The experience matters. Participation-related rewards increase the success chances of crowdfunding campaigns
Tobias Regner and
Paolo Crosetto ()
Working Papers from Grenoble Applied Economics Laboratory (GAEL)
Crowdfunding recently emerged as an alternative funding channel for start-ups, creative artists and social endeavors. On specialized web platforms, project creators ask the crowd for support and provide in return a set of rewards, modulated according to the amount of support pledged. Our study investigates the role of self- and social-image enhancing rewards in determining project success. Using data from 346 projects hosted by Startnext, the biggest crowdfunding platform in Germany, we show that providing higher shares of reward levels that let pledgers participate in and experience the project is correlated with project success.
Keywords: CROWDFUNDING; ENTREPRENEURIAL FINANCE; DONATIONS; REWARD LEVELS; IDENTITY; SELF-IMAGE; SOCIAL IMAGE (search for similar items in EconPapers)
JEL-codes: L26 D03 G32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent, nep-eur and nep-pay
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Working Paper: The experience matters: participation-related rewards increase the success chances of crowdfunding campaigns (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:gbl:wpaper:2017-04
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