2020 | vol. 64, nr 1 | 89-100
Article title

Reward-based crowdfunding on the Polish market

Title variants
Crowdfunding bazujący na nagrodach na rynku polskim
Languages of publication
The conditions for the functioning of enterprises, organizations, communities or even individuals have been changing with each passing year. Crowdfunding can become a way to meet the financial needs of the above-mentioned entities, especially when it may be difficult to obtain capital in a different way. This is challenging the traditional boundaries in social and economic aspects that have existed for centuries between industry, the financial sector and the public. Crowdfunding can be considered not only in terms of finance, economics or law, but also in sociology and psychology. The decisions of participants in crowdfunding projects are not always economically and rationally justified. Researchers are trying to find some regularities in projects realized on crowdfunding platforms all over the world, measuring the social and economic impact of crowdfunding. It can be hypothesized that crowdfunding transactions in Poland are characterized by their strong concentration. This may indicate the immaturity and high randomness of the crowdfunding market. The aim of the article is to analyze the projects implemented on the largest crowdfunding platform based on rewards in Poland.
Warunki funkcjonowania przedsiębiorstw, organizacji, społeczności, a nawet osób prywatnych zmieniają się. Finansowanie społecznościowe może stać się sposobem na zaspokojenie potrzeb finansowych wymienionych podmiotów. Podważa ono tradycyjne, znane od wieków granice w aspektach społecznych i ekonomicznych między przemysłem, sektorem finansowym i społeczeństwem. Finansowanie społecznościowe można rozważać nie tylko w kategoriach finansów, ekonomii czy prawa, ale także socjologii i psychologii. Naukowcy starają się znaleźć prawidłowości w projektach realizowanych na platformach finansowania społecznościowego, mierząc ich społeczny i gospodarczy wpływ. Można postawić hipotezę, iż transakcje crowdfundingowe charakteryzują się silną koncentracją. Może to wskazywać na niedojrzałość i losowość rynku crowdfundingowego w Polsce. Celem artykułu jest analiza projektów realizowanych na największej w Polsce platformie crowdfundingowej opierającej się na nagrodach.
  • Agrawal, A., Catalini, C., and Goldfarb, A. (2011). Friends, family and the flat world: The geography of crowdfunding. National Bureau of Economic Research.
  • Allison, T., Davis, B., Short, J., and Webb, J., 2015. Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues. Entrepreneurship Theory and Practice, 39(1), 53-73.
  • Baumgardner, T., Neufeld, C., Huang, P., Sondhi, T., Carlos, F., and Talha, M. (2015). Crowdfunding as a fast-expanding market for the creation of capital and shared value. Retrieved May 18, 2019 from
  • Belleflamme, P., Lambert, T., and Schwienbacher, A. (2013). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585-609.
  • Bouncken, R. B., Komorek, M., and Kraus, S. (2015). Crowdfunding: The current state of research. International Business & Economics Research Journal, 14(3).
  • Colombo, M. G., Franzoni, C., and Rossi-Lamastra, C. (2015). Internal social capital and the attraction of early contributions in crowdfunding. Entrepreneurship Theory and Practice, 39(1), 75-100.
  • Crosetto, P., and Regner, T. (2018). It’s never too late: Funding dynamics and self pledges in reward- based crowdfunding. Research Policy, (8), 1463-1477.
  • Dresner, S. (2014). Crowdfunding. A guide to raising capital on the internet. John Wiley &Sons.
  • Dziuba, D. T., 2018. Crowdfunding platforms in invoice trading as alternative financial markets. Roczniki Kolegium Analiz Ekonomicznych, (49), 455-464.
  • European Commission. (2015). Crowdfunding: Mapping EU markets and events study.
  • Frydrych, D., Bock, A., Kinder, T., and Koeck, B., 2014. Exploring entrepreneurial legitimacy in reward-based crowdfunding. Venture Capital, 247-269.
