The nascent crowdfunding literature has highlighted the existence of a self-reinforcing pattern whereby contributions received in the early days of a campaign accelerate its success. After discussing what sustains this pattern, we maintain that the internal social capital that proponents may develop inside the crowdfunding community provides crucial assistance in igniting a self-reinforcing mechanism. Results of an econometric analysis of a sample of 669 Kickstarter projects are consistent with this view. Moreover, the effect of internal social capital on the success of a campaign is fully mediated by the capital and backers collected in the campaign's early days.I continue to be overwhelmed by the positive feedback and enthusiasm from the support I have gotten from Kickstarter. The groundswell of people cheering us on and the evangelism-people spreading the word-is unlike anything I have experienced. In fact, I would say the last week was the high water mark of my career.Brian Fargo, Founder of InXile Entertainment 1

(2017) The open innovation research landscape: established perspectives and emerging themes across different levels of analysis, Industry and Innovation, 24:1, 8-40, DOI: 10.1080/13662716.2016.1240068 To link to this article: https://doi.org/10. 1080/13662716.2016.1240068 Published online: 07 Nov 2016.Submit your article to this journal This paper provides an overview of the main perspectives and themes emerging in research on open innovation (OI). The paper is the result of a collaborative process among several OI scholarshaving a common basis in the recurrent Professional Development Workshop on 'Researching Open Innovation' at the Annual Meeting of the Academy of Management. In this paper, we present opportunities for future research on OI, organised at different levels of analysis. We discuss some of the contingencies at these different levels, and argue that future research needs to study OI -originally an organisationallevel phenomenon -across multiple levels of analysis. integrative framework allows comparing, contrasting and integrating various perspectives at different levels of analysis, further theorising will be needed to advance OI research. On this basis, we propose some new research categories as well as questions for future research -particularly those that span across research domains that have so far developed in isolation.

Grounding on research about the role of sig-nals in the attraction of equity finance, this paper studies the effects of diverse human capital signals on entrepre-neurs' success in equity crowdfunding. We argue that the human capital of an entrepreneur, who launches (alone or with other teammates) an equity crowdfunding campaign to finance her start-up, constitutes a set of signals of the start-up quality. The impact of each human capital signal on entrepreneur's success in equity crowdfunding depends on both signal fit with start-up quality and signal ambiguity. Empirical estimates on 284 entrepreneurs who launched equity crowdfunding campaigns indicate that only entrepreneurs' business education and entrepreneurial experience, two human capital signals that have both a good fit with start-up quality and a low degree of ambiguity, significantly contribute to entrepreneurs' success in equity crowdfunding. of these studies, see Butticè et al. 2017); however, the peculiarities of the equity model limit the generalizability of these re-sults and call for further research that explicitly focuses on entrepreneurs' success in equity crowdfunding.Scholars concur that the high information asymmetries faced by crowdfunding investors are the main obstacle for the entrepreneurs who aim to collect equity finance for their start-ups on the Internet. Crowdfunding investors are usually non-professionals, who interact with entrepreneurs in search for funds only in virtual settings (Drover et al. 2017,p.24),lackprior investing experience (Block et al. 2017) and have to make their investment decisions within a short time window (Courtney et al. 2016). Consequently, these investors encounter severe difficulties in assessing the

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Despite the omnipresent reach of the Internet, evidence exists that geography matters in crowdfunding. This paper shows that some salient characteristics of the geographical area in which entrepreneurs reside affect the success of the crowdfunding projects they propose. Specifically, we theoretically discuss and empirically document that the altruism of people residing in the area (i.e., local altruism) increases the likelihood of success. Moreover, the strength of this effect depends on the level of social capital in the area (i.e., localized social capital). Building on the extant literature, we claim that localized social capital has two main dimensions: the social relations among residents and their compliance with social norms. Using a dataset of 618 proponents that launched 457 crowdfunding projects on 13 Italian reward-based platforms, we find that social relations magnify the effect of local altruism. Conversely, compliance with social norms does not have any moderating effect