A theoretical essay on the influence of Social Exchange Theory and Value Co-creation in Crowdfunding

Camila da Silva Schmitt Martin de La Martiniere Petroll About the authors

Resumo

O presente ensaio teórico investigou o fenômeno do crowdfunding a partir da Teoria da Troca Social e da Co-criação de Valor no intuito de estabelecer proposições de pesquisas futuras. Percebeu-se que crowdfunding apresenta dinâmicas de co-criação em seus processos, onde os potenciais apoiadores - crowdfunders - envolvidos trabalham em estreita colaboração com o empresário de forma cooperativa, participando ativamente do desenvolvimento do projeto instaurado com feedbacks. Notou-se a plataforma crowdfunding como intermediário que facilita a interação repetida entre o proponente e apoiadores, criando valor não só financeiro. Mostrou que a criação e troca de novos conhecimentos na fase de inovação gera benefícios não financeiros ao projeto, uma vez que ganha a possibilidade de adaptar a proposta de valor ao mercado sem a necessidade de dispendiosas pesquisas. Conclui-se apresentando proposições de futuras pesquisas, como: concentrar esforços para analisar o conteúdo específico trabalhado em projetos bem-sucedidos de crowdfunding e compreender como pode auxiliar em estratégias de reciprocidade no contexto de troca social e co-criação de valor.

Palavras-chave
Teoria da Troca Social; Co-criação de Valor; Crowdfunding; Financiamento Colaborativo; Crowdfunders

Resumen

El presente ensayo teórico investigó el fenómeno del crowdfunding a partir de la Teoría del Cambio Social y de la Co-creación de Valor con el propósito de establecer proposiciones de investigaciones futuras. Se percibió que crowdfunding presenta dinámicas de co-creación en sus procesos, donde los potenciales apoyadores – crowdfunders - involucrados trabajan en estrecha colaboración con el empresario de forma cooperativa, participando activamente en el desarrollo del proyecto instaurado con feedbacks. Se notó la plataforma crowdfunding como intermediario que facilita la interacción repetida entre el proponente y los partidarios, creando valor no sólo financiero. Se mostró que la creación e intercambio de nuevos conocimientos en la fase de innovación genera beneficios no financieros al proyecto, ya que gana la posibilidad de adaptar la propuesta de valor al mercado sin la necesidad de costosas investigaciones. Se concluye presentando proposiciones de futuras investigaciones, como: concentrar esfuerzos para analizar el contenido específico trabajado en proyectos exitosos de crowdfunding y comprender de qué manera ese detalle puede auxiliar en estrategias de reciprocidad en el contexto de intercambio social y co-creación de valor.

Palabras clave
Teoría del Intercambio Social; Co-creación de Valor; Crowdfunding; Financiamiento Colaborativo; Crowdfunders

Abstract

The present theoretical essay investigated the phenomenon of crowdfunding from the Social Exchange Theory and Value Co-creation in order to establish future research proposals. It was noticed that crowdfunding presents co-creation dynamics in its processes, where the potential supporters - crowdfunders - involved work closely with the entrepreneur in a cooperative way, participating actively in the development of the project initiated with feedbacks. The crowdfunding platform was noted as an intermediary that facilitates the repeated interaction between the proponent and supporters, creating not only financial value. It showed that the creation and exchange of new knowledge in the innovation phase generates non-financial benefits to the project, since it gains the possibility of adapting the value proposition to the market without the need for expensive research. It concludes by proposing future researches, such as: concentrating efforts to analyze the specific content worked on successful crowdfunding projects and understand how this detail can aid in reciprocity strategies in the context of social exchange and value co-creation.

Keywords
Social Exchange Theory; Value Co-creation; Crowdfunding; Collaborative Funding; Crowdfunders

Introduction

The last two decades have been dominated by a technological revolution aimed at improving results, which has transformed society in all its aspects, more specifically in business and marketing (CASTRO; SUAIDEN, 2015CASTRO, M. DE F. C.; SUAIDEN, E. J. Fatores críticos de sucesso na oferta de produtos e serviços de informação na web. Pesquisa Brasileira em Ciência da Informação e Biblioteconomia, João Pessoa, v. 10, n. 1, p. 1-28, 2015., KARJALUOTO; MUSTONEN; ULKUNIEMI, 2015KARJALUOTO, H.; MUSTONEN, N.; ULKUNIEMI, P. The role of digital channels in industrial marketing communications, Journal of Business & Industrial Marketing, v. 30, n. 6, p. 703-710, 2015., BALDO 2017BALDO, W. C. Cibercultura, automação e big data: questões sobre a evolução tecnológica e suas consequências para a comunicação e a sociedade. In: XXII CONGRESSO DE CIÊNCIAS DA COMUNICAÇÃO NA REGIÃO SUDESTE, 2014, Volta Redonda, RJ. Anais... Volta Redonda, RJ - Intercom – Sociedade Brasileira de Estudos Interdisciplinares da Comunicação. 2017.). A phenomenon triggered by this transformation, according to Hamari, Sjöklint and Ukkonen (2016)HAMARI, J.; SJÖKLINT, M.; UKKONEN, A. The sharing economy: Why people participate in collaborative consumption. Journal of the Association for Information Science and Technology, v. 67, n. 9, p. 2047-2059, 2016., was the shared economy, which arose from a series of technological developments that simplified the sharing of physical and non-physical products and services through the availability of various systems information on the Internet.

The progress of sophisticated web technologies and the manifestation of online societies are the pillars of a new alternative socio-economic production system (PIGATTO; QUEIROZ; LOURENZANI, 2015PIGATTO, G. A. S.; QUEIROZ, T. R.; LOURENZANI, A. E. B. S. Redes sociais de produtores de mandioca em regiões do estado de São Paulo. Interações (Campo Grande), Campo Grande, v. 16, n. 1, p. 75-86, 2015.). This development led to a paradigm shift that, for Mollick (2014)MOLLICK, E. R. The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, v. 29, n. 1, p. 1-16, 2014., has facilitated the emergence of companies and individuals entering the collaborative financing platform known as crowdfunding, a model that, for Botsman and Rogers (2011)BOTSMAN, R.; ROGERS, R. O que é meu é seu: como o consumo coletivo está mudando o nosso mundo. Porto Alegre: Bookman, 2011., is part of the practice of shared economy.

Crowdfunding is an innovative method for financing new businesses, allowing investments to be made in projects with or without profit (BELLEFLAME; LAMBERT; SCHWIENBACHER, 2014BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014.), subsidized by a group of individuals considered potential consumers (GRIFFIN, 2013GRIFFIN, Z. Crowdfunding: fleecing the American masses. Journal of Law, Technology & the Internet, v. 4, n. 2, p. 375-421, 2013.). In other words, it is a cooperative community that corresponds to the online request for resources from a public that is often distributed in exchange for a reward for those who support the announced business project (GERBER; HUI, 2013GERBER, E. M.; HUI, J. S. Crowdfunding: Motivations and Deterrents for Participation. ACM Transactions on Computer-Human Interaction (TOCHI), v. 20, n. 6, p. 1-37, 2013.). In most projects, the investment is only made when enough supporters participate and when the total sum of capital to carry out the project - which is indicated in advance - is reached.

Over the past ten years, Mollick (2014)MOLLICK, E. R. The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, v. 29, n. 1, p. 1-16, 2014. and Steffen (2015)STEFFEN, C. Meios digitais participativos e economia criativa: uma exploração das plataformas Brasileiras de crowdfunding. Intexto, Porto Alegre, UFRGS, v. 32, p. 156-171, 2015. claim that the crowdfunding phenomenon has received a lot of attention in the world and, according to Catarse (2014)CATARSE. Metas peludas e inspiradoras para 2014 e o futuro. 2014. Disponível em: http://blog.catarse.me/metas-peludas-e-inspiradoras-para-2014-e-para-o-futuro/. Acesso em: 20 jul. 2017.
http://blog.catarse.me/metas-peludas-e-i...
, also in Brazil, as an alternative financing model, worked in the environment online. A survey published by the website Pequenas Empresas & Grandes Negócios (2017)PEQUENAS EMPRESAS & GRANDES NEGÓCIOS. Empreendedora cria plataforma de crowdfunding e arrecada R$ 57 milhões em campanhas. 2017. Disponível em: http://revistapegn.globo.com/Mulheres-empreendedoras/noticia/2017/09/empreendedora-cria-plataforma-de-crowdfunding-e-arrecada-r-57-milhoes-em-campanhas.html. Acesso em: 10 set. 2017.
http://revistapegn.globo.com/Mulheres-em...
alleges that more than 50 thousand entrepreneurs have already managed to leverage their business proposals from resources they have raised with their projects registered on the crowdfunding platform called Kickante. This collaborative financing platform has already collected 57 million in campaigns, increasing its sales by 30% per year, compared to the previous year (FORBES, 2015FORBES. The Indiegogo of Brazil: Candice Pascoal and Kickante. 2015. Disponível em: https://www.forbes.com/sites/joshsteimle/2015/09/03/the-indiegogo-of-brazil-candice-pascoal-and-kickante/#7eb6cc3d6aeb. Acesso em: 10 set. 2017.
https://www.forbes.com/sites/joshsteimle...
). To substantiate the emphasis of the theme of this article, the StartSe (2017)STARTSE. Crowdfunding se consolida com mais de R$ 180 milhões em doações. 2017. Disponível em: https://conteudo.startse.com.br/startups/mariana-rodrigues/crowdfunding-se-consolida-com-mais-de-r-180-milhoes-em-doacoes/. Acesso em: 10 set. 2017.
https://conteudo.startse.com.br/startups...
announced that more than R $ 180 million have already been transferred in Brazil through crowdfunding platforms, with a third of this total only in 2016. The investigation on the theme in Brazil is present, and more and more details are needed to understand its functioning and impact, such as the study by Steffen (2014)STEFFEN, C. O Crowdfunding no Brasil de 2014. In: XXXVII CONGRESSO BRASILEIRO DE CIÊNCIAS DA COMUNICAÇÃO, 2014, Foz do Iguaçu, PR. Anais... Foz do Iguaçu – Intercom – Sociedade Brasileira de Estudos Interdisciplinares da Comunicação, 2014. when describing and analyzing Brazilian crowdfunding platforms.

