對於網路蓬勃發展的現今，群眾募資已是目前新穎且有效融資方法之一。網路上有越來越多的群眾募資平台，如台灣的flyingV、美國的Kickstarter及Indiegogo等。對於非營利組織，如博物館、文化交流協會、藝術家協會等，能維持組織營運下去，群眾募資平台成為其獲得資金的管道之一，因為可透過群眾的力量可以在短時間獲得大量的資金。然而，如何撰寫完美的群眾募資計畫書以影響投資者的投資意圖，如同新興企業發展其商業模式的九大要素，最終成功達到群眾募資計畫目標，值得探討。因此，本研究目的在探討群眾募資提案計畫，呈現在募資平台上，哪個商業模式的要素，會顯著影響投資者投資意圖的要素。本研究從探討商業模式發展的九大要素中，找出三個可進一步探討的要素(從價值主張、通路、關鍵活動)，採用眼動追蹤法(Eye-tracking)擷取投資者觀看提案計畫內容呈現在群眾募資平台的眼動，分析哪個要素讓投資者有最多的凝視次數、凝視時間，眼動實驗後進行半結構訪談，以深入了解投資者的投資意圖。整個眼動實驗，以非營利組織的提案為情境，包括博物館進行古物保存與修復計畫。最後，本研究發現，商業模式的關鍵活動顯著影響投資者之投資意圖，尤其是能提出支出明細的群眾募資計畫。此研究建議非營利組織未來在撰寫群眾募資計畫時，一定要定期更新其資金如何運用，以獲取投資者的信任，最終致使其計畫成功。期待此研究對於未來非營利組織，上傳群眾募資計畫於募資平台時有可供參考的具體建議。未來研究，建議可考慮透過不同的實驗儀器進行探討，或者是加入信任構面來探討影響投資者之投資意圖的因素。

For the vigorous development of the Internet today, crowdfunding is one of the current innovative and effective financing methods. There are more and more crowdfunding platforms on the Internet, such as flyingV in Taiwan, Kickstarter, and Indiegogo in the US. Because of the power of the masses, the organizations can raise a lot of money in a short time. Thus, the fund-raising platform has become an access for non-profit organizations, such as museums, cultural exchanges, art associations, etc. to raise fund. However, it is worth exploring how to make fundraising proposal attractive for the investors. Therefore, the purpose of this study is to explore the elements of the fundraising proposal on the fund-raising platform and which business model of the nine elements will significantly affect the investment intention. This study explores three elements that can be further explored: Value propositions, channels, and key activities, applies eye-tracking to capture the investors’ attention to a proposed plan and thus to explore which of the nine elements of the development of business model are important factors that attract investors most total fixation count and total fixation time they gaze at it. Further, a semi-structured interview is conducted after eye movement experiment to gain insight into the investment intentions. In the eye movement experiment, nonprofit organization's proposal is the object of this study, including the museum for antique preservation and repair plan. Finally, the study found that the key activities of the business model significantly affect the investment intent, especially the fundraising project that gives most details of its appropriation. This study suggests that the organization regularly update how they use the money on its proposal on fundraising platform in order to obtain the trust of investors, and ultimately success. This study looks forward to the future non-profit organizations, uploading the fund-raising plan in the fund-raising platform for reference when the specific recommendations. Further, this study recommends future research consider different experimental instruments other than eye tracking device or take trust into consideration to discuss the investment intentions of the factors. Further, this study recommends future research consider different experimental instruments other than eye tracking device or take trust into consideration to discuss the investment intentions of the factors.

Aghion, P., & Bolton, P. (1992). An incomplete contracts approach to financial contracting. The review of economic Studies, 59(3), 473-494.
