A Case Study of the Sensemaking Process of Crowdfunding Failure to Succeed in Taiwan
Crowdfunding is one of the innovators' access to finance, low-cost marketing and testing consumer trends in the past ten years. However, crowdfunding founders have also suffered as much as 50% of the failures. In the past research, most of studies focus on how to funding successfully on crowdfunding platforms or to analyze consumer sponsorship preferences, but seldom studied discusses how these up to 50% failed projects goes from here and then success. The study regards fundraisers as entrepreneurs and investigates the fundraising projects of failure but stage comeback from crowdfunding platform as case example, exploring how failure founders reflect on failed experiences, sensemaking and adapting to different environments, and how to demonstrate learning outcomes in new fundraising projects or strategic initiatives on different platforms. The results indicate thateven if the fundraising fails, if project team can detect the difference between the customer group and the original lock, they can make success on other channels or platforms after making adjustments. Through this study, we can understand the impact of the crowdfunding failure experience of founders on their project activities when they comeback, constructing the course of intent activities, and providing the viewpoints that an unsuccessful fundraising teams can effectively transform their failure experience into an asset rather than a liability.
Keywords - Crowdfunding, Failure Experience, Self-Efficacy, Sensemaking.