In this way, it is clear that the dynamics of crowdfunding, exchanging between projects and possible, is in line with the words of Bagozzi (1995)BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975., that to satisfy human needs, people and associations (with their proposals) are compelled to engage in social exchanges and promote other people and associations. In this way, exchanges are the support of the marketing concept apparently worked in crowdfunding.

For Sheth, Gardner and Garret (1988)SHETH, J.; GARDNER, D.; GARRET, D. Marketing theory: evolution and evaluation. New York: John Wiley & Sons, 1988., marketing is present where there are exchange activities. Active collaboration in the exchange between producers and consumers, facilitated by a company, for the development of new products or services is denoted co-creation (PRAHALAD; RAMASWAMY, 2004aPRAHALAD, C. K.; RAMASWAMY, V. Co-creation experiences: the next practice in value creation. Journal of Interactive Marketing, v. 18, n. 3, p. 5-14, 2004a.). In this sense, the process of launching a crowdfunding campaign is also a process of co-creation (NEVIN et al., 2017NEVIN, S.; GLEASURE, R.; O’REILLY, P.; FELLER, J.; LI, S.; CRISTOFORO, J. Social Identity and Social Media Activities in Equity Crowdfunding. In: 13TH INTERNATIONAL SYMPOSIUM ON OPEN COLLABORATION. ACM, 2017. Proceedings...). When a crowdfunding project is presented to a crowd of potential sponsors, the result of financing itself or not, according to Guirado and Castro (2015)CASTRO, M. DE F. C.; SUAIDEN, E. J. Fatores críticos de sucesso na oferta de produtos e serviços de informação na web. Pesquisa Brasileira em Ciência da Informação e Biblioteconomia, João Pessoa, v. 10, n. 1, p. 1-28, 2015., is a market test. Therefore, the development of social interactions around a given project and the nature of the development process itself can be critical to the result of the crowdfunding effort (BURTCH; GHOSE; WATTAL, 2013BURTCH, G.; GHOSE, A.; WATTAL, S. An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets. Information Systems Research, v. 24, n. 3, p. 499-519, 2013.).

The crowdfunding platform has become a co-creation process, where sponsors work closely with the entrepreneur in a cooperative way and actively participate in the development of the crowdfunding project, how to test initial prototypes and promote the project through word-of-mouth. mouth (LEHNER, 2013LEHNER, O. M. Crowdfunding social ventures: a model and research agenda. Venture Capital, v. 15, n. 4, p. 289-311, 2013.). Most crowdfunding platforms, including Catarse and Kickante, offer online communities for entrepreneurs and sponsors to share ideas with each other, showing co-creation behavior (YI; GONG, 2013YI, Y.; GONG, T. Customer value co-creation behavior: scale development and validation. Journal of Business Research. v. 66, n. 9, p. 1279-1284, 2013.). The meaning shared between entrepreneurs and sponsors can play important roles in the value creation process. For entrepreneurs, crowdfunding is the approach to raise money, advertise products and services and obtain feedback to improve products and services (BELLEFLAME; LAMBERT; SCHWIENBACHER, 2014BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014.). For investors or sponsors, participation in crowdfunding projects can result in greater financial return, social reputation and taking advantage of the success of business initiatives (GERBER; HUI, 2013GERBER, E. M.; HUI, J. S. Crowdfunding: Motivations and Deterrents for Participation. ACM Transactions on Computer-Human Interaction (TOCHI), v. 20, n. 6, p. 1-37, 2013.). In this environment, supporters are also called crowdfunders, who, according to Belleflame, Lambert and Schwienbacher (2014)BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014., do not necessarily call themselves consumers and are not merely motivated by financial gains; they also look for social benefits related to exchange activity, which could be the experience in the case of rewards-based crowdfunding.

One of the perspectives for the practice of co-creation, according to Fuller and Bilgram (2017)FULLER, J.; BILGRAM, V. The moderating effect of personal features on the consequences of an enjoyable co-creation experience. Journal of Product & Brand Management, v. 26, n. 4, p. 386-401, 2017., is collaborative innovation, which allows consumers to participate with ideas to improve the performance of products and services. In this logic, when collaborating, this supporter becomes a co-creator for an innovative product and/or service, including encouraging other people to carry out subsequent collaborations (BERNARDES; LUCIAN, 2015BERNARDES, B.; LUCIAN, R. Crowdfunding: A Influência da Co-Criação e do Sentimento de Pertença na Satisfação dos Apoiadores Luso-Brasileiros. GESTÃO. Org - Revista Eletrônica de Gestão Organizacional, v. 13 (Ed. Especial), p. 360-369, 2015.). Likewise, crowdfunding involves the consumer financially and, in doing so, according to studies carried out in Italy by Cucari and Nuhu (2017), this model maximizes the involvement of consumers in the process of value co-creating. In this logic, the crowdfunding phenomenon involves users who relate and co-create different types of value, including economic value, but not exclusively, even when finance seems to be the main objective (QUERO; VENTURA; KELLEHER, 2016QUERO, M. J.; VENTURA, R.; KELLEHER, C. Value-in-context in crowdfunding ecosystems: How context frames value co-creation. Service Business, v. 11, n. 2, p. 405-425, 2016.).

Accordingly, Prahalad and Ramaswamy (2004a)PRAHALAD, C. K.; RAMASWAMY, V. Co-creation experiences: the next practice in value creation. Journal of Interactive Marketing, v. 18, n. 3, p. 5-14, 2004a. spread the concept of value co-creation based on a service logic perspective, in which the market is perceived as an open forum in which value is no longer unilaterally conceived by a company and delivered to the consumer, but co-created from the interactions between business and customers. This perspective is the elementary requirement of the Dominant Service Logic (SDL) in Marketing which, according to Vargo and Lusch (2008)VARGO, S. L.; LUSCH, R. F. Service-dominant logic: continuing the evolution. Journal of the Academy of Marketing Science, v. 36, n.1, p. 1-10, 2008., services and not necessarily products must be the elementary unit for the exchange of value. For the SDL dynamics, the service system is a configuration of resources, including people, information and technology, connected to other systems by value propositions (VARGO; LUSCH, 2008VARGO, S. L.; LUSCH, R. F. Service-dominant logic: continuing the evolution. Journal of the Academy of Marketing Science, v. 36, n.1, p. 1-10, 2008.). Thus, for Quero, Ventura and Kelleher (2016)QUERO, M. J.; VENTURA, R.; KELLEHER, C. Value-in-context in crowdfunding ecosystems: How context frames value co-creation. Service Business, v. 11, n. 2, p. 405-425, 2016., it is understood that crowdfunding can also facilitate the value co-creation between users tuned in to a crowdfunding platform and initiative.

It appears, therefore, that the resource of co-creation can be better understood by applying the Social Exchange Theory (SET), as it provides adequate constructions and concepts that can assist in the knowledge about the exchange relations during the processes sets between company and consumer, where the customer is conceived as an asset in the dynamic creation of value (PRAHALAD; RAMASWAMY, 2004aPRAHALAD, C. K.; RAMASWAMY, V. Co-creation experiences: the next practice in value creation. Journal of Interactive Marketing, v. 18, n. 3, p. 5-14, 2004a.). SET is a sociological theory that originally analyzed the process of instituting and improving interpersonal exchanges (THIBAUT; KELLEY, 1959THIBAUT, J. W.; KELLEY, H. H. The Social Psychology of Groups, New York, 1959.); therefore, SET recommends that participants in these exchange relationships tend to evaluate costs and benefits, so that they are committed to projects that bring them social and economic advantages (BRIGGS; GRISAFFE, 2010BRIGGS, E; GRISAFFE, D. Service Performance-Loyalty Intentions Link in a Business-to-Business Context: the role of relational exchange outcomes and customer characteristics, Journal of Service Research, v. 13, n. 1, p. 37-51, 2010.). Thus, for Homans (1958)HOMANS, G. C. Social behavior as exchange. American Journal of Sociology, v. 63, n. 6, p. 597-606, 1958., when the benefits are bilateral and mutual, the parties involved generally decide to sustain the relationship. Thus, SET provides a solid experience in creating value, as participants in these processes generally have positive expectations and also perceive a gain in status due to their cooperation in the development process, leading them to have a commitment to the projects in which they are involved. get involved (PREIKSCHAS et al., 2017PREIKSCHAS, M. W.; CABANELAS, P.; RÜDIGER, K.; LAMPÓN, J. F. Value co-creation, dynamic capabilities and customer retention in industrial markets. Journal of Business & Industrial Marketing, v. 32, n. 3, p. 409-420, 2017.).

