Environmental change of local crowdfunding sites and the subsequent countermove

Abstract

Local crowdfunding has an important role in local activation. However, local crowdfunding is administrated under unfavorable conditions, and most local crowdfunding sites use the systems provided by major crowdfunding companies, which makes them susceptible to the policy changes of such major crowdfunding companies. In February 2021, one of the system providers significantly changed the service policy and terminated the specialized system for local crowdfunding. This study examines how the users of the system adapted themselves to the environmental change. In addition, trends of other local crowdfunding sites during the same period are introduced.