Abstract:
The crowdfunding phenomenon is viewed through the lens of institutional theory and the institutional work done for maintaining the crowdfunding institution. Institutional work by actors of crowdfunding was studied at macro level by analyzing the provision of crowdfunding regulations across 22 countries and at the micro level by analyzing the actions of Indeigogo, a US based crowdfunding platform. It was observed that at the macro level the regulatory bodies are focusing more on deterrence work rather than enabling or policing work. At Micro level crowdfunding platforms are doing valorizing and routinizing work for maintaining the institution. Since the number of scams happening in crowdfunding is rising, it is important to focus on the full institutionalization of this new form of institution. This study will help in guiding efforts of the actors to engage in the the right kind of institutional work that will help in sustenance of this institutional form by providing legitimacy
