Directing the wisdom of the crowd: The importance of social interaction among founders and the crowd during crowdfunding campaigns

Journal article


Publication Details

Author(s): Clauß T, Breitenecker R, Kraus S, Brem A, Richter C
Journal: Economics of Innovation and New Technology
Publication year: 2018
Volume: 27
Journal issue: 8
Pages range: 709-729
ISSN: 1043-8599
eISSN: 1476-8364


Abstract

Crowdfunding plays an important role as an alternative funding source for technology ventures. No earlier studies particularly investigated the importance of social interactions during such crowdfunding campaigns. Hence, we particularly take the interaction between the project owner and the community as well as among community members into account. We empirically investigated potential success factors for crowdfunding projects of entrepreneurs on the base of 430 projects from the German crowdfunding platform Visionbakery. Our results show that social interaction during a crowdfunding campaign indeed increases the likelihood of its success. As comments from crowd members on particular projects might be positive or negative and can also provide additional argumentation or raise questions, comments can cause a dialog among crowd members. This shows that herding might not only be related to the number of contributors but also to their shared attributes and perceptions. Our discussion of theoretical and managerial implications closes with recommendations for future research on this evolving topic.


FAU Authors / FAU Editors

Brem, Alexander Prof. Dr.
Lehrstuhl für Technologiemanagement


External institutions
Johannes Kepler Universität (JKU) Linz
Lappeenranta University of Technology
Philipps-Universität Marburg
Universität Liechtenstein


How to cite

APA:
Clauß, T., Breitenecker, R., Kraus, S., Brem, A., & Richter, C. (2018). Directing the wisdom of the crowd: The importance of social interaction among founders and the crowd during crowdfunding campaigns. Economics of Innovation and New Technology, 27(8), 709-729. https://dx.doi.org/10.1080/10438599.2018.1396660

MLA:
Clauß, Thomas, et al. "Directing the wisdom of the crowd: The importance of social interaction among founders and the crowd during crowdfunding campaigns." Economics of Innovation and New Technology 27.8 (2018): 709-729.

BibTeX: 

Last updated on 2019-03-01 at 17:00