender issues in crowdfunding by examining how superficial fit and characteristic fit can influence the funding intention.

Actionable takeaways

By presenting the specific factors that lead to funding success under each fit type, this paper provides practical guidance for founders to better prepare their crowdfunding projects, which may lead to more effective communication between founders and backers using crowdfunding platforms:

1. Male founders should build their expertise to attract male backers.
2. Male founders should increase their trustworthiness to attract female backers.
3. Female founders should pay attention to their physical appearance if they want to attract more male backers.
4. Female founders should show more warmth and friendliness to attract female backers.
5. Most importantly, founders should try their best to connect with backers similar to themselves. The more similarities there are between the founder and the backer, the more likely the backer will back the project, and the more successful the crowdfunding campaign will be.

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Authors Bio

Yuanqing Li is an Assistant Professor of Entrepreneurship at Dominican University. She graduated with Ph.D. in Business Administration (Entrepreneurship Concentration) from the University of Texas Rio Grande Valley. Her research interests include crowdfunding, cross-cultural communication, and organizational behaviors.

Sui Sui is an Associate Professor of Global Management Studies at Toronto Metropolitan University (formerly Ryerson University). She graduated with Ph.D. in Economics from Carleton University. Her research focuses on understanding the internationalization of small businesses and entrepreneurs.

Sibin Wu is a Professor of Management at the University of Texas Rio Grande Valley. He earned his Ph.D. from the University of Wisconsin-Milwaukee School of Business Administration. His current research interests include crowdfunding, strategic decision making, and international entrepreneurship.