Agrawal, A. K., Catalini, C., & Goldfarb, A. (2011). The geography of crowdfunding (No. w16820). National bureau of economic research. Retrieved on Dec 11,2016, from http://www.nber.org/papers/w16820.pdf
Agrawal, A., Catalini, C., & Goldfarb, A. (2013). Crowdfunding: Social Frictions in the Flat World?. National Bureau of Economic Research. Retrieved on Dec 11,2016, from http://innovation-regulation2.telecom-paristech.fr/wp-content/uploads/2014/01/Avi-Godfarb-Crowdfunding.pdf
Agrawal, A. K., Catalini, C., & Goldfarb, A. (2013). Some simple economics of crowdfunding, National Bureau of Economic Research 19133. Retrieved on Dec 11,2016, from http://www.nber.org/papers/w19133.pdf
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980.
Ares, G., Mawad, F., Giménez, A., & Maiche, A. (2014). Influence of rational and intuitive thinking styles on food choice: Preliminary evidence from an eye-tracking study with yogurt labels. Food Quality and Preference, 31, 28-37.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585-609.
Bergstrom, J. R. & A. Schall (2014). Eye tracking in user experience design. Toronto, TO: Elsevier.
Browning, M., Cooper, S., Cant, R., Sparkes, L., Bogossian, F., Williams, B., ... & Black, B. (2016). The use and limits of eye-tracking in high-fidelity clinical scenarios: A pilot study. International Emergency Nursing, 25, 43-47.
Brettel, M., Strese, S., & Flatten, T. C. (2012). Improving the performance of business models with relationship marketing efforts–An entrepreneurial perspective. European Management Journal, 30(2), 85-98.
Broadbent, M., Horsley, M., Birks, M., & Persaud, N. (2014). Comparing novice and expert nurses in analysing electrocardiographs (ECGs) containing critical diagnostic information: an eye tracking study of the development of complex nursing visual cognitive skills. In Current Trends in Eye Tracking Research (pp. 297-315). Springer International Publishing.
Cabral, L. (2012). The Oxford Handbook of the Digital Economy. Oxford, OXON: Oxford University Press.
Casadesus-Masanell, R. & J. E. Ricart (2010). From strategy to business models and onto tactics. Long Range Planning 43(2): 195-215.
Cheng, Kai (2016). What factors are associated with the successful possibility in Crowdfunding. Retrieved on Dec 11,2016, from http://mba.management.org.tw/upload/aplistfs160811362776591.pdf.
Chiou, S. F. (2004). The Relationship between Display Position of Goods and Attention (Doctoral dissertation, Master Thesis, Southern Taiwan University of Science and Technology, Taiwan).
Colombo, M. G., Franzoni, C., & Rossi‐Lamastra, C. (2015). Internal social capital and the attraction of early contributions in crowdfunding. Entrepreneurship Theory and Practice, 39(1), 75-100.
Congiu, S., Fadda, R., Doneddu, G., & Striano, T. (2016). Impaired representational gaze following in children with autism spectrum disorder. Research in Developmental Disabilities, 57, 11-17.
Crowdfunding. (2005). In Merriam-Webster. Retrieved on Dec 11,2016, from https://www.merriam-webster.com/dictionary/crowdfunding
Cumming, D. J., Leboeuf, G., & Schwienbacher, A. (2014). Crowdfunding models: Keep-it-all vs. all-or-nothing. In Paris December 2014 finance meeting EUROFIDAI-AFFI paper. Retrieved on Dec 11,2016, from
http://leeds-faculty.colorado.edu/Bhagat/CrowdfundingModels-KeppItAll-AllorNothing.pdf
Dahan, N. M., Doh, J. P., Oetzel, J., & Yaziji, M. (2010). Corporate-NGO collaboration: Co-creating new business models for developing markets. Long Range Planning, 43(2), 326-342.
Duchowski, A. (2007). Eye tracking methodology: Theory and practice. New York, NY: Springer Science & Business Media.
Duchowski, A. T. (2002). A breadth-first survey of eye-tracking applications. Behavior Research Methods, Instruments and Computers, 34(4): 455-470.
Frayn, M., Sears, C. R., & von Ranson, K. M. (2016). A sad mood increases attention to unhealthy food images in women with food addiction. Appetite, 100, 55-63.
Frischen, A., Bayliss, A. P., & Tipper, S. P. (2007). Gaze cueing of attention: visual attention, social cognition, and individual differences. Psychological Bulletin, 133(4), 694-724.