  • Galuszka, P., and Brzozowska, B. (2017). Crowdfunding: Towards a redefinition of the artist’s role – the case of MegaTotal. International Journal of Cultural Studies, 20(1), 83-99.
  • Giudici, G., Nava, R., Lamastra, C. R., and Verecondo, C. (2012). Crowdfunding: The new frontier for financing entrepreneurship? (SSRN Working Paper 2157429).
  • Glaeser, E. L., and Shleifer, A. (2001). Not-for-profit entrepreneurs. Journal of Public Economics, 81(1), 99-115.
  • Howe, D. (2009). A brief introduction to social work theory. Red Glob Press.
  • Kraus, S., Richer, C., Brem, A., Cheng, C.-F., and Chang, M.-L. (2016). Strategies for reward-based crowdfunding campaigns. Journal of Innovation & Knowledge, 1(1), 13-23.
  • Kuti, M., Bedő, Z., Geiszl, D. (2017). Equity-based crowdfunding. Financial and Economic Review, 4, 187-200.
  • Larrea de, G. L., Altin, M., and Singh, D. (2019). Determinants of success of restaurant crowdfunding. International Journal of Hospitality Management, (78), 150-158.
  • Leimeister, J. M. (2012). Crowdsourcing. Crowdfunding, crowdvoting, crowdcreation. Controlling & Management, (56), 388-392. Retrieved May, 5, 2019 from
  • Manchanda, K., and Muralidharan, P. (2014). Crowdfunding: A new paradigm in start-up financing. Global Conference on Business and Finance Proceedings, 9(1), 369-372.
  • Massolution. (2013, 2015). The crowdfunding industry report.
  • Méric, J., Maque, I., and Brabet, J. (2016). International perspectives on crowdfunding: Positive, normative and critical theory. Emerald Group Publishing Limited.
  • Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, (1), 1-16.
  • Mollick, E., and Kuppuswamy, V. (2014). After the campaign: Outcomes of crowdfunding (UNC Kenan-Flagler Research Paper 2376997).
  • Morse, A. (2015). Peer-to-peer crowdfunding: Information and the potential for disruption in consumer lending. Annual Review of Financial Economics, 7(1), 463-482.
  • Ordanini, A., Miceli, L., Pizzetti, M., and Parasuraman, A. (2011). Crowd-funding: Transforming customers into investors through innovative service platforms. Journal of Service Management, (22), 443-470.
  • Petitjean, M. (2018). What explains the success of reward-based crowdfunding campaigns as they unfold? Evidence from the French crowdfunding platform KissKissBankBank. Finance Research Letters, 9-14.
  • Roma, P., Petruzzelli, A. M., and Perrone, G. (2017). From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors. Research Policy, (9), 1606-1628.
  • Ryu, S., and Kim, Y.-G. (2016). A typology of crowdfunding sponsors: Birds of a feather flock together. Electronic Commerce Research and Applications, (16), 43-54.
  • Schweinbacher, A., and Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. SSRN Electronic Journal.
  • Shahab, Y., Ye, Z., Riaz, Y., and Ntim, C. G. (2019). Individual’s financial investment decision-making in reward-based crowdfunding: Evidence from China. Applied Economics Letters, 26(4), 261-266.
  • Steigenberger, N. (2017). Why supporters contribute to reward-based crowdfunding. International Journal of Entrepreneurial Behaviour & Research, (2), 336-353.
  • Voelker, T. A., and McGlashan, R. (2013). What is crowdfunding? Bringing the power of kickstarter to your entrepreneurship research and teaching activities. Small Business Institute Journal, 9(2), 11-20.
  • Wheat, R. E., Wang, Y., Byrnes, J. E., and Ranganathan, J. (2013). Raising money for scientific research through crowdfunding. Trends in Ecology & Evolution, (2), 71-72.
  • Xu, B., Zheng, H., Xu, Y., and Wang, T., 2016. Configurational paths to sponsor satisfaction in crowdfunding. Journal of Business Research, (69), 915-927.
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.