Despite the numerous recent researches that address the importance of understanding the interface between crowdfunding and marketing practices, none of them focuses on a more transparent interaction between the theory of social exchange and co-creation in this environment. Thus, this theoretical essay is initially intended to explore conceptually the performance of crowdfunding between the domains of the study of social exchange theory and co-creation, and then, through research proposals, to present ideas that reflect existing relationships. between them, as well as the possible implications of the activities of one or the other in the collaborative motivation. The objective, therefore, is to reflect on a phenomenon that has been the target of researchers’ attention, but from a new perspective, in order to raise new questions to be studied in future research.

Crowdfunding from a Marketing perspective

Crowdfunding was created to allow people interested in news and product launches and services to the market to, with a digital platform, capture the direct support of their social networks and potentially a wider audience to finance projects registered on the platform through financial or non-financial collaborations online. However, the crowdfunding environment does not simply present an opportunity to raise funds, but also, most importantly for this research, a great potential for expansion and an increase in the understanding of the marketing efforts practiced in this process. As predisposed by Ordanini et al. (2011)ORDANINI, A.; MICELI, L.; PIZZETTI, M.; PARASURAMAN, A. Crowd-funding: transforming customers into investors through innovative service platforms, Journal of Service Management, v. 22, n. 4, p. 443-470, 2011., Mollick (2014)MOLLICK, E. R. The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, v. 29, n. 1, p. 1-16, 2014. and Steffen (2015)STEFFEN, C. Meios digitais participativos e economia criativa: uma exploração das plataformas Brasileiras de crowdfunding. Intexto, Porto Alegre, UFRGS, v. 32, p. 156-171, 2015., a crowdfunding campaign allows the measurement of public interest in a certain product or service, as well as news about the online fundraising services that are moved, that is, it is clarified potential future customers who support the project.

In the context of marketing, orienting yourself to the market means working on solid and well-founded strategies, resulting in superior performance (DAMACENA; MARRA; PETROLL, 2012DAMACENA, C.; MARRA, G. dos S.; PETROLL, M. de la M. Orientação ao mercado, inovação colaborativa com os consumidores e sobrecarga de informação. Perspectivas Contemporâneas, Campo Mourão, v. 7, n. 2, p. 177-206, 2012.). Because of this, Steinberg and Demaria (2012)STEINBERG, S.; DEMARIA, R. The crowdfunding bible: how to raise money for any startup, video game or project. Kindle Edition: Read.Me, 2012. corroborate the relevance of maintaining the marketing effort with the consumer in businesses established in crowdfunding, as people will only collaborate if they know how the project works. It is worth mentioning that market-oriented actions help to structure discussions about the future of consumption, where these, through digital convergence, result in market stimuli with a more active consumer participation (BERNARDES; LUCIAN, 2015BERNARDES, B.; LUCIAN, R. Crowdfunding: A Influência da Co-Criação e do Sentimento de Pertença na Satisfação dos Apoiadores Luso-Brasileiros. GESTÃO. Org - Revista Eletrônica de Gestão Organizacional, v. 13 (Ed. Especial), p. 360-369, 2015.).

A study published by Carvalho and Rocha (2014)CARVALHO, A. C. M. de; ROCHA, D. de C. Ações promocionais de marketing na divulgação de projetos musicais do crowdfunding. In: XXXVII CONGRESSO BRASILEIRO DE CIÊNCIAS DA COMUNICAÇÃO, 2014, Foz do Iguaçu, PR. Anais... Foz do Iguaçu – Intercom – Sociedade Brasileira de Estudos Interdisciplinares da Comunicação, 2014. explores the promotional marketing actions used by music artists to communicate projects broadcast on crowdfunding platforms. The result demonstrates the efficiency of these strategies for communication and relationship with the target audience, together with the dissemination of the project. However, in order to successfully promote a crowdfunding proposal, it is essential to follow concise marketing strategies, such as sowing the propagation of the project using marketing efforts established in the product launch dynamics (MATTAR et al., 2013MATTAR, F. N.; OLIVEIRA, B.; MORAES, C. A. de; QUEIROZ, M. J. de; QUEIROZ, R. S. B. De; MOTTA, S. L. S. Gerência de produtos: estratégias e ações para o sucesso. 1. ed. Rio de Janeiro: Elsevier Campus, 2013.), thus, being able to target and convert visitors to the online platform into supporters.

Some marketing functions in crowdfunding platforms are: research (LEHNER, 2013LEHNER, O. M. Crowdfunding social ventures: a model and research agenda. Venture Capital, v. 15, n. 4, p. 289-311, 2013.), promotion (VOELKER; MCGLASHAN, 2013VOELKER, T. A.; MCGLASHAN, R. What is Crowdfunding? Bringing the Power of Kickstarter to Your Entrepreneurship Research and Teaching Activities. Small Business Institute® Journal, v. 9, n. 2, p. 11-22, 2013.) and engagement (ORDANINI et al., 2011ORDANINI, A.; MICELI, L.; PIZZETTI, M.; PARASURAMAN, A. Crowd-funding: transforming customers into investors through innovative service platforms, Journal of Service Management, v. 22, n. 4, p. 443-470, 2011., MARIANI; CATALDO; VASTOLA, 2014MARIANI, A.; CATALDO, A.; VASTOLA, A. Consumers’ engagement in co-creation of value and Crowdfunding: Naked Wine as a Best Practice. Calitatea, v. 15, n. 143, p. 70-73, 2014.). The research function assumes crowdfunding as a market research tool (KOTLER; KELLER, 2012KOTLER, P.; KELLER, K. L. Administração de marketing. 14. ed. São Paulo: Pearson Prentice Hall, 2012.); after all, a campaign allows you to receive feedback on a certain product, as well as to estimate the potential customer base (SANTOS; BRASIL, 2010SANTOS, C. R. dos; BRASIL, V. S. Envolvimento do consumidor em processos de desenvolvimento de produtos: um estudo qualitativo junto a empresas de bens de consumo. Revista de Administração de Empresas - RAE, v. 50, n. 3, p. 300-311, 2010.). Some projects offer their supporters the opportunity to participate in the design of products/services (GRIFFIN, 2013GRIFFIN, Z. Crowdfunding: fleecing the American masses. Journal of Law, Technology & the Internet, v. 4, n. 2, p. 375-421, 2013.). For Monteiro (2014)MONTEIRO, M. de C. P. Crowdfunding no Brasil: uma análise sobre as motivações de quem participa. 2014. 209 f. Dissertação (Mestrado em Administração) - Programa de Pós-Graduação em Administração, Escola Brasileira de Administração Pública e de Empresas, Centro de Formação Acadêmica e Pesquisa da Fundação Getúlio do Rio de Janeiro, Rio de Janeiro, 2014. and Bernardes and Lucian (2015)BERNARDES, B.; LUCIAN, R. Crowdfunding: A Influência da Co-Criação e do Sentimento de Pertença na Satisfação dos Apoiadores Luso-Brasileiros. GESTÃO. Org - Revista Eletrônica de Gestão Organizacional, v. 13 (Ed. Especial), p. 360-369, 2015., this co-creation by consumers often allows for a strategic increase in the good, making it more attractive to the potential market. Thus, working with users helps to weigh the success rate of the future as well (BELLEFLAME; LAMBERT; SCHWIENBACHER, 2014BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014.), as proactive consumers become increasingly convergent in a market where value is created through of their relationship (PRAHALAD; RAMASWAMY, 2004aPRAHALAD, C. K.; RAMASWAMY, V. Co-creation experiences: the next practice in value creation. Journal of Interactive Marketing, v. 18, n. 3, p. 5-14, 2004a.).

In accordance with the context, Dong, Evan and Zou (2008)DONG, B.; EVANS, K. R.; ZOU, S. J. The effects of customer participation in co-created service recovery. Journal of the Academy of Marketing Science. v. 36, n. 1, p. 123-137, 2008. recognize that consumers are committed to the process of value co-creating and encouraging them to participate more and more supports the search for competitive advantage. Therefore, in order to follow this revolution, those responsible for the business must aim for new sources of innovation, such as co-creation (PRAHALAD; RAMASWAMY, 2004bPRAHALAD, C. K.; RAMASWAMY, V. The Future of Competition: Co-Creating Unique Value with Customers. Boston: Harvard Business School Press, 2004b.). It is observed, then, that in the conventional value creation process, companies and consumers had modest production and consumption roles, however, this distinction disappears in co-creation.

