Abstract

Crowdfunding campaigns can be an integral part of the process used by founders to gain exposure for their products and acquire financial or social capital for their new ventures. Although multiple factors contribute to entrepreneurs succeeding in crowdfunding campaigns, prior studies emphasize “speed to goal” and early-stage herding as the main predictors of crowdfunding success. We believe the pathways to success are more varied. In this mixed-methods study, we uncover four combinatory patterns of herding, bystander/substitution and deadline effects that are alternate pathways to crowdfunding success. We then develop a typology of routes entrepreneurs can take to maximize the financial, human and social capital that support their campaigns.

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