When excitement fadesHafeez, Saima (Avtor) Drnovšek, Mateja (Avtor) start-upSMEsbusiness efficiencycrowdfundingbackers' emotionsemotional transitionsqualitative studyaffective engagementsignaling theoryThis study examines how crowdfunding backers’ emotions evolve over the course of a campaign and why these emotional dynamics matter for funding outcomes. While prior research has focused on backers’ experiences at isolated moments, little is known about how emotions change from initial exposure to post-contribution engagement. Drawing on interviews with crowdfunding backers, we identify three distinct emotional phases: early excitement and curiosity, emotional connection at the point of contribution, and sustained engagement after funding. The findings point to a recursive, interpretive process in which earlier emotional experiences appear to shape how backers make sense of subsequent campaigns and entrepreneurial signals, with implications for their willingness to provide continued support. The study contributes by conceptualizing backers’ emotions as dynamic and evolving rather than static. For practitioners, the results highlight the importance of managing emotional signals throughout the entire campaign life cycle to foster trust, satisfaction, and long-term participation.20262026-08-26 15:14:59Članek v reviji186083sl