Launch on a High Note: How Prefunding Affects Crowdfunding Outcomes

Aravinda Garimella, Ming Fan, S. Kotha, Weijia You
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引用次数: 5

Abstract

In an increasingly competitive crowdfunding market, entrepreneurs are seeking out new ways to improve their likelihood of success. This is one of the reasons for the emergence of prefunding platforms, which help entrepreneurs to raise awareness of their forthcoming fund-raising projects. Using data from an online crowdfunding platform, we show that opting for prefunding prior to fund-raising significantly increases the likelihood of a campaign meeting its fund-raising goal. We also find that prefunding projects transition to the fund-raising stage with a higher number of backers, and a higher contribution size on the first day of funding when compared to non-prefunding projects. This strong head-start on the first day of solicitation then enhances a project’s ability to garner funds over the fund-raising window, thus increasing the likelihood of eventual success. Moreover, when entrepreneurs proactively update information about their projects and actively engage with followers during the prefunding period, their campaigns are more likely to launch with a higher number of backers and higher contribution size. Our study has important implications for both entrepreneurs and crowdfunding platforms.
高调发布:预融资如何影响众筹结果
在竞争日益激烈的众筹市场上,企业家们正在寻找新的方法来提高他们成功的可能性。这是预融资平台出现的原因之一,它帮助企业家提高对即将到来的融资项目的认识。利用在线众筹平台的数据,我们表明,在筹款之前选择预融资可以显著提高活动实现其筹款目标的可能性。我们还发现,与非预融资项目相比,预融资项目过渡到融资阶段时,支持者数量更多,并且在融资第一天的捐款规模也更高。在招标的第一天,这种强有力的领先优势提高了项目在筹款窗口筹集资金的能力,从而增加了最终成功的可能性。此外,当企业家在预融资期间主动更新项目信息并积极与追随者互动时,他们的活动更有可能获得更多的支持者和更高的捐款规模。我们的研究对企业家和众筹平台都有重要的启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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