Glaholt, M. G., & Reingold, E. M. (2012). Direct control of fixation times in scene viewing: Evidence from analysis of the distribution of first fixation duration. Visual Cognition, 20(6), 605-626.
Glimcher, P. W. (2001). Making choices: the neurophysiology of visual-saccadic decision making. Trends in Neurosciences, 24(11), 654-659.
Graham, D. J., Orquin, J. L., & Visschers, V. H. (2012). Eye tracking and nutrition label use: A review of the literature and recommendations for label enhancement. Food Policy, 37(4), 378-382.
Green, S. E. (2013). Convergent caregiving: Exploring eldercare in families of children with disabilities. Journal of Loss and Trauma, 18(4): 289-305.
Greenberg, M. D., Pardo, B., Hariharan, K., & Gerber, E. (2013). Crowdfunding support tools: predicting success & failure. In CHI'13 Extended Abstracts on Human Factors in Computing Systems (pp. 1815-1820). New York, NY: ACM Press.
Guastella, A. J., Mitchell, P. B., & Dadds, M. R. (2008). Oxytocin increases gaze to the eye region of human faces. Biological Psychiatry, 63(1), 3-5.
Härkönen, J. (2014). Crowdfunding and its utilization for startup finance in Finland–factors of a successful campaign. Retrieved on Dec 11,2016, from https://doria32-kk.lib.helsinki.fi/handle/10024/96798.
Henderson, J. M., & Hollingworth, A. (2003). Eye movements and visual memory: Detecting changes to saccade targets in scenes. Perception and Psychophysics, 65(1), 58-71.
Holmqvist, K., Nyström, M., Andersson, R., Dewhurst, R., Jarodzka, H., & Van de Weijer, J. (2011). Eye tracking: A comprehensive guide to methods and measures. Oxford, OXON: Oxford University Press.
Hou, R., Mogg, K., Bradley, B. P., Moss-Morris, R., Peveler, R., & Roefs, A. (2011). External eating, impulsivity and attentional bias to food cues. Appetite, 56(2), 424-427.
Ingram, C. & R. Teigland (2013). Crowdfunding among IT entrepreneurs in Sweden: A qualitative study of the funding ecosystem and ICT entrepreneurs’ adoption of crowdfunding. Available at SSRN: https://ssrn.com/abstract=2289134 or http://dx.doi.org/10.2139/ssrn.2289134.
Ito, M. (1982). Cerebellar control of the vestibulo-ocular reflex--around the flocculus hypothesis. Annual Review of Neuroscience, 5(1): 275-297.
Jegelevičiūtė, S. & L. Valančienė (2015). Comparative Analysis of the Ways Crowdfunding is Promoted. Procedia-Social and Behavioral Sciences, 213: 268-274.
Joenssen, D. W., Michaelis, A., & Müllerleile, T. (2014). A link to new product preannouncement: Success factors in crowdfunding. Available at SSRN: https://ssrn.com/abstract=2476841.
Just, M. A., & Carpenter, P. A. (1976). Eye fixations and cognitive processes. Cognitive Psychology, 8(4), 441-480.
Kang, L., Jiang, Q., & Tan, C. H. (2017). Remarkable advocates: An investigation of geographic distance and social capital for crowdfunding. Information & Management, 54(3), 336-348.
Kean, M., & Lambert, A. (2003). Orienting of visual attention based on peripheral information. The Mind's Eye: Cognitive and Applied Aspects of Eye Movement Research, 2(3), 27.
Kroeber-Riel, W. (1984). Effects of emotional pictorial elements in ads analyzed by means of eye movement monitoring. Advances in Consumer Research, 11, 591-596.
Kshetri, N. (2015). Success of Crowd-based Online Technology in Fundraising: An Institutional Perspective. Journal of International Management, 21(2), 100-116.
Kucita, P., Kivunja, C., Maxwell, T. W., & Kuyini, B. (2013). Bhutanese stakeholders’ perceptions about multi-grade teaching as a strategy for achieving quality universal primary education. International Journal of Educational Development, 33(2), 206-212.
