Determinants of Startup Funding: The Interaction between Web Attention and Culture

Abstract

Technology empowers entrepreneurs to pursue alternative funding through platforms like crowdfunding. This research explores significant startup funding factors using Crunchbase. Controlling for common factors (acquisition/funding-rounds/IPO), the research uniquely focuses on web attention - the visibility on social media - and its impact on funding. It also examines the moderating influence of startup’s home country culture (individualism/collectivism). Findings show stronger positive impact of web attention on startup funding for collectivist countries. While individualistic investors value personal goals, collectivists value collaborative goals - inclinations that align with crowdfunding behavior. Therefore while increasing web attention, crowdfunding efforts can be targeted towards collectivist countries.

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