In view of this, the concept of marketing involves constant discussion when considering factors such as the change in market movement and the active presence of the consumer in the processes of value creation; for this reason, the classic idea of exchange present in the definitions of marketing (BAGOZZI, 1975BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975.), has garnered the approach of exchange plus interactions between companies and consumers (GUMMESSON, 1987GUMMESSON, E. The New Marketing: developing long-term interactive relationships. Long Range Planning, v. 20, n. 4, p. 10-20, 1987.). Thus, equitably the concept of value in co-creation, has drawn attention in the marketing literature (VARGO; LUSCH, 2004aVARGO, S. L.; LUSCH, R. F. Evolving to a new dominant logic for marketing, Journal of Marketing, v. 68, n. 1, p. 1-17, 2004.). In view of this, Vargo and Lusch (2004a)VARGO, S. L.; LUSCH, R. F. Evolving to a new dominant logic for marketing, Journal of Marketing, v. 68, n. 1, p. 1-17, 2004., admit that marketing inherited an economy exchange paradigm, whose dominant logic was based on the exchange of manufactured products, being at its core, tangible resources, added value and transactions. However, a new economic guideline has been asserting itself, with emphasis on intangible resources and the value co-creation.

Anyway, crowdfunding involves not ignoring its economic dimension as a consumption practice. However, and it is worth mentioning, it is a contemporary practice that works on very different bases from the traditional ones, mainly in proposing a process in which co-creation is the fundamental basis, as well as the dilution of the producer-consumer dichotomy (STRAPASSON; NARDELLI; UENO, 2016STRAPASSON, E. V. L.; NARDELLI, M. A.; UENO, G. Crowdfunding no turismo comunitário: uma discussão conceitual. In: X FÓRUM INTERNACIONAL DE TURISMO DO IGUASSU, 2016, Foz do Iguaçu, PR. Anais... Foz do Iguaçu – Fórum Internacional de Turismo Do Iguassu, 2016.).

Social Exchange Theory (SET)

According to Homans (1958)HOMANS, G. C. Social behavior as exchange. American Journal of Sociology, v. 63, n. 6, p. 597-606, 1958., founder of the Social Exchange Theory, social behavior is an exchange of material and non-material goods, during which a person seeks not only to maximize financial profit, but also seeks a state of balance between their costs, inputs and income, as well as the earnings of other participants. This theory proposes that, during social interactions, the various social behaviors of individuals are types of exchange of material or non-material goods (HOMANS, 1958HOMANS, G. C. Social behavior as exchange. American Journal of Sociology, v. 63, n. 6, p. 597-606, 1958.). One of the basic tenets of this theory is that relationships evolve over time into trusting, loyal and mutual relationships. To this end, participants must respect certain “rules” of exchange. According to Emerson (1976)EMERSON, R. M. Social exchange theory. Annual Review of Sociology, v. 2, n. 1, p. 335-362, 1976., the rules of exchange form a normative definition of the situation that is formed between or that is assumed by the parties in an exchange relationship. In this sense, exchange rules and norms are the guidelines for exchange processes.

Reciprocity is one of those norms supported by human (social) behavior. From this angle, Gouldner (1960)GOULDNER, A. W. The norm of reciprocity: a preliminary statement. American Sociological Review, v. 25, n. 2, p. 161-178, 1960. argues that people commit one another to duties because of their previous actions. Reciprocity in the context of crowdfunding happens when projects on the platform feel obliged to repay for the money they received from a given supporter. This obligation is called specific reciprocity and is supported by feelings such as “I help you as you helped me in the past” (FARAJ; JOHNSON, 2011FARAJ, S.; JOHNSON, S. L. Network exchange patterns in on-line communities. Organization Science, v. 22, n. 6, p. 1464–1480, 2011.). Thus, participants in a crowdfunding platform may feel compelled to show their support for other projects because they are grateful to have received support in the past or because they hope to need support in the future. After all, a natural ingredient in crowdfunding is reciprocity (WOLF, 2017WOLF, C. From Harambee to Modern Crowdfunding: the Opportunities and Challenges in Sub-Saharan Africa. In: REDFORD, D. T. (Ed.) Developing Africa’s Financial Services, p. 263-277, 2017.).

The proposition is that crowdfunding platforms based on rewards induce strong reciprocal relationships between their users, which in turn play a positive role in the success of the campaigns. It is noticed that a solid characteristic of crowdfunding is the reciprocity between the creator of the project and the supporter. Although this does not necessarily have to be a physical exchange, reciprocity is often cemented through the donation of funds from the sponsor and some contribution in response - physical product, shared pleasure of departure, personal thanks - from the creator. As shown in Figure 1, the project implemented for a portable coffee maker that does not use electricity or capsules to make espresso anywhere (CATARSE, 2016CATARSE. Cafeteria Aram. 2016. Disponível em: https://www.catarse.me/cafeteiraaram?ref=ctrse_explore&project_id=43002. Acesso em: 20 set. 2017.
https://www.catarse.me/cafeteiraaram?ref...
), collected 723% of what was idealized, taking advantage of the rewards model as a strategy.

Figure 1
Examples of rewards promulgated by the crowdfunding project

Note, in response to friendly or fair actions, such as offering a symbolic or personalized reward, crowdfunding platforms can encourage users to respond positively to a request for participation. In this way, reciprocity proves to be the core of marketing relationships (BAGOZZI 1995BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975.).

Another context evident in the crowdfunding environment, announced by Kunz et al. (2017)KUNZ, M. M.; BRETSCHNEIDER, U.; ERLER, M.; LEIMEISTER, J. M. An empirical investigation of signaling in reward-based crowdfunding. Electronic Commerce Research, v. 17, n. 3, p. 425-461, 2017., is the positive effect between a project’s previous funding experience and the probability of success of its own campaign. That said, suggests the study by Zvilichovsky, Yael and Barzilay (2015)ZVILICHOVSKY, D.; YAEL, I.; BARZILAY, O. Playing both sides of the market: Success and reciprocity on crowdfunding platforms. In: 34TH INTERNATIONAL CONFERENCE ON INFORMATION SYSTEMs (ICIS 2013). Milan, Italy, 2013. Proceedings..., who found that active project proponents, when supporting other projects on the platform, have higher success rates, thus attracting more supporters and collecting capital, which makes it possible by virtue of actions based on the principle of reciprocity.

An idea idealized on the Kickstarter platform helps to understand how reciprocity is evident in the crowdfunding practice in the initiative named “Kicking It Forward” (KICKING IT FORWARD, 2017KICKING IT FORWARD. Frequently Asked Questions. 2017. Disponível em: https://kickingitforward.org/faq. Acesso em: 18 set. 2017.
https://kickingitforward.org/faq...
), a platform where Kickstarter members form a community and are directed to support each other. Since the degree of commitment in terms of project support from the project proponent is publicly available, potential sponsors can use this information to make their support decision. If a proponent is firmly rooted in the Kickstarter community, such behavior enhances recognition and commitment to other members and thus promotes the respective project.

Based on these considerations, it is consistent to suggest the following proposition:

  1. P1: For the success of crowdfunding projects, it is important to work with reciprocity in a context of social exchange.

Depending on P1, Moutinho and Leite (2013)MOUTINHO, N.; LEITE, P. V. Critical success factors in crowdfunding: the case of Kickstarter. Cad. do Merc. De. Valores Mobiliários, v. 45, p. 8-32, 2013., when carrying out an econometric analysis on the performance of activities on the Kickstarter crowdfunding platform, they announced the existence of critical factors for the success of a project, one of which is the constant interaction with supporters. In this circumstance, Zvilichovsky, Yael and Barzilay (2013)ZVILICHOVSKY, D.; YAEL, I.; BARZILAY, O. Playing both sides of the market: Success and reciprocity on crowdfunding platforms. In: 34TH INTERNATIONAL CONFERENCE ON INFORMATION SYSTEMs (ICIS 2013). Milan, Italy, 2013. Proceedings..., investigated more than 75 thousand projects on Kickstarter and highlighted the effect of reciprocity in the interaction practices provided by the project campaign, after all, according to Faraj and Johnson (2011)FARAJ, S.; JOHNSON, S. L. Network exchange patterns in on-line communities. Organization Science, v. 22, n. 6, p. 1464–1480, 2011., reciprocity motivates contributions. Participants who engage in such contributions do not necessarily expect to receive future help from the same individuals they helped, but, ultimately, can expect to receive support from others in the online community. It is clear that this phenomenon of social exchange with shared economy dynamics is not only prevalent in the context of crowdfunding platforms, but that it also has a significant effect on results; that is, the advantage can be accumulated on both sides (project and supporter). Thus:

  1. P2: The greater the use of reciprocity strategies in crowdfunding projects, the greater the social exchange of possible supporters on the platform.

Individuals active in crowdfunding platforms can be motivated to help a specific campaign with whom they have some kind of social link, as happened in the project entitled Bel Pesce: Legado A Menina do Vale - Figure 2, which collected 342% of the investment that needed (KICKANTE, 2017aKICKANTE. Campanha Bel Pesce: Legado A Menina do Vale. 2017. Disponível em: https://www.kickante.com.br/campanhas/bel-pesce-legado-menina-do-vale. Acesso em: 18 nov. 2017a.
https://www.kickante.com.br/campanhas/be...
); these individuals wish to maintain or develop a social bond and / or are affected by the principles of social exchange (HOMANS, 1958HOMANS, G. C. Social behavior as exchange. American Journal of Sociology, v. 63, n. 6, p. 597-606, 1958.). Thus, for funders who are not financially motivated, but who have social ties, the interactions are likely to be inspired by the dynamics of social influences. In this way, crowdfunding also provides a test of how the theory of social exchange applies in this context.