Kuppuswamy, V. & B. L. Bayus (2015). Crowdfunding Creative Ideas: The Dynamics of Project Backers in Kickstarter. Available at SSRN: https://ssrn.com/abstract=2234765 or http://dx.doi.org/10.2139/ssrn.2234765
Kuppuswamy, V., & Bayus, B. L. (2017). Does my contribution to your crowdfunding project matter?. Journal of Business Venturing, 32(1), 72-89.
Li, K., Huang, G., & Bente, G. (2016). The impacts of banner format and animation speed on banner effectiveness: Evidence from eye movements. Computers in Human Behavior, 54, 522-530.
Li, T. Q. (2013). Fraud in Crowdfunding and Antifraud Insurance. Available at SSRN: https://ssrn.com/abstract=2273263 or http://dx.doi.org/10.2139/ssrn.2273263
Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending. Management Science, 59(1), 17-35.
Lu, C. T., Xie, S., Kong, X., & Yu, P. S. (2014). Inferring the impacts of social media on crowdfunding. In Proceedings of the 7th ACM International Conference on Web Search and Data Mining (pp. 573-582). New York, NY: ACM Press.
Lukkarinen, A., Teich, J. E., Wallenius, H., & Wallenius, J. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26-38.
Magretta, J. (2002). Why business models matter. Retrieved on Dec 11,2016, from http://repository.binus.ac.id/2009-2/content/A0154/A015481231.pdf
Massolution. (2015). 2015CF – Crowdfunding Industry Report . Retrieved on Dec 11,2016, from http://fintechranking.com/2015/03/31/2015cf-crowdfunding-industry-report/
McKenzie, L. (2015). Internet job search: A two-sided search model approach. The University of Queensland
Megaw, E. & J. Richardson (1979). Eye movements and industrial inspection. Applied Ergonomics 10(3): 145-154.
Miller, W. (1992). Primary care research: a multimethod typology and qualitative road map. Doing qualitative research. Newbury Park: Sage Publications.
Mitra, T. & E. Gilbert (2014). The language that gets people to give: Phrases that predict success on kickstarter. In Proceedings of the 17th ACM conference on Computer supported cooperative work & social computing (pp. 49-61). New York, NY: ACM Press.
Mollick, E. R. (2013). Swept away by the crowd? Crowdfunding, venture capital, and the selection of entrepreneurs. Available at SSRN: https://ssrn.com/abstract=2239204 or http://dx.doi.org/10.2139/ssrn.2239204
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1-16.
Mormann, M. M., Navalpakkam, V., Koch, C., & Rangel, A. (2012). Relative visual saliency differences induce sizable bias in consumer choice. Journal of Consumer Psychology, 22(1), 5-12.
Morpus, N. (2016). The top 10 crowdfunding platforms for nonprofits. Fundrasing Software. Retrieved on Dec 11,2016, from http://blog.capterra.com/top-crowdfunding-platforms-for-nonprofits/.
Noor, K. B. M. (2008). Case study: A strategic research methodology. American Journal of Applied Sciences, 5(11), 1602-1604.
Oliveira, D., Machín, L., Deliza, R., Rosenthal, A., Walter, E. H., Giménez, A., & Ares, G. (2016). Consumers' attention to functional food labels: Insights from eye-tracking and change detection in a case study with probiotic milk. LWT-Food Science and Technology, 68, 160-167.
Ordanini, A., Miceli, L., Pizzetti, M., & Parasuraman, A. (2011). Crowd-funding: transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443-470.
Osterwalder, A. & Y. Pigneur (2010). Business model generation: a handbook for visionaries, game changers, and challengers. New Jersey, NJ: John Wiley & Sons.
Park, B., Knörzer, L., Plass, J. L., & Brünken, R. (2015). Emotional design and positive emotions in multimedia learning: An eyetracking study on the use of anthropomorphisms. Computers & Education, 86, 30-42.
Pil, F. K. & M. Holweg (2006). Evolving from value chain to value grid. MIT Sloan Management Review, 47(4): 72-80.
