Factors Affecting the Adoption of Crowdfunding as a Source of Funding Among SMEs in Colombo Region in Sri Lanka

Small and medium enterprises (SMEs) are regarded as the backbone of economies, whether it is just for a single state or country or if considered for the globe as a whole. There are many challenges that SMEs face one of which is the financial aspect such as insufficient access to financial resources and investment capital can be a significant barrier to the growth of these SMEs. There is a suitable new way funding for this problem that is emerging in the modern world known as crowd-funding. This method mostly involves using the internet to collect money in small and medium amounts from several individuals thereby collecting the needed capital. Therefore, this study focuses on the factors affecting adoption of crowdfunding as a source of funding among SMEs in Colombo region.