Figure 2
Comments established in a project on the crowdfunding platform

Research on Social Exchange Theory has been studied in the field of marketing (BAGOZZI, 1974BAGOZZI, R. P. Marketing as an organized behavioral system of exchange. Journal of Marketing, n. 38, p. 77-81, 1974., BAGOZZI, 1975BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975., MORGAN; HUNT, 1994MORGAN, R. M.; HUNT, S. D. The Commitment-Trust Theory of Relationship Marketing. Journal of Marketing, v. 58, p. 20-38, 1994.). In this context, the exchange appeared as a central element of the marketing concept, as proposed by the American Marketing Association - AMA in 2013, “(...) it is the activity, set of institutions and processes to create, communicate, deliver and exchange offers that have value for consumers, customers, partners and society in general”. This definition is in line with what was promulgated by Bagozzi (1995)BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975.: to satisfy human needs, people and organizations are compelled to engage in social and economic exchanges with other people and organizations.

It is noted that there is in this definition - the most current one - of the AMA of 2013 something specific that introduces an orientation towards the market, since it is concerned with the exchange of value offers, with this Grönroos (2013)GRÖNROOS, C. Relationship Marketing as Promise Management. In: MACLARAN, P.; SAREN, M.; STERN, B.; TADAJEWSKI, M. The SAGE Handbook of Marketing Theory. SAGE Publications: Thousand Oaks, 2013. proposes that marketing is born from a mutual exchange and keeping promises by establishing long-term relationships with customers, as the objectives of the parties involved are met. In crowdfunding, funders expect to receive a reward from the project creator for their support, remembering that market exchange is more than a transfer of a product or service for money (BAGOZZI, 1975BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975.).

In research developed on the motivations of the supporters/sponsors involved in crowdfunding platforms, Ryu and Kim (2016)RYU, S.; KIM, Y-G. A typology of crowdfunding sponsors: Birds of a feather flock together? Electronic Commerce Research and Applications, v. 16, p. 43-54, 2016. identified that the reward is one of the causes of the motivational structure, as well as showing that it is an identity of the types of supporters/sponsors that reflect the nature of the crowdfunding as a new form of co-creation in the technological context.

Based on data analyzed from a crowdfunding platform, Kunz et al. (2017)KUNZ, M. M.; BRETSCHNEIDER, U.; ERLER, M.; LEIMEISTER, J. M. An empirical investigation of signaling in reward-based crowdfunding. Electronic Commerce Research, v. 17, n. 3, p. 425-461, 2017. indicate that social ties, including the provision of rewards, positively influence the probability of a project’s success. In this sense, in Figure 3, there is an example of the announcement of rewards.

Figure 3
Example of rewards established in a project on the crowdfunding platform

It turns out that an intrinsic aspect of the crowdfunding model is the rewards, that is, what those who support the project on the platform can receive in exchange for their collaboration, often being an essential item for funders (HOBBS; GRIGORE; MOLESWORTH, 2016HOBBS, J.; GRIGORE, G.; MOLESWORTH, M. Success in the management of crowdfunding projects in the creative industries, Internet Research, v. 26, n. 1, p. 146-166, 2016.). These rewards may be specific to the platform model itself, such as revenue sharing in the case of investment platforms, or be part of the project’s promotion strategy, thus maximizing the value raised, through appealing counterparts from the financer’s point of view.

In crowdfunding, tangible rewards represent the utilitarian exchange which, according to Bagozzi (1975, p. 36)BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975., is “an interaction by which goods are given in exchange for money or other goods and the motivation behind actions lies in the early use or tangible characteristics commonly associated with objects in exchange”. Symbolic exchange is related to intangible rewards that refer to the “mutual transfer of psychological, social or other intangible entities between two or more parties” (BAGOZZI, 1975BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975., p. 36). It is also noted that in addition to a gift as a token of gratitude, donors who make donations on crowdfunding platforms generally do not receive anything in return for their donation. This means that they do not acquire risky ownership, voting rights or profit shares in exchange for their contribution. The act of donating on a crowdfunding platform, therefore, cannot be seen as a pure form of economic exchange where goods are offered in exchange for money or other goods (BAGOZZI, 1975BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975.). Following this logic, Cholakova and Clarysse (2015)CHOLAKOVA, M.; CLARYSSE, B. Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward-Based Investments?. Entrepreneurship Theory and Practice, v. 39, n. 1, p. 145-172, 2015. revealed that the decision to participate in the crowdfunding project is predicted by the interest of individuals in receiving rewards. However, many people may not only be financially motivated, but also intrinsically motivated.

Based on these considerations, it is consistent to suggest the following proposition:

  1. P3: Crowdfunders (supporters/sponsors) are consumers who are looking to invest in a project and expect material and immaterial rewards.

Closely linked to the subject of rewards, is the question of the motivation of the crowdfunders (supporters/sponsors) to generate larger amounts of their income. Thurrild and Kamleitner (2016)THURRILD, C.; KAMLEITNER, B. What goes around comes around? California Management Review, v. 58, n. 2, p. 88-110, 2016. emphasize that sponsors are not necessarily motivated by material rewards, but predominantly by immaterial and intrinsic rewards such as, for example, personal identification with the theme of the project and its objectives.

As positive emotions can lead to goal-oriented behavior (BAGOZZI; GOPINATH; NYER, 1999BAGOZZI, R. P.; GOPINATH, M.; NYER, P. U. The role of emotions in marketing, Journal of the Academy of Marketing Science, v. 27, n. 2, p. 184-206, 1999.), it is assumed that emotional value plays an important role in the intention to drive participation in a crowdfunding project.

Based on these considerations, it is consistent to suggest the following proposition:

  1. P4: The pleasure of supporting a crowdfunding project has a positive effect on the intention to invest in a crowdfunding project.

From this, it is declared that the theory of social exchange manifests itself in the practice of crowdfunding, possibly in decision making; after all, human beings try to minimize losses and maximize their profits during the exchange process (HOMANS, 1958HOMANS, G. C. Social behavior as exchange. American Journal of Sociology, v. 63, n. 6, p. 597-606, 1958.). A contemporary context of exchange is crowdfunding, an innovative method to finance a variety of new ventures, allowing individual founders of for-profit, non-profit, cultural or social projects to solicit capital from many individuals, often in exchange for future products or equity (MOLLICK, 2014MOLLICK, E. R. The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, v. 29, n. 1, p. 1-16, 2014.). In this logic, the Social Exchange Theory can explain the consumer’s motivation for consumption in this business model.

Value Co-creation and the participation of the potential consumer

Various theoretical approaches have been researched to understand how the activity performed by consumers can be valid and useful to co-create value. For Galvagno and Dalli (2014)GALVAGNO, M.; DALLI, D. Theory of value co-creation: a systematic literature review. Managing Service Quality, v. 24, n. 6, p. 643-683, 2014., in all approaches, consumers are seen as authors of productive activities and, in each one, different actions that the consumer plays are emphasized so that the value is generated with different purposes for co-creation.

Co-creation is considered a solid strategy to successfully develop new products valued in the digital age, that is, where crowdfunding platforms are established. As an additional effect, research on co-creation highlighted that co-creation experiences can establish and intensify beneficial relationships for the consumer (FULLER; BILGRAM, 2017FULLER, J.; BILGRAM, V. The moderating effect of personal features on the consequences of an enjoyable co-creation experience. Journal of Product & Brand Management, v. 26, n. 4, p. 386-401, 2017.). For Vargo and Lusch (2004)VARGO, S. L.; LUSCH, R. F. Evolving to a new dominant logic for marketing, Journal of Marketing, v. 68, n. 1, p. 1-17, 2004., consumers engage in virtual co-creation activities, because they expect that their participation will result in a pleasant feeling. Such a relationship is the result associated with the engagement practiced, possibly resulting in a better product to be offered or receiving an incentive from the market, or even, in a task or process in which consumers develop value. In the context of crowdfunding, value co-creation occurs when someone believes and decides to support a particular project. By collaborating, this supporter becomes a creditor and co-creator of value for an innovative product, including encouraging others to make subsequent collaborations. For this comparatively new form of “co-creation”, Fuller and Bilgram (2017)FULLER, J.; BILGRAM, V. The moderating effect of personal features on the consequences of an enjoyable co-creation experience. Journal of Product & Brand Management, v. 26, n. 4, p. 386-401, 2017. suggest that a pleasant co-creation experience in a crowdfunding environment can increase community support for the product and increase the likelihood of reaching the promotion objective. As co-creation is applied, ties are tightened, facilitating not only the exchange of information, but also reducing uncertainties and enabling better post-purchase assistance for the product purchased. Co-creation makes the client create bonds not only in that product with which he collaborated, but also in that company that gave him this opportunity to participate (BERNARDES; LUCIAN, 2015BERNARDES, B.; LUCIAN, R. Crowdfunding: A Influência da Co-Criação e do Sentimento de Pertença na Satisfação dos Apoiadores Luso-Brasileiros. GESTÃO. Org - Revista Eletrônica de Gestão Organizacional, v. 13 (Ed. Especial), p. 360-369, 2015.).