Powers, T. V. (2012). SEC regulation of crowdfunding intermediaries under Title III of the JOBS Act. Banking & Financial Services Policy Report, 10(31), 1-7.
Radach, R. & A. Kennedy (2004). Theoretical perspectives on eye movements in reading: Past controversies, current issues, and an agenda for future research. European Journal of Cognitive Psychology, 16(1-2), 3-26.
Richardson, J. (2008). The business model: an integrative framework for strategy execution. Strategic Change, 17(5‐6): 133-144.
Roick (2013). 【Roick’s Talk: Law and Web 專欄】看門道、看熱鬧？群眾募資的法律觀察（上）(下). 科技橘報. Retrieved from https://buzzorange.com/techorange/.
Wendell.Huang(2012). CROSS TABLE：卡方分配與卡方檢定. molecular-service-science. Retrieved from http://molecular-service-science.com/2012/08/03/cross-table-and-chi-squared-test/.
Wolinsky, F. D., Aguirre, B. E., Fann, L. J., Keith, V. M., Arnold, C. L., Niederhauer, J. C., & Dietrich, K. (1989). Ethnic differences in the demand for physician and hospital utilization among older adults in major American cities: Conspicuous evidence of considerable inequalities. The Milbank Quarterly, 412-449.
Salvucci, D. D. & J. R. Anderson (1998). Tracing eye movement protocols with cognitive process models. Available at http://repository.cmu.edu/cgi/viewcontent.cgi?article=1058&context=psychology
Samant, S. S. & H.-S. Seo (2016). Effects of label understanding level on consumers’ visual attention toward sustainability and process-related label claims found on chicken meat products. Food Quality and Preference, 50, 48-56.
Sanders, M. S., & McCormick, E. J. (1987). Human factors in engineering and design. New York: Mcgraw-Hill Book Company.
Schmidt, R., Lüthold, P., Kittel, R., Tetzlaff, A., & Hilbert, A. (2016). Visual attentional bias for food in adolescents with binge-eating disorder. Journal of Psychiatric Research, 80, 22-29.
Shafer, S. M., Smith, H. J., & Linder, J. C. (2005). The power of business models. Business Horizons, 48(3), 199-207.
Sheth, J. N., Newman, B. I., & Gross, B. L. (1991). Why we buy what we buy: A theory of consumption values. Journal of Business Research, 22(2), 159-170.
Stotts, M. (2014). 4 Secrets Behind Successful Crowdfunding Campaigns. fastcompany. Retrieved from https://www.fastcompany.com/3026978/work-smart/4-secrets-behind-successful-crowdfunding-campaigns.
Teece, D. J. (2010). Business models, business strategy and innovation. Long Range Planning, 43(2), 172-194.
TWNIC (2015). 台灣寬頻網路使用調查. TWNIC. Retrieved from http://www.twnic.net.tw/download/200307/20150901e.pdf.
Venters (2016). 群眾募資的十大成功要素. Venters. Retrieved from http://www.ventrs.com/pages/%E7%BE%A4%E7%9C%BE%E5%8B%9F%E8%B3%87%E7%9A%84%E5%8D%81%E5%A4%A7%E6%88%90%E5%8A%9F%E8%A6%81%E7%B4%A0.
Wang, C. Y., Tsai, M. J., & Tsai, C. C. (2016). Multimedia recipe reading: Predicting learning outcomes and diagnosing cooking interest using eye-tracking measures. Computers in Human Behavior, 62, 9-18.
Wave, R. T. (2016). Five Key Success Factors for Crowdfunding. Ride The Wave. Retrieved on Dec 11,2016, from https://venturesforimpact.com/2016/03/16/crowdfunding/#more-477.
Wedel, M. & R. Pieters (2008). A review of eye-tracking research in marketing. In Review of Marketing Research (pp. 123-147). Bingley: Emerald Group Publishing Limited
Wheat, R. E., Wang, Y., Byrnes, J. E., & Ranganathan, J. (2013). Raising money for scientific research through crowdfunding. Trends in Ecology and Evolution, 28(2), 71-72.
Williams, R. & R. Morris (2004). Eye movements, word familiarity, and vocabulary acquisition. European Journal of Cognitive Psychology, 16(1-2), 312-339.
