Crowdfunding has emerged as a popular method for funding projects, particularly in the field of product design. The success of new product design and development is often attributed to creativity. However, previous studies have not specifically explored the impact of creativity on crowdfunding product design projects. This blog post is based on a paper which delves into the subject by examining a case study that evaluates successful and unsuccessful crowdfunding product design projects. The findings shed light on the relationship between creativity and crowdfunding success, emphasizing the significance of creativity in design and business.
To investigate the role of creativity in crowdfunding product design, a case study was conducted using expert evaluations of various crowdfunding platforms. The study aimed to determine whether there is a link between the creativity of a product and the success of its crowdfunding campaign. It revealed a positive correlation between the creativity of a product and the success of its crowdfunding campaign. This finding suggests that creativity can be considered a crucial factor in determining the success of crowdfunding ventures. Products that exhibit novel designs are more likely to attract potential backers and secure funding. It also suggested that creative products, particularly those that offer practical value, have a higher potential to attract people’s willingness to fund them. This highlights the importance of developing products that not only demonstrate novelty but also address practical needs or provide useful solutions.
This study contributes to the existing research on design, creativity, product design and development, as well as funding business models. By examining the specific context of crowdfunding product design, it expands our understanding of how creativity influences the success of such projects. Moreover, the study emphasizes the significance of creativity in both the design and business aspects of product design and development. It underscores the value of fostering creative thinking and innovation to create products that stand out in the competitive crowdfunding landscape. By recognizing the value of creativity, designers and entrepreneurs can harness its power to create compelling products and increase their chances of crowdfunding success.
See Ji at 24th International Conference on Engineering Design (ICED 2023)