Based on these considerations, it is consistent to suggest the following proposition:

  1. P5: With the use of value co-creation strategies in crowdfunding platforms, the consumer (user) who participates in the conception of the good he wants to promote, makes this project (product) perceived by consumers with potential market satisfaction.

A crowdfunding platform, such as Catarse and Kickante, provides online chat areas where both project proponents and project sponsors can share information. Entrepreneurs are even able to test their products and promote them, while potential supporters work with social feedback (BELLEFLAME; LAMBERT; SCHWIENBACHER, 2014BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014.). In this way, co-creation behavior develops (YI; GONG, 2013YI, Y.; GONG, T. Customer value co-creation behavior: scale development and validation. Journal of Business Research. v. 66, n. 9, p. 1279-1284, 2013.), which can be promoted through the development of a clear description of the project to share with users collectively. For example, on a crowdfunding platform as Catarse, entrepreneurs are able to describe their campaigns using words, images, videos and attaching files. This highlights the strategic importance, for a crowdfunding project, to operate through an information technology platform that allows immediate, complete and interaction-related information communication.

Funders, considered supporters or crowdfunders, contribute to the entrepreneur’s project, not only with monetary resources, but also with ideas and information. This is done through technological platforms, which provides a community and the tools to interact with it, as seen in Figure 4 that highlights the project entitled Malalai, technology developer for personal security (KICKANTE, 2017bKICKANTE. Campanha Malalai. 2017. Disponível em: https://www.kickante.com.br/campanhas/malalai. Acesso em: 18 nov. 2017b.
https://www.kickante.com.br/campanhas/ma...
). The proposal joined the crowdfunding platform Kickante and obtained the necessary contribution to achieve the defined goal.

Figure 4
Comments made by Malalai project supporters

Most crowdfunding platforms provide a chat tool where a dialogue takes place between the entrepreneur and his potential funders (ZHENG, LI; XU, 2014ZHENG, H.; LI, D.; XU, Y. The role of multidimensional social capital in crowdfunding: A comparative study in Chine and US. Information & Management, 51, 488-496, 2014.). Funders publish their comments about the project, and they are answered or refuted by the entrepreneur.

The crowdfunding system is complex in the sense described by Gummesson (2006)GUMMESSON, E. Many to many marketing as grand theory: a Nordic School contribution. In: LUSH, F.; VARGO, S. L. The Service – Dominant Logic of Marketing: Dialog, Debate and Directions. New York: ME Sharpe, 2006.: there are different agents participating in it, and its structure and functioning include functions much broader than mere financing, since they are structures created to allow the value co-creation for all different users by applying the resources of all participants, in order to create a market-oriented and relationship-based product. Therefore, Belleflamme, Lambert and Schwienbacher (2014)BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014. attest that crowdfunding comprises elements of co-creation, especially, for example, when individuals provide feedback and ideas of preferences about the product and play an important role in promoting and marketing it.

Prahalad and Ramaswamy (2004a)PRAHALAD, C. K.; RAMASWAMY, V. Co-creation experiences: the next practice in value creation. Journal of Interactive Marketing, v. 18, n. 3, p. 5-14, 2004a. focus their theory on the importance of building efficient channels of encounter between the company and customers, allowing the realization of co-creation. This includes the possibility of having a two-way communication with the customer, integrating them according to their competencies in the development of the product/service, sharing meaningful information and, consequently, organizing a structured brand community. These procedures are essential to create value that, according to the service’s dominant logic theory, cannot be produced autonomously by the company and then delivered to the customer, but it is the customer’s collaboration that gives value to the product and service (VARGO; LUSCH, 2008VARGO, S. L.; LUSCH, R. F. Service-dominant logic: continuing the evolution. Journal of the Academy of Marketing Science, v. 36, n.1, p. 1-10, 2008.).

Therefore, during a crowdfunding campaign, the company has several tools to implement this theory thanks to the functionality of the platforms. However, marketing and social science literature focused mainly on crowdfunding with the aim of analyzing the impressive growth of platforms used by companies as an alternative financial resource (BELLEFLAME; LAMBERT; SCHWIENBACHER, 2014BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014.). In this light, the precedent comes from Ordanini et al. (2011)ORDANINI, A.; MICELI, L.; PIZZETTI, M.; PARASURAMAN, A. Crowd-funding: transforming customers into investors through innovative service platforms, Journal of Service Management, v. 22, n. 4, p. 443-470, 2011., which focuses on the reasons why a consumer should become a co-creator during a crowdfunding campaign. The authors demonstrated the importance of network efficiency to attract co-creators, mentioning that companies that organize such initiatives create systems and organizational conditions necessary for the integration of resources between users (ORDANINI et al., 2011ORDANINI, A.; MICELI, L.; PIZZETTI, M.; PARASURAMAN, A. Crowd-funding: transforming customers into investors through innovative service platforms, Journal of Service Management, v. 22, n. 4, p. 443-470, 2011.).

Conclusions

The business environment is changing by society, entering a digitized era where ideas and insights are abundant, more easily accessible and, therefore, act as co-creators. Therefore, this research is a first step to study the diversity of interpersonal relationships within a broader set of crowdfunding practices, which shows the gradation of expectations and behaviors in the exchange systems. In this sense, this theoretical essay investigated the phenomenon of crowdfunding between the attributions of the science of Social Exchange Theory and Co-creation in order to point out proposals that portray the correlations between them. Therefore, the work reflected on an event that has been extensively researched, but under a different aspect, which has raised new questions to be studied in future research.

The Social Exchange Theory has served marketing well for 40 years, but it is clear that it is giving way to relational concepts, which are changing aspects of traditional marketing processes. As suggested by the essay, the context in which the value was created has changed, increased in complexity and the type of analysis needs to accompany this new reality. In this sense, the context becomes more important as a framework for exchange and experience.

Thus, crowdfunding is seen as a collaborative exchange approach, which can be seen as a co-creation activity, where people can participate in the selection and development of projects through the provision of funds or feedbacks.

In view of this, this study supported the importance of using “supporters” for companies to obtain ideas, comments and awareness about projects (GUIRADO; CASTRO, 2015GUIRADO, C. E.; CASTRO, C. G. Crowdfunding as an Open Innovation for Co-Creation. In: ASSADI, D. (Ed.). Strategic Approaches to Successful Crowdfunding. Burgundy School of Business, France, p. 150-174, 2015.), to then inspire the development of new products and/or services or improve them (PRAHALAD; RAMASWAMY, 2004aPRAHALAD, C. K.; RAMASWAMY, V. Co-creation experiences: the next practice in value creation. Journal of Interactive Marketing, v. 18, n. 3, p. 5-14, 2004a.). One of the highlights of the crowdfunding environment is being able to involve sponsors in the entire process of implementing the project, actively participating in product development (LEHNER, 2013LEHNER, O. M. Crowdfunding social ventures: a model and research agenda. Venture Capital, v. 15, n. 4, p. 289-311, 2013.). For this reason, crowdfunding can be considered a type of co-creation of value by supporters. As perceived, co-creation behavior is related to customer value and satisfaction with the service. It can be noted, from the examples identified, that the participants who are actively involved in the activities of value co-creation live stimuli that excite them more by the process. Therefore, it is worth suggesting a deep search to understand in detail, the fourth proposition: The pleasure of supporting a crowdfunding project has a positive effect on the intention to invest in a crowdfunding project, that is, how and what are the activities practiced by supporters of crowdfunding campaigns that can improve your experience and increase your satisfaction with projects.

In fact, there are many unknowns about how co-creation can be promoted, managed and exploited by companies and how a business model can be designed (or reinvented) to benefit from value co-creating. In this logic, the crowdfunding phenomenon is just one formula among many that, enabled by new technologies and the Internet, provided an adequate environment for the co-creation of certain projects. However, the continuous development of technology and the growing interrelationships between different actors, as enabled by technology, will continue to facilitate the development of new models, which will be interesting to consider from both a theoretical and empirical point of view. Thus, it is concluded that the platform as an intermediary facilitates the repeated interaction between the proponent and supporters and that this will create not only financial value through the interaction. In addition, it is considered that the creation and exchange of new knowledge in the innovation phase generates non-financial benefits to the project, since it gains the possibility of adapting its value proposal to the market.

Future research can validate through well-planned experiments if the propositions of this essay are valid, such as: concentrating efforts to analyze the specific content worked on in the presentation of successful projects on crowdfunding platforms and understanding how this detail can assist in strategies of reciprocity in the context of social exchange and value co-creation. In the end, this essay offered only an inductive discussion and preliminary information about the phenomenon addressed and the new role of the consumer/supporter/sponsor, in this way, one can expand knowledge in a quantitative way, investigating co-creation as a driver of success collaborative financing activities. To do this, use a specific crowdfunding platform as a study context to analyze and compare funded versus unfunded initiatives, in order to identify specific success factors.

