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This article analyzes the determinants of successful crowdfunding initiatives using a sample of 5,251 projects from the reward-based Spanish platform Verkami. In contrast to most of the literature that has measured success with a dichotomous variable, we approach success with a continuous one, namely the ratio of achievement, which is measured as the obtained resources over the total amount requested by the promoter. We consider a set of potential determinants of success, which are theoretically well-grounded and cover a variety of spheres related to project features. Results suggest that factors related to the signaling theories such as partnership, having previous experience and interaction with backers are positively associated with the achievement ratio, whereas no significant impact is found for the number of rewards. In addition, we find uneven effects for low and high ratios of achievement, identifying the key determinants in different project stages. JEL CLASSIFICATION D26; G29; L26; L86; M13; M21 [ABSTRACT FROM AUTHOR]

The study aimed at investigating the factors that lead to successful crowdfunding campaigns in Kenya. The success factors of reward-based crowdfunded campaigns vary in different countries due to differences in cultures, legal requirements, social interactions, political and business environments. With very minimal research on crowdfunding funding in Kenya, the study therefore, aimed at analyzing reward-based crowdfunding in Kenya using Kickstarter data, and identifying the crucial factors necessary to run a successful campaign. To achieve this objective, the study used a multiple regression and Pearson correlations. The study found a statistically significant regression equation hence the regression model was considered a good fit. The study using the Pearson correlations analysis found a very strong and positive statistical correlation between updates, amount pledged, backers, and successful projects, moderate but positive statistical correlation between comments, new backers, returning backers, and successful projects. However, there was a negative but insignificant correlation between the goal, funding period, and successful projects. The novelty will be of great benefit to project funders who want to run successful projects in Kenya. This is because the concept of crowdfunding is still new in Kenya and has not been widely publicized, accepted, or researched. The results of this study will guide potential founders on the do's and don'ts of running a successful campaign. Finally, the study recommends further research on the success factors of other crowdfunding models in Kenya as the study solely focused on the reward-based model. [ABSTRACT FROM AUTHOR]

We study an entrepreneur's joint inventory and rationing decision if the required capital for a venture is raised in a reward-based crowdfunding campaign. The entrepreneur sets a financing target first, and then decides the rationing policy and inventory if the campaign succeeds. We investigate the whole event with a backward induction. Maximizing the profit in our inventory model, we first obtain the optimal order quantities under each rationing policy and find that surplus funding is critical for the inventory decision. Under both policies, we find that additional borrowing yields a suboptimal order quantity, that the optimal order quantity can be reached without borrowing on a working capital line, and that the entrepreneur will expense all available funds for ordering products without borrowing. Then, we compare rationing policies and analyse the optimal financing target. The results show that, compared to the "funders first" policy, the "regular consumers first" policy is more profitable and yields lower inventory. Meanwhile, we find the optimal financing target is the lower bound in the feasible zone of the funding amount, and the "funders first" policy is more likely to yield a greater financing target. Finally, we conduct numerical examples to verify these results. [ABSTRACT FROM AUTHOR]

The factors determining the success of crowdfunding projects is one of the central issues for crowdfunding researchers. Quantitative approaches recognise the number of funds targeted as an important control variable. However, little is known about the impact of the funding goal on other factors that impact crowdfunding success. We hypothesise that the effect of crowdfunding success factors varies contingent on the funding goal level. A dataset of 338 crowdfunding projects from the largest German crowdfunding platform StartNext in the years 2015 to 2016 is analysed by conducting regression analyses controlling for varying funding goal sizes. We use the dependent variables success, the degree of success and the number of project supporters and control whether the effect of independent variables such as comments, updates and social media depend on different funding goals. Our study indicates that the impact of the investigated success factors, in fact, strongly depends on the funding goal levels of crowdfunding projects. By grouping projects into clusters of varying funding goals, we find that the impact of individual success factors changes and that the funding goal plays a moderating role for factors impacting project success. [ABSTRACT FROM AUTHOR]

Crowdfunding has broken the barriers between an aspiring entrepreneur and financial markets. Kickstarter, a leading crowdfunding platform, which works on the 'all-or-nothing' model, provides various facilities to the project owners to gather the funds from the contributors in return of a reward. The facts signify that most of the projects fail to reach the funding goal. This study sampled 200 successful projects randomly by quota sampling from each category to assess commonalities in the successful projects on Kickstarter. The study assessed the marketing appeals, video presentation, shipment facilities, and project owner details to check the commonalities among successful projects. The results revealed that although rational appeals generate more funding, however, emotional appeal is widely used in successful projects. The paper will be helpful for the fundraisers to know the recipe for a successful project and to funders to enhance their chance of exceeding the funding goals. [ABSTRACT FROM AUTHOR]

Purpose: Crowdfunding as a form of alternative financing has become a widespread and successful form of financing new ideas. In this paper, we investigate crowdfunding in CEE countries, Slovakia and Czech Republic, with a strong focus on reward-based crowdfunding. The aim of this paper is to describe the current situation of crowdfunding in the Czech and Slovak Republic. Methodology/Approach: We have analysed the Czech and Slovak market and compared it to the global platform Kickstarter in an attempt to find variables affecting the success of projects using linear and logistic regression. Findings: The distribution of types of crowdfunding is similar to the global situation, but the low levels of awareness and conservatism are slowing down the speed of development of crowdfunding in Slovakia and the Czech Republic. We have also observed a higher degree of uncertainty and randomness in modelling of crowdfunding. Research Limitation/implication: In this paper, not all crowdfunding portals have been included because of data unavailability. Originality/Value of paper: The originality of this paper is guaranteed by its focus on the crowdfunding industry in the Czech and Slovak Republic. [ABSTRACT FROM AUTHOR]