Title: Success factors of crowdfunding of innovative projects

Authors: Tomáš Štofa; Radovan Dráb

Addresses: Faculty of Economics, Technical University of Košice, Němcovej 32, 040 01 Košice, Slovak Republic ' Faculty of Economics, Technical University of Košice, Němcovej 32, 040 01 Košice, Slovak Republic

Abstract: Crowdfunding became an easy way of capital accumulation for projects ranging from social and community-based projects to business ideas funding. In relation to the digitalisation of networks, crowdfunding represents a way to support the successful delivery of innovations demanded directly by consumers. In this paper, we have tried to analyse the differences in success factors of funded innovative projects to those rather regular ones using econometric analysis. The analysis was based on a dataset of over 250,000 registered projects on the Kickstarter platform from different categories. Using statistical testing we have discovered significant differences in innovative projects success factors over the ones for regular projects. From the analysed dataset, we have discovered a significant difference in the success rate of funded projects, with a higher success rate of the regular ones compared to the innovative projects.

Keywords: crowdfunding; innovation; Kickstarter; determinants; success; funding; reward-based; innovative projects; demand-oriented; success rate.

DOI: 10.1504/IJMED.2022.125774

International Journal of Management and Enterprise Development, 2022 Vol.21 No.3, pp.227 - 240

Received: 16 Jul 2020
Accepted: 26 Nov 2021
Published online: 28 Sep 2022 *

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