Internal Social Capital and the Attraction of Early Contributions in Crowdfunding

Massimo G. Colombo, Chiara Franzoni and Cristina Rossi–Lamastra

Entrepreneurship Theory and Practice, 2015, vol. 39, issue 1, 75-100

Abstract: 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.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sae:entthe:v:39:y:2015:i:1:p:75-100

DOI: 10.1111/etap.12118

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