Big fish: Leveraging the Fear of Missing Out in Equity Crowdfunding in the Post-COVID-19 Era

Luca Sabia, Robin Bell, David Bozward

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


In this article, we look at how to leverage the positive face of the fear of missing out (FOMO) to foster brand community-building in the context of equity crowdfunding in the post-COVID-19 era. Using thematic analysis from 15 interviews with crowd investors across Europe and North America, we investigated how FOMO influences the decision-making of crowd investors. Findings suggest that FOMO is a powerful belongingness facilitator that can support the crowd investor’s self-determination strategies and thus their willingness to take part in a crowdfunding community, sharing in its values and beliefs. FOMO can be used by entrepreneurs to activate identification mechanisms through which they can create a loyal fan base. We conclude by proposing an entrepreneurial action plan to guide the entrepreneur in making the most of FOMO in equity crowdfunding ventures.
Original languageEnglish
Pages (from-to)59-67
Number of pages9
JournalBusiness Horizons
Issue number1
Early online date28 Sept 2021
Publication statusPublished - 1 Jan 2022

Bibliographical note

Publisher Copyright:
© 2021 Kelley School of Business, Indiana University


  • Equity crowdfunding
  • FOMO
  • Community-building
  • Startup crowdfunding
  • Brand community
  • Value creation

ASJC Scopus subject areas

  • Marketing
  • Business and International Management


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