Directing the wisdom of the crowd: the importance of social interaction among founders and the crowd during crowdfunding campaigns

Clauß, Thomas; Breitenecker, Robert J.; Kraus, Sascha; Brem, Alexander; Richter, Chris

doi:10.1080/10438599.2018.1396660

Cited by 80 publications

(85 citation statements)

References 57 publications

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“…Therefore, this study concentrates on the effects of goal setting and project duration on project success. Actually, the role of goal setting and project duration is studied directly or indirectly (i.e., being taken as control variables) by previous research [11,12,16,17,18,19,20,21,27,28]. After a scrutiny, we found that inconsistent results existed for these two as elaborated below.…”

Section: Theoretical Backgroundmentioning

confidence: 96%

A Non-Liner Decision Model for Green Crowdfunding Project Success: Evidence from China

Yang

Liu

Yin

2019

IJERPH

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Green growth and environmental sustainability have become a significant focus in today’s living. We believe that green crowdfunding project can make an important contribution to the creation and evaluation of environmental systems. This study aims to investigate the determinants of green crowdfunding project success. Contrary to the linear relationship in previous literature, we propose a non-liner decision model that includes three determinants, funds pledge, goal setting, and project duration to predict project success. The quantitative approach method was employed. We crawl data on 1389 green crowdfunding projects from Tencent Lejuan, a crowdfunding platform in China. By using ordinary least square method to conduct data analysis, we find that the effect of goal setting on project success is non-linear as low and moderate levels of goal setting are not always likely to have a significant impact on project success, but the presence of a higher goal is likely to exert a positive effect on project success. Moreover, results show that the effect of project duration on project success is non-linear as short and moderate levels of duration is not always certain to have significant impact on project success, but the presence of a long duration is likely to exert a positive effect on project success. This study has implications for fund-seekers for green crowdfunding projects and managers of crowdfunding platforms.

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Section: Theoretical Backgroundmentioning

confidence: 96%

A Non-Liner Decision Model for Green Crowdfunding Project Success: Evidence from China

Yang

Liu

Yin

2019

IJERPH

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“…Related studies also find a positive correlation between project success and the dialogue between fundraisers and pledgers(Beaulieu and Sarker 2013;Kromidha and Robson 2016;Allison et al 2017;Clauss et al 2018;Wang et al 2018), project descriptions' language(Frydrych et al 2016;Yuan et al 2016;Gafni et al 2019;Parhankangas and Renko 2017), or social media usage(Borst et al 2017). …”

mentioning

confidence: 88%

Crowdfunding a monthly income: an analysis of the membership platform Patreon

Regner¹

2020

J Cult Econ

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Membership platforms allow creators to crowdfund a monthly income, while campaigns on conventional reward crowdfunding portals aim to reach a specified funding target within a preset period. We study transaction-level data from Patreon, the biggest membership platform, to gain insights about behavioral patterns at this emerging type of crowdfunding. Our analysis shows that hundreds of creators crowdfund a sizable income (more than $2500 monthly). We also find that measures of communication quality are determinants of project success, in line with the related literature. Funding dynamics-pledges as well as deletions-are heterogeneous across campaigns. Our analysis suggests that the option to delete the monthly pledge to a creator at any time serves as a feedback mechanism. We conclude that crowdfunding a monthly income offers the creative class a viable alternative to advertising-based business models.

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“…First, this study systematically investigates the influence of information description on crowdfunding success from the information communication perspective. Most of the previous studies only tested the influence of one or two dimensions of the information description [1,23,29,35,38,61,89]. In this study, we have considered all the information quantity, information quality and information attitude as the antecedent factors.…”

Section: Theoretical and Practical Implicationsmentioning

confidence: 99%

Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication

Liang¹,

Hu²,

Jiang³

2020

Sustainability

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Crowdfunding has been widely used by small and micro enterprises, which can raise funds through launching a project in crowdfunding platform. It is also beneficial to sustainable financing. What is more, the success of crowdfunding projects facilitates the sustainable development of those growing enterprises. In this study, from the perspective of information communication and based on information asymmetry and signaling theory, we identify three dimensions of information description, including information quantity (word count, picture count and video count), information attitude (as measured by comment), and information quality (readability and update). We empirically examine their direct effects on crowdfunding success and the moderating effect of information attitude using binary logistic regression. Data (N = 7207) is collected from Kickstarter, a popular crowdfunding platform. The results reveal that when considering these three dimensions of information description together, word count is associated with crowdfunding success in an inverted-U shape. Picture count, video count, comment, and update have positive effects on crowdfunding success. In contrast, readability is negatively related to crowdfunding success. In addition, we find that comment negatively moderates the effect of picture count on crowdfunding success. These findings show the significance of information description on crowdfunding success, bringing theoretical and practical insights for project creators.

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Directing the wisdom of the crowd: the importance of social interaction among founders and the crowd during crowdfunding campaigns

Cited by 80 publications

References 57 publications

A Non-Liner Decision Model for Green Crowdfunding Project Success: Evidence from China

A Non-Liner Decision Model for Green Crowdfunding Project Success: Evidence from China

Crowdfunding a monthly income: an analysis of the membership platform Patreon

Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication

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