How to attract the crowd in crowdfunding?

Sibin Wu · Bin Wang · Yuanqing Li

26 citations0/0 files storedInternational Journal of Entrepreneurship and Small Business

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FinTech, Crowdfunding, Digital Finance Private Equity and Venture Capital Mobile Crowdsensing and Crowdsourcing

Abstract

We use signalling theory to study a new capital market finance phenomenon: crowdfunding in China. Our finding indicates that signals such as the frequency of announcements and the amount of the highest bid have an impact on the success of crowdfunding projects. Based on a sample of 192 projects collected on a Chinese crowdfunding platform, demohour.com, we find that the amount of the highest bid has a positive effect on completing a successful crowdfunding project. However, for high–tech industry, our results indicate the amount of the highest bid is not as effective as the movie/music industries. We also find the frequency of announcements made by the project founders is a better predictor for funding success in the high–tech industry than in the movie/music industries.

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References

2000Dynamic capabilities: what are they?2010Signaling Theory: A Review and Assessment 2000Prior Knowledge and the Discovery of Entrepreneurial Opportunities 2013The dynamics of crowdfunding: An exploratory study 2013Crowdfunding: Tapping the right crowd 1997Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making 2014New Venture Creation Entrepreneurship for the 21st Century 2002Network Ties, Reputation, and the Financing of New Ventures

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2018Understanding backers’ interactions with crowdfunding campaigns 2022On relationship types, their strength, and reward crowdfunding backer behavior 2018Analysing the role of crowdfunding in entrepreneurial ecosystems: a social media event study of two competing product launches 2021Investigating the Impact of Competition and Incentive Design on Performance of Crowdfunding Projects: A Case of Independent Movies

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