The intrinsic limitation of the study is linked to the analysis and attribution of examples, which in turn was introduced by Brazilian activities, as well as national platforms. There are likely to be cultural differences, and even generational differences, about how value is perceived by entrepreneurs in other nationalities. With these limitations in mind, it would be interesting to investigate the value perceived by proponents in different cultures, and whether the context of crowdfunding can be perceived differently over time.

References

  • ALLIEDCROWDS CROWDFUNDING REPORT. Relatório Annual - Developing World Crowdfunding 2016. Disponível em: https://www.crowdfundinsider.com/2016/01/80216-alliedcrowds-releases-january-2016-crowdfunding-report/ Acesso em: 20 set. 2017.
    » https://www.crowdfundinsider.com/2016/01/80216-alliedcrowds-releases-january-2016-crowdfunding-report/
  • AMERICAN MARKETING ASSOCIATION. Definition of Marketing 2007. Disponível em: https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx Acesso em: 10 set. 2017.
    » https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx
  • BALDO, W. C. Cibercultura, automação e big data: questões sobre a evolução tecnológica e suas consequências para a comunicação e a sociedade. In: XXII CONGRESSO DE CIÊNCIAS DA COMUNICAÇÃO NA REGIÃO SUDESTE, 2014, Volta Redonda, RJ. Anais.. Volta Redonda, RJ - Intercom – Sociedade Brasileira de Estudos Interdisciplinares da Comunicação. 2017.
  • BAGOZZI, R. P. Marketing as an organized behavioral system of exchange. Journal of Marketing, n. 38, p. 77-81, 1974.
  • BAGOZZI, R. P. Marketing as exchange. Journal of Marketing, v. 4, n. 39, p. 32-39, 1975.
  • BAGOZZI, R. P.; GOPINATH, M.; NYER, P. U. The role of emotions in marketing, Journal of the Academy of Marketing Science, v. 27, n. 2, p. 184-206, 1999.
  • BELLEFLAMME, P.; LAMBERT, T.; SCHWIENBACHER, A. Crowdfunding: tapping the right crowd. Journal of Business Venturing, v. 29, n. 5, p. 585-609, 2014.
  • BERNARDES, B.; LUCIAN, R. Crowdfunding: A Influência da Co-Criação e do Sentimento de Pertença na Satisfação dos Apoiadores Luso-Brasileiros. GESTÃO. Org - Revista Eletrônica de Gestão Organizacional, v. 13 (Ed. Especial), p. 360-369, 2015.
  • BOTSMAN, R.; ROGERS, R. O que é meu é seu: como o consumo coletivo está mudando o nosso mundo. Porto Alegre: Bookman, 2011.
  • BRIGGS, E; GRISAFFE, D. Service Performance-Loyalty Intentions Link in a Business-to-Business Context: the role of relational exchange outcomes and customer characteristics, Journal of Service Research, v. 13, n. 1, p. 37-51, 2010.
  • BURTCH, G.; GHOSE, A.; WATTAL, S. An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets. Information Systems Research, v. 24, n. 3, p. 499-519, 2013.
  • CARVALHO, A. C. M. de; ROCHA, D. de C. Ações promocionais de marketing na divulgação de projetos musicais do crowdfunding. In: XXXVII CONGRESSO BRASILEIRO DE CIÊNCIAS DA COMUNICAÇÃO, 2014, Foz do Iguaçu, PR. Anais.. Foz do Iguaçu – Intercom – Sociedade Brasileira de Estudos Interdisciplinares da Comunicação, 2014.
  • CHOLAKOVA, M.; CLARYSSE, B. Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward-Based Investments?. Entrepreneurship Theory and Practice, v. 39, n. 1, p. 145-172, 2015.
  • CASTRO, M. DE F. C.; SUAIDEN, E. J. Fatores críticos de sucesso na oferta de produtos e serviços de informação na web. Pesquisa Brasileira em Ciência da Informação e Biblioteconomia, João Pessoa, v. 10, n. 1, p. 1-28, 2015.
  • CATARSE. Metas peludas e inspiradoras para 2014 e o futuro 2014. Disponível em: http://blog.catarse.me/metas-peludas-e-inspiradoras-para-2014-e-para-o-futuro/ Acesso em: 20 jul. 2017.
    » http://blog.catarse.me/metas-peludas-e-inspiradoras-para-2014-e-para-o-futuro/
  • CATARSE. Cafeteria Aram 2016. Disponível em: https://www.catarse.me/cafeteiraaram?ref=ctrse_explore&project_id=43002. Acesso em: 20 set. 2017.
    » https://www.catarse.me/cafeteiraaram?ref=ctrse_explore&project_id=43002
  • DAMACENA, C.; MARRA, G. dos S.; PETROLL, M. de la M. Orientação ao mercado, inovação colaborativa com os consumidores e sobrecarga de informação. Perspectivas Contemporâneas, Campo Mourão, v. 7, n. 2, p. 177-206, 2012.
  • DONG, B.; EVANS, K. R.; ZOU, S. J. The effects of customer participation in co-created service recovery. Journal of the Academy of Marketing Science v. 36, n. 1, p. 123-137, 2008.
  • EMERSON, R. M. Social exchange theory. Annual Review of Sociology, v. 2, n. 1, p. 335-362, 1976.
  • FARAJ, S.; JOHNSON, S. L. Network exchange patterns in on-line communities. Organization Science, v. 22, n. 6, p. 1464–1480, 2011.
  • FORBES. The Indiegogo of Brazil: Candice Pascoal and Kickante. 2015. Disponível em: https://www.forbes.com/sites/joshsteimle/2015/09/03/the-indiegogo-of-brazil-candice-pascoal-and-kickante/#7eb6cc3d6aeb Acesso em: 10 set. 2017.
    » https://www.forbes.com/sites/joshsteimle/2015/09/03/the-indiegogo-of-brazil-candice-pascoal-and-kickante/#7eb6cc3d6aeb
  • FULLER, J.; BILGRAM, V. The moderating effect of personal features on the consequences of an enjoyable co-creation experience. Journal of Product & Brand Management, v. 26, n. 4, p. 386-401, 2017.
  • GALVAGNO, M.; DALLI, D. Theory of value co-creation: a systematic literature review. Managing Service Quality, v. 24, n. 6, p. 643-683, 2014.
  • GERBER, E. M.; HUI, J. S. Crowdfunding: Motivations and Deterrents for Participation. ACM Transactions on Computer-Human Interaction (TOCHI), v. 20, n. 6, p. 1-37, 2013.
  • GOULDNER, A. W. The norm of reciprocity: a preliminary statement. American Sociological Review, v. 25, n. 2, p. 161-178, 1960.
  • GRIFFIN, Z. Crowdfunding: fleecing the American masses. Journal of Law, Technology & the Internet, v. 4, n. 2, p. 375-421, 2013.
  • GRÖNROOS, C. Relationship Marketing as Promise Management. In: MACLARAN, P.; SAREN, M.; STERN, B.; TADAJEWSKI, M. The SAGE Handbook of Marketing Theory SAGE Publications: Thousand Oaks, 2013.
  • GUIRADO, C. E.; CASTRO, C. G. Crowdfunding as an Open Innovation for Co-Creation. In: ASSADI, D. (Ed.). Strategic Approaches to Successful Crowdfunding Burgundy School of Business, France, p. 150-174, 2015.
  • GUMMESSON, E. The New Marketing: developing long-term interactive relationships. Long Range Planning, v. 20, n. 4, p. 10-20, 1987.
  • GUMMESSON, E. Many to many marketing as grand theory: a Nordic School contribution. In: LUSH, F.; VARGO, S. L. The Service – Dominant Logic of Marketing: Dialog, Debate and Directions. New York: ME Sharpe, 2006.
  • HAMARI, J.; SJÖKLINT, M.; UKKONEN, A. The sharing economy: Why people participate in collaborative consumption. Journal of the Association for Information Science and Technology, v. 67, n. 9, p. 2047-2059, 2016.
  • HOBBS, J.; GRIGORE, G.; MOLESWORTH, M. Success in the management of crowdfunding projects in the creative industries, Internet Research, v. 26, n. 1, p. 146-166, 2016.
  • HOMANS, G. C. Social behavior as exchange. American Journal of Sociology, v. 63, n. 6, p. 597-606, 1958.
  • KARJALUOTO, H.; MUSTONEN, N.; ULKUNIEMI, P. The role of digital channels in industrial marketing communications, Journal of Business & Industrial Marketing, v. 30, n. 6, p. 703-710, 2015.
  • KICKANTE. Campanha Bel Pesce: Legado A Menina do Vale. 2017. Disponível em: https://www.kickante.com.br/campanhas/bel-pesce-legado-menina-do-vale Acesso em: 18 nov. 2017a.
    » https://www.kickante.com.br/campanhas/bel-pesce-legado-menina-do-vale
