Equity Crowdfunding: The Influence of Perceived Innovativeness on Campaign Success *

Benjamin Le Pendeven () and Armin Schwienbacher
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Benjamin Le Pendeven: Audencia Recherche - Audencia Business School

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Abstract: This article examines the impact of perceived innovativeness on the success of equity crowdfunding campaigns. Building on the investor perspective, we hypothesize a positive impact of perceived innovativeness on the campaign outcome. Our database covers 191 campaigns launched in France on different platforms, drawing on over 2,000 individual assessments of the perceived innovativeness of the start-ups involved, carried out by 176 participants with diverse backgrounds. We find support for our hypothesis from the investor perspective in that highly innovative projects attract more crowd investors and, in turn, raise more capital. We contribute to the understanding of how the crowd makes investment choices.

Keywords: equity crowdfunding; entrepreneurial finance; start-ups; innovativeness (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-cfn, nep-pay and nep-ppm
Note: View the original document on HAL open archive server: https://hal.science/hal-03948381
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Citations: View citations in EconPapers (3)

Published in British Journal of Management, 2023, 34 (1), pp.280-298

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03948381

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