From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors
- Autori: Roma, P.; Messeni Petruzzelli, A.; Perrone, G.
- Anno di pubblicazione: 2017
- Tipologia: Articolo in rivista (Articolo in rivista)
- Parole Chiave: Innovation; New technology-based venture financing; Patents; Reward-based crowdfunding; Social capital; Strategy and Management1409 Tourism, Leisure and Hospitality Management; Management Science and Operations Research; Management of Technology and Innovation
We focus on new technology-based entrepreneurial ventures engaging in reward-based crowdfunding and examine the effect of their performance in such funding channel on the likelihood of securing subsequent funding from professional investors. We also study how this effect is influenced by the presence of patents granted for the new product idea and the entrepreneur social capital. Results from a sample of technology projects launched on Kickstarter demonstrate that pledging a higher amount of money in crowdfunding can ignite professional investors’ interest and thus help secure subsequent funding. However, this positive evidence is effective only when complemented by the presence of patents or a large network of social ties.