Journal of Economics and Business

ISSN 2615-3726 (Online)

ISSN 2621-5667 (Print)

Published: 03 June 2019

Impacts of Founder on The Success of Crowdfunding in Vietnam

Do Hoai Linh

National Economics University, Vietnam

Download Full-Text Pdf


Pages: 356-362

Keywords: Crowdfunding, Project information, Founder's social network, Founder's Funding Goal, Vietnam


Being one of FinTech's most innovative operating tools in the age of 4.0, crowdfunding is one of the ways that is used to raise money without financial intermediations. This method helps companies and individuals worldwide raise millions of dollars from members of the public with low capital-cost, however, factors impacted on the success or failure of new kind of funds mobilizing method still be a controversial topic. Accordingly, the author aims at clarifying the influence of founders on the success of crowdfunding in Vietnam by primary data collected from questionnaire survey with Logistic Regression Model and Multiple Linear Regression Model. Based on the results, recommendations were proposed for founders to develop the modern kind of financial tools.


  1. Arolas, E. E., & ´n-de-Guevara, F. G.-L. (2013). Towards an integrated crowdsourcing definition. Journal of Information Science, 189-200.

  2. Brüderl, J. & Preisendörfer, P. (1998), Network support and the success of newly founded businesses, Small Business Economics, 10, 213–225

  3. Belleflamme, P., Lambert, T., & Schwienbacher, A. (2013). Crowdfunding: Tapping the right crowd. Journal of Business Venturing.

  4. Cordovaa, A., Dolcib, J., & Gianfrate, G. (2015). The determinants of crowdfunding success: evidence from technology projects. 3rd International Conference on Leadership, Technology, and Innovation Management (pp. 115-124). Procedia-Social and Behavioral Sciences.

  5. Drabløs, C. (2015). What influences crowdfunding campaign success (Master's thesis, Universitetet i Agder; University of Agder).

  6. InfoDev. (2013). Crowdfunding’s Potential for the Developing World. Washington, DC: Finance and Private Sector Development Department, World Bank.

  7. Leboeuf, G., Schwienbacher, A., Cumming, D. (2015). Crowdfunding Models: Keep-It-All vs. All-Or-Nothing. Working paper.

  8. VEPR. (2018). Vietnam economics Report, 4th Quarter 2018

  9. Valanciene, L., & Jegeleviciute, S. (2013), Valuation of crowdfunding: benefits and drawbacks, Economics and Management, 39-48.

  10. Wroldsen, J. S. (2012). The Social Network and the Crowdfund Act: Zuckerberg, Saverin, and Venture Capitalists’ Dilution of the Crowd.

  11. European Commission (2017), Identifying market and regulatory obstacles to crossborder development of crowdfunding in the EU, retrieved at:

About Us

The Asian Institute of Research is an online and open-access platform to publish recent research and articles of scholars worldwide. Founded in 2018 and based in Indonesia, the Institute serves as a platform for academics, educators, scholars, and students from Asia and around the world, to connect with one another. The Institute disseminates research that is proven or predicted to be of significant influence for the general public.

Contact Us

Please send all inquiries to the email:

Business Address:

5th Floor, Kavling 507, Fajar Graha Pena Tower, Jl. Urip Sumohardjo No.20, Makassar, Indonesia 90234

Copyright © 2018 The Asian Institute of Research. All rights reserved

Stay Connected

  • Instagram - Black Circle
  • Facebook - Black Circle
  • LinkedIn - Black Circle