WHAT DRIVES CROWDFUNDING SUCCESS? AN EXPLORATION OF KEY INFLUENCING FACTORS

Feriel Khadhraoui and Aymen Ajina ()
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Feriel Khadhraoui: MOFID, PhD Student in Finance, Institut of Higher Commercial Studies of Sousse (IHECSO), University of Sousse, Tunisia
Aymen Ajina: ��MOFID, Department of Finance and Accounting, Faculty of Economics and Management of Sousse (FSEGSO), University of Sousse, Tunisia

International Journal of Innovation Management (ijim), 2025, vol. 29, issue 01n02, 1-33

Abstract: This study investigates how project-specific factors, the project creator, and campaign signals influence crowdfunding success in France. Analysing 424 projects from the KissKissBankBank platform, the research employs Generalised Linear Models to identify significant success factors. The findings reveal that signals such as publications, geographical location, project category, the creator’s past experience, the number of backers, and the funds raised positively affect campaign success. Contrary to our research hypotheses, signals related to factors such as video, the length of the project description, fundraising duration, and goal amount negatively impact success. Additionally, signals related to factors such as comments, readability of the project description, facial trust, and gender were found to be insignificant. This study provides valuable insights for young entrepreneurs, helping them identify crucial signals for crafting effective crowdfunding strategies, thereby enhancing the likelihood of their campaign success. It also serves as a resource for potential backers, enabling them to make informed investment choices before committing to crowdfunding projects.

Keywords: Crowdfunding; success factors; signalling theory; reward-based crowdfunding; funding success (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1142/S1363919625500033

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