Zheng, H., Li, D., Wu, J., & Xu, Y. (2014). The role of multidimensional social capital in crowdfunding: A comparative study in China and US. Information and Management, 51(4), 488-496.
中山大學醫療雲團隊 (2012). 商業模式建構與評估. Retrieved from http://healthdata.rsh.ncku.edu.tw/bin/downloadfile.php?file=WVhSMFlXTm9MemN6TDNCMFlWOHhPREk1T0Y4ME1qYzFOek15WHpJd01UUTFMbkJrWmc9PQ==&fname=NVpXRzVxV3Q1cWloNWJ5UDU3Q2g1YUN4WHpBeU1qRXVjR1Jt.
王美珍 (2015). 除了畫作修復，更急切的是台灣老電影修復. 財團法人國家電影中心. Retrieved from http://www.tfi.org.tw/news-info.asp?N_ID=498.
台經院 (2016). 大數據解密早期資金脈動與商機 台灣經濟研究月刊 第39卷(第2期): 31.
巫靜宜 (2015). 突尼西亞巴爾多博物館-從恐攻事件談起. 博物館簡訊 73: 10-13.
林雅燕 (2014). 新興募資方式-群眾募資行為初探. 經濟研究(14).
林瑛珪 (2016). 淺談群眾募資及台灣群眾募資發展現況. Retrieved from http://www.tfsr.org.tw/Uploads/files/淺談群眾募資及台灣群眾募資發展現況_櫃買中心林瑛珪.pdf.
邱麗梅 (2013). 主題餐廳經營模式之探討-以台灣之人文餐廳為例.
施詠獻 (2005). 國立故宮博物院之「3D虛擬文物展示系統」參展紀要. 數位典藏國家型科技計畫. Retrieved from http://museum02.digitalarchives.tw/ndap/2002/NDAP-1newsletter/www2.ndap.org.tw/newsletter06/news/read_news84ab.html?nid=1191.
徐典裕 (2012). 虛實整合跨領域知識內容管理與數位博物館建構模式：以國立自然科學博物館為例. 博物館與文化(第4期): 3-29.
梁文耀, 林玉菁, & 李冠賢. (2008). 價值鏈建構與評估模式. 資訊管理學報, 15(3), 181-202.
郭建良, 黃丹,& 許秀英. (2014). 從提案觀點探討影響文創類專案於群眾募資成功的關鍵要素. 「2014第六屆管理創新與行銷專案研討會」.
陳松進 (2014). 環境監測儀器設備代理商之商業模式分析與競爭策略─以台灣N公司為例, 國立高雄大學.
陳學志, 賴惠德, & 邱發忠. (2010). 眼球追蹤技術在學習與教育上的應用. 教育科學研究期刊 第五十五卷第四期, 55(4), 39-68.
新媒體世代 (2015). 12 個讓你在群眾募資平台成功的策略. smartm. Retrieved on Dec 11,2016, from https://www.smartm.com.tw/article/31303731cea3.
變動成本(2016). MBAlib. Retrieved on Dec 11,2016, from http://wiki.mbalib.com/zhtw/%E5%8F%98%E5%8A%A8%E6%88%90%E6%9C%AC.
楊秉儒 (2008). 關鍵資源與企業競爭優勢之研究─ 以管理顧問業為例. 崑山科技大學企業管理研究所學位論文: 1-116.
詹子嫻 (2014). 群眾募資成功心法，專家告訴你！. 數位時代. Retrieved from http://www.bnext.com.tw/article/34366/BN-ARTICLE-34366.
齊立文 (2006). 窮人銀行家尤努斯的逆向思考：企業獲利的同時，能一併解決社會問題嗎？. 經理人. Retrieved from https://www.managertoday.com.tw/articles/view/33.
席汝楫 (1997). 社會與行為科學研究方法, 臺北: 五南.
資策會 (2015). 台灣寬頻網路使用調查. MIC. Retrieved from https://mic.iii.org.tw/IndustryObservations_PressRelease02.aspx?sqno=377.