Crowdfunding Success: Analyzing South Korea’s Kakao

In this study, Kakao Gachigachi, an online crowdfunding platform powered by Kakao in South Korea, was introduced to investigate factors resulting in successful crowdfunding. The results revealed that the success of Kakao depends on the following two factors: (1) advancement and expansion of digital technology infrastructure; and (2) creative content provided through its platform to stimulate donor engagement. Unlike most existing studies on crowdfunding focusing on the role of either the fundraisers or the donors, this study emphasized the role of digital technology – the civic crowdfunding platform - itself and its utilization of creative digital content. Furthermore, the study revealed how Kakao’s crowdfunding platform provides a seamless online-to-offline experience cycle that triggers greater awareness of public donations. The results of our analyses highlight the importance of creative content strategies in online crowdfunding.