A qualitative study on money, well-being and serial crowdfunding

Arie Sherman, Hila Axelrad

Research output: Contribution to journalArticlepeer-review

7 Scopus citations


Purpose: The paper aims to examine the unique nature of crowdfunding and its association with supporters' well-being, measured by Seligman's (2011) well-being theory and its five elements of PERMA: positive emotions, engagement, relationships, meaning and accomplishment. Design/methodology/approach: 22 structured interviews were conducted with supporters of crowdfunding projects. The interviews were analyzed using deduction, generating themes and assigning them to the relevant PERMA elements. Findings: Almost all interviews included five or four PERMA elements, supporting the hypothesis about crowdfunding as a form of economic behavior that is triggered by the desire for fulfillment in life. The authors found that the tendency to become a serial crowdfunder is triggered by PERMA and a sense of trust. Originality/value: This is the first study that presents a well-being theory of non-investment crowdfunding contributions. Based on the interviews, we suggest a theory linking the motivation for backing current and future projects with PERMA elements, sense of trust and the nature of adaption to activities with intrinsic attributes.

Original languageEnglish
Pages (from-to)97-112
Number of pages16
JournalBaltic Journal of Management
Issue number1
StatePublished - 4 Jan 2021
Externally publishedYes


  • Crowdfunding
  • Serial funding
  • Trust
  • Well-being

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management
  • Organizational Behavior and Human Resource Management
  • Marketing
  • Management of Technology and Innovation


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