Success factors of crowdfunding campaigns in medical research: perceptions and reality

Abstract

Crowdfunding in medical research is becoming more popular owing to increasing competition for the shrinking amount of government funding. To inform researchers applying for this complementary source of research funding, we investigate the determinants of successful crowdfunding campaigns in medical research. We find that establishing and maintaining professional contacts through social media is of major importance for successful crowdfunding campaigns; an additional tweet or retweet significantly increases the success of crowdfunding campaigns. In contrast to the stated preferences of prospective donors, we document that crowdfunding campaigns can achieve their fundraising goal regardless of the disease characteristics. Scientists could therefore request funding for any kind of project, including therapies for rare diseases and diseases with lower mortality rates.