Available online at www.HighTechJournal.org HighTech and Innovation Journal Vol. 2, No. 2, June, 2021 138 Developing a Comprehensive Framework for Crowd Funding Factors by Using the Hexagon Technique Ali Haji Gholam Saryazdi a* , Ali Rajabzadeh Ghatari b , Alinaghi Mashayekhi c , Alireza Hassanzadeh d a PhD in Information Technology Management (Intelligent Business), Tarbiat Modares University, Tehran, Iran. b Professor, Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran. c Professor of Management and Economics, Sharif University of Technology, Tehran, Iran. d Associate Professor, Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran. Received 03 November 2020; Revised 12 April 2021; Accepted 03 May 2021; Published 01 June 2021 Abstract In recent years, crowd funding has seriously been considered as a novel method of financing start-up businesses and innovative ideas. In its short life time so far, the method has significantly grown in different aspects such as the number of proposed platforms, the number of campaigns and their success rate, the amount of capital provided, and the number of proposed models. In addition, various researchers have investigated the phenomenon from different points of view. Nevertheless, just a few studies have carried out a comprehensive review of the factors affecting this method. The main purpose of this research is to design and implement a comprehensive framework for factors that affect crowd funding. In order to achieve this goal, the effective factors in this regard were first identified through systematic review of the literature on crowd funding. Then, they were classified and clustered in a hexagonal framework based on the stakeholder's model. In other words, a qualitative method is used to extract the factors affecting crowd funding. The hexagons extracted from the literature were in 82 clusters out of which 38 were accounted for by capital seekers, 16 by investors and platforms, and 12 by other stakeholders. This study is the first effort to design a comprehensive framework for factors that affect crowd funding. Keywords: Crowd Funding; Hexagon; Clustering; Systematic Review. 1. Introduction Recently, digital technologies, the World Wide Web, and its new capabilities such as Web 2.0 and social networks have triggered a revolution in business models and business management concepts [1]. Indeed, the World Wide Web and social networks have provided a powerful platform for huge public collaboration and participation through which a new paradigm is developed based on the crowd in various fields including business were provided [2-6]. These networks, if managed properly, can serve as international phenomena with a great potential to make positive changes in communities and organizations by supporting and creating cooperation networks [7]. The emergence of Web 2.0 and social networks in business models and financing methods has led to dramatic changes in start-up businesses and innovative entrepreneurs. One of these changes has occurred through the emergence of crowd funding in the field of financing [8]. Crowd funding is rooted in crowdsourcing and has been extracted from * Corresponding author: a.hajigholam@modares.ac.ir http://dx.doi.org/10.28991/HIJ-2021-02-02-07  This is an open access article under the CC-BY license (https://creativecommons.org/licenses/by/4.0/). © Authors retain all copyrights. Review Article