From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors

Roma, Paolo; Petruzzelli, Antonio Messeni; Perrone, Giovanni

doi:10.1016/j.respol.2017.07.012

Cited by 173 publications

(144 citation statements)

References 70 publications

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“…7 Campaign cancellation/suspension may happen for different reasons: For instance, Kickstarter may suspend the campaign because it violates some platform rules or the project proponent can cancel the campaign because of the occurrence of technical problems in development (some entrepreneurs have stopped their campaigns and launched them subsequently) or simply because it appears clear that he or she cannot reach the goal. Eliminating these projects is a common practice in prior CF literature (e.g., Colombo, Franzoni, & Rossi-Lamastra, 2015;Mollick, 2014;Roma et al, 2017) because otherwise, it is difficult to retrieve all relevant information. Although, as mentioned, the inability to reach the goal could be one of the reasons why a campaign is cancelled, it is not the only reason.…”

Section: Methodsmentioning

confidence: 99%

“…Therefore, reward-based CF can be viewed as a channel for early access to products and a form of presale. Indeed, the reward in this type of CF very often consists of the product/service that the campaign proponent aims to commercialize and campaign contributors are very often consumers who show real interest in the product to the extent that they are willing to commit to buy early in advance even at the risk of losing their investment in the case of product development failure (Cholakova & Clarysse, 2015;Kuppuswamy & Bayus, 2018;Roma, Gal-Or, & Chen, 2018;Roma, Messeni Petruzzelli, & Perrone, 2017).…”

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confidence: 99%

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Crowdfunding as a tool to support sustainability‐oriented initiatives: Preliminary insights into the role of product/service attributes

et al. 2019

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A common goal of current research seems to uncover whether crowdfunding (CF) could be considered an effective way to support sustainability-oriented initiatives in securing funding, due to diverging results emerging from literature. We claim that the objective of proving whether CF may benefit sustainability-oriented initiatives could be misplaced; rather, we deem more fruitful to understand how critical are some attributes of products/services pursued within CF campaigns to benefiting sustainability-oriented initiatives and increasing their odds of success in CF. We focus on food-related projects as in this sector, sustainability issues apply more than to any other human activities and construct a unique sample of food CF campaigns launched and ended in the European Economic Area countries on the world's most popular reward-based CF platform, that is, Kickstarter. We identify campaigns with a sustainability orientation and perform an in-depth qualitative analysis, which allows us to classify them into meaningful clusters and subclusters. Our research suggests that the emphasis on egoistic/self-centered product attributes, rather than on altruistic/society-centered attributes, is generally more crucial to facilitate CF support to sustainability-oriented projects. However, the emphasis on altruistic/society-centered attributes emerges to be more beneficial for initiatives specifically supporting local products. Our results also suggest that rewardbased CF is not suitable for sustainability-oriented projects targeting disadvantaged individuals/groups. These results offer both theoretical and empirical contributions to the literature as well as practical implications.

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Section: Methodsmentioning

confidence: 99%

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Crowdfunding as a tool to support sustainability‐oriented initiatives: Preliminary insights into the role of product/service attributes

et al. 2019

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“…The results of Stanko and Henard [2017] show that the number of pledgers significantly impacts subsequent market performance of the crowdfunded product, while the amount of funding raised during the campaign does not. Roma et al [2017] study the likelihood of successfully funded technology projects at Kickstarter to attract subsequent funding from professional investors. Their findings show that a higher pledged amount in the campaign is correlated with getting follow-up funding (given the presence of patents or a large social network).…”

Section: Crowdfunding and Innovationmentioning

confidence: 99%

It's never too late: Funding dynamics and self pledges in reward-based crowdfunding

Crosetto

Regner²

2018

Research Policy

103

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Crowdfunding recently emerged as an alternative funding channel for entrepreneurs. We use pledge-level data from Startnext, the biggest German platform, to gain insights on funding dynamics and pledgers' motivations. We find that the majority of projects that eventually succeed are not on a successful track at 75% of their funding period. These late successes are boosted by information cascades during the final 25% of the funding duration. We conclude -in contrast with earlier literature -that project success is only partially path-dependent. While early pledges do anticipate project success, a lack of them does not necessarily mean that projects will fail. Interviews and questionnaire responses indicate that projects' communication efforts play a role in making severely under track projects succeed eventually. Moreover, our dataset uniquely allows us to quantify the extent of self funding. Self pledges account for about 10% of all initial pledges and 9% of all pledges that secure funding. Nonetheless, the late surges at severely under track projects are mostly driven by external funders. Furthermore, we find no evidence of subsequent herding triggered by self pledges.JEL classifications: L26, D03, G32, 031

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“…In the banking and financial services industries, financial technology (fintech) companies have disrupted banks on their traditional payment and lending services by delivering innovative digital services such as mobile payment, crowdfunding, cryptocurrency, and robo-advising (Roma et al, 2017;Natalicchio et al, 2017;Messeni et al, 2019;Sraders, 2019). China market is one of the most progressive fintech innovation which has been disrupting traditional Banking sector in China (Ngai et al, 2016).…”

Section: Introductionmentioning

confidence: 99%

The Role of Entrepreneurial Leadership and Configuring Core Innovation Capabilities to Enhance Innovation Performance in a Disruptive Environment

Utoyo

Fontana

Satrya

2019

Int. J. Innov. Mgt.

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Digital disruption leads to high-level risk in innovation management that will impact established firms in disrupted industries. This study investigates the key variables to enhance innovation performance (IP) in a disruptive environment by applying strategic entrepreneurship framework from [Hitt, MA, DG Sirmon, RD Ireland and CA Trahms (2011). Strategic entrepreneurship: Creating value for individuals, organizations, and society. Academic of Management Executive, 25(5), 57–75]. This study sampled the managers of two largest established firms in telecommunication and banking industries in Indonesia. Both industries are in top five of the most disrupted industries. Entrepreneurial leadership (EL) is essential in formulating innovation strategy. This leadership variable has multicollinearity with that of entrepreneurial culture (EC). It indicates that both variables are symbiotic. While in implementing innovation strategy, the configuring core innovation capabilities that combine exploring the opportunity and exploiting the firm’s advantage enhance the IP. Due to core rigidities, this configuring core innovation capabilities should not be orchestrated with collaborative innovation.

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From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors

Cited by 173 publications

References 70 publications

Crowdfunding as a tool to support sustainability‐oriented initiatives: Preliminary insights into the role of product/service attributes

Crowdfunding as a tool to support sustainability‐oriented initiatives: Preliminary insights into the role of product/service attributes

It's never too late: Funding dynamics and self pledges in reward-based crowdfunding

The Role of Entrepreneurial Leadership and Configuring Core Innovation Capabilities to Enhance Innovation Performance in a Disruptive Environment

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