Crowdfunding is changing how students get the resources to bring their ideas into existence. With the increasing number of undergraduate students crowdfunding, it is important to understand what motivates and deters participation. To shed light on this new phenomenon, we present a grounded theory of motivation informed by a qualitative study of crowdfunding among young entrepreneurs. We uncover creator motivations, which include raising funds and receiving validation. We also explore deterrents to crowdfunding participation, including follow-through and exposure of intellectual property. Based on these findings, we provide three emergent design principles to inform the design of effective use of crowdfunding in higher education.