  • KICKANTE. Campanha Malalai 2017. Disponível em: https://www.kickante.com.br/campanhas/malalai Acesso em: 18 nov. 2017b.
    » https://www.kickante.com.br/campanhas/malalai
  • KICKING IT FORWARD. Frequently Asked Questions 2017. Disponível em: https://kickingitforward.org/faq Acesso em: 18 set. 2017.
    » https://kickingitforward.org/faq
  • KOTLER, P.; KELLER, K. L. Administração de marketing 14. ed. São Paulo: Pearson Prentice Hall, 2012.
  • KUNZ, M. M.; BRETSCHNEIDER, U.; ERLER, M.; LEIMEISTER, J. M. An empirical investigation of signaling in reward-based crowdfunding. Electronic Commerce Research, v. 17, n. 3, p. 425-461, 2017.
  • LEHNER, O. M. Crowdfunding social ventures: a model and research agenda. Venture Capital, v. 15, n. 4, p. 289-311, 2013.
  • MARIANI, A.; CATALDO, A.; VASTOLA, A. Consumers’ engagement in co-creation of value and Crowdfunding: Naked Wine as a Best Practice. Calitatea, v. 15, n. 143, p. 70-73, 2014.
  • MATTAR, F. N.; OLIVEIRA, B.; MORAES, C. A. de; QUEIROZ, M. J. de; QUEIROZ, R. S. B. De; MOTTA, S. L. S. Gerência de produtos: estratégias e ações para o sucesso. 1. ed. Rio de Janeiro: Elsevier Campus, 2013.
  • MOLLICK, E. R. The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, v. 29, n. 1, p. 1-16, 2014.
  • MONTEIRO, M. de C. P. Crowdfunding no Brasil: uma análise sobre as motivações de quem participa. 2014. 209 f. Dissertação (Mestrado em Administração) - Programa de Pós-Graduação em Administração, Escola Brasileira de Administração Pública e de Empresas, Centro de Formação Acadêmica e Pesquisa da Fundação Getúlio do Rio de Janeiro, Rio de Janeiro, 2014.
  • MORGAN, R. M.; HUNT, S. D. The Commitment-Trust Theory of Relationship Marketing. Journal of Marketing, v. 58, p. 20-38, 1994.
  • MOUTINHO, N.; LEITE, P. V. Critical success factors in crowdfunding: the case of Kickstarter. Cad. do Merc. De. Valores Mobiliários, v. 45, p. 8-32, 2013.
  • NEVIN, S.; GLEASURE, R.; O’REILLY, P.; FELLER, J.; LI, S.; CRISTOFORO, J. Social Identity and Social Media Activities in Equity Crowdfunding. In: 13TH INTERNATIONAL SYMPOSIUM ON OPEN COLLABORATION. ACM, 2017. Proceedings..
  • ORDANINI, A.; MICELI, L.; PIZZETTI, M.; PARASURAMAN, A. Crowd-funding: transforming customers into investors through innovative service platforms, Journal of Service Management, v. 22, n. 4, p. 443-470, 2011.
  • PEQUENAS EMPRESAS & GRANDES NEGÓCIOS. Empreendedora cria plataforma de crowdfunding e arrecada R$ 57 milhões em campanhas 2017. Disponível em: http://revistapegn.globo.com/Mulheres-empreendedoras/noticia/2017/09/empreendedora-cria-plataforma-de-crowdfunding-e-arrecada-r-57-milhoes-em-campanhas.html Acesso em: 10 set. 2017.
    » http://revistapegn.globo.com/Mulheres-empreendedoras/noticia/2017/09/empreendedora-cria-plataforma-de-crowdfunding-e-arrecada-r-57-milhoes-em-campanhas.html
  • PIGATTO, G. A. S.; QUEIROZ, T. R.; LOURENZANI, A. E. B. S. Redes sociais de produtores de mandioca em regiões do estado de São Paulo. Interações (Campo Grande), Campo Grande, v. 16, n. 1, p. 75-86, 2015.
  • PRAHALAD, C. K.; RAMASWAMY, V. Co-creation experiences: the next practice in value creation. Journal of Interactive Marketing, v. 18, n. 3, p. 5-14, 2004a.
  • PRAHALAD, C. K.; RAMASWAMY, V. The Future of Competition: Co-Creating Unique Value with Customers. Boston: Harvard Business School Press, 2004b.
  • PREIKSCHAS, M. W.; CABANELAS, P.; RÜDIGER, K.; LAMPÓN, J. F. Value co-creation, dynamic capabilities and customer retention in industrial markets. Journal of Business & Industrial Marketing, v. 32, n. 3, p. 409-420, 2017.
  • QUERO, M. J.; VENTURA, R.; KELLEHER, C. Value-in-context in crowdfunding ecosystems: How context frames value co-creation. Service Business, v. 11, n. 2, p. 405-425, 2016.
  • RYU, S.; KIM, Y-G. A typology of crowdfunding sponsors: Birds of a feather flock together? Electronic Commerce Research and Applications, v. 16, p. 43-54, 2016.
  • SANTOS, C. R. dos; BRASIL, V. S. Envolvimento do consumidor em processos de desenvolvimento de produtos: um estudo qualitativo junto a empresas de bens de consumo. Revista de Administração de Empresas - RAE, v. 50, n. 3, p. 300-311, 2010.
  • SHETH, J.; GARDNER, D.; GARRET, D. Marketing theory: evolution and evaluation. New York: John Wiley & Sons, 1988.
  • STARTSE. Crowdfunding se consolida com mais de R$ 180 milhões em doações 2017. Disponível em: https://conteudo.startse.com.br/startups/mariana-rodrigues/crowdfunding-se-consolida-com-mais-de-r-180-milhoes-em-doacoes/ Acesso em: 10 set. 2017.
    » https://conteudo.startse.com.br/startups/mariana-rodrigues/crowdfunding-se-consolida-com-mais-de-r-180-milhoes-em-doacoes/
  • STEINBERG, S.; DEMARIA, R. The crowdfunding bible: how to raise money for any startup, video game or project. Kindle Edition: Read.Me, 2012.
  • STEFFEN, C. O Crowdfunding no Brasil de 2014. In: XXXVII CONGRESSO BRASILEIRO DE CIÊNCIAS DA COMUNICAÇÃO, 2014, Foz do Iguaçu, PR. Anais.. Foz do Iguaçu – Intercom – Sociedade Brasileira de Estudos Interdisciplinares da Comunicação, 2014.
  • STEFFEN, C. Meios digitais participativos e economia criativa: uma exploração das plataformas Brasileiras de crowdfunding. Intexto, Porto Alegre, UFRGS, v. 32, p. 156-171, 2015.
  • STRAPASSON, E. V. L.; NARDELLI, M. A.; UENO, G. Crowdfunding no turismo comunitário: uma discussão conceitual. In: X FÓRUM INTERNACIONAL DE TURISMO DO IGUASSU, 2016, Foz do Iguaçu, PR. Anais.. Foz do Iguaçu – Fórum Internacional de Turismo Do Iguassu, 2016.
  • THIBAUT, J. W.; KELLEY, H. H. The Social Psychology of Groups, New York, 1959.
  • THURRILD, C.; KAMLEITNER, B. What goes around comes around? California Management Review, v. 58, n. 2, p. 88-110, 2016.
  • VARGO, S. L.; LUSCH, R. F. Evolving to a new dominant logic for marketing, Journal of Marketing, v. 68, n. 1, p. 1-17, 2004.
  • VARGO, S. L.; LUSCH, R. F. Service-dominant logic: continuing the evolution. Journal of the Academy of Marketing Science, v. 36, n.1, p. 1-10, 2008.
  • VARGO, S. L. Market Systems, stakeholders and value propositions. Towards a service-dominant logic-based theory of the market, European Journal of Marketing, v. 45, n. 1/2, p. 217-222, 2011.
  • VOELKER, T. A.; MCGLASHAN, R. What is Crowdfunding? Bringing the Power of Kickstarter to Your Entrepreneurship Research and Teaching Activities. Small Business Institute® Journal, v. 9, n. 2, p. 11-22, 2013.
  • YI, Y.; GONG, T. Customer value co-creation behavior: scale development and validation. Journal of Business Research v. 66, n. 9, p. 1279-1284, 2013.
  • WOLF, C. From Harambee to Modern Crowdfunding: the Opportunities and Challenges in Sub-Saharan Africa. In: REDFORD, D. T. (Ed.) Developing Africa’s Financial Services, p. 263-277, 2017.
  • ZHENG, H.; LI, D.; XU, Y. The role of multidimensional social capital in crowdfunding: A comparative study in Chine and US. Information & Management, 51, 488-496, 2014.
  • ZVILICHOVSKY, D.; YAEL, I.; BARZILAY, O. Playing both sides of the market: Success and reciprocity on crowdfunding platforms. In: 34TH INTERNATIONAL CONFERENCE ON INFORMATION SYSTEMs (ICIS 2013). Milan, Italy, 2013. Proceedings..

Publication Dates

  • Publication in this collection
    19 Mar 2021
  • Date of issue
    Jan-Apr 2021

History

  • Received
    30 Jan 2018
  • Accepted
    26 Aug 2020
Sociedade Brasileira de Estudos Interdisciplinares da Comunicação (INTERCOM) Rua Joaquim Antunes, 705, 05415-012 São Paulo-SP Brasil, Tel. 55 11 2574-8477 - São Paulo - SP - Brazil
E-mail: intercom@usp.br