A theoretical essay on the influence of Social Exchange Theory and Value Co-creation in Crowdfunding

Abstract

The present theoretical essay investigated the phenomenon of crowdfunding from the Social Exchange Theory and Value Co-creation in order to establish future research proposals. It was noticed that crowdfunding presents co-creation dynamics in its processes, where the potential supporters - crowdfunders - involved work closely with the entrepreneur in a cooperative way, participating actively in the development of the project initiated with feedbacks. The crowdfunding platform was noted as an intermediary that facilitates the repeated interaction between the proponent and supporters, creating not only financial value. It showed that the creation and exchange of new knowledge in the innovation phase generates non-financial benefits to the project, since it gains the possibility of adapting the value proposition to the market without the need for expensive research. It concludes by proposing future researches, such as: concentrating efforts to analyze the specific content worked on successful crowdfunding projects and understand how this detail can aid in reciprocity strategies in the context of social exchange and value co-creation.

Keywords
Social Exchange Theory; Value Co-creation; Crowdfunding; Collaborative Funding; Crowdfunders