Resistance to crowdfunding among entrepreneurs: An impression management perspective

Crowdfunding has been a topic of much excitement for scholars of entrepreneurialism. Onlookers and early adopters have noted the new strategies afforded when funding bottlenecks can be bypassed and members of the public can be engaged early in development. Yet if crowdfunding is to prove truly disruptive for entrepreneurs then greater efforts must be made to understand non-adopters. This study models entrepreneurs' resistance to crowdfunding using an impression management perspective. A case study of 20 entrepreneurs suggests that resistance is influenced by entrepreneurs' fear of disclosure, fear of visible failure, and fear of projecting desperation. (C) 2015 Elsevier B.V. All rights reserved.