An Empirical Study on Influencing Factors of Crowdfunding Successes Based on Customer Delivered Value Theory

Abstract

Crowdfunding (CF) is an Internet-based way of financing. It is important to understand what drives people to fund these CF projects. Customer delivered value theory is employed to perform qualitative analysis via a binary logistic regression model. Drawing on a dataset of 6402 projects, this paper offers a description of the underlying dynamics of success and failure among crowd-funded ventures. It suggests that the total customer value is associated with the success of crowd-funding efforts while the total customer cost has no obvious impact on their successful fundraising. These results offer suggestions for both funders and investors.