Two acts, one stage: Crowdfunding and the power of self-presentation in times of crisis

The Corona Virus Disease 2019 (COVID-19) pandemic transformed reward-based crowdfunding into a dual-purpose space, as struggling businesses seeking financial relief entered a domain traditionally dominated by aspirational campaigns. This shift introduced new competitive dynamics, bringing value- and survival-driven campaigns into direct coexistence. Yet, little is known about how these campaign types attract support when sharing the same “stage,” or whether they require distinct self-presentation strategies. Drawing on impression management (IM) theory, we examine how a campaign’s functional purpose interacts with specific IM techniques to shape patterns of backer engagement. Analyzing 3,477 campaigns on Startnext, we find that survival-driven campaigns generally attract more support than value-driven ones, with IM strategies moderating this effect. While self-promotion enhances value-driven campaigns, it backfires for survival-driven ones, whereas supplication strengthens survival-driven campaigns but harms value-driven ones. Our findings underscore the importance of strategic self-presentation, offering theoretical and practical insights for building a more inclusive and resilient crowdfunding ecosystem.