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Social interaction in comment sections has become a key factor for backers' decision making in crowdfunding platforms. However, current research on the two-way social interaction in crowdfunding is insufficient, and there exist inconsistent conclusions. This study focuses on the social interaction between creators and backers and explores its influence on the successful exit of crowdfunding projects.

The extended Cox model is used for the empirical analysis of 1,988 crowdfunding projects on the Modian (www.modian.com) platform, a crowdfunding platform for cultural and creative projects in China. The two-way social interaction is reflected in comment quantity and sentiment, as well as reply rate.

Results reveal an inverted U-shaped relationship between comment quantity/sentiment and the successful exit of crowdfunding projects. This relationship is strengthened by high reply rate.

This study focuses on comment quantity and sentiment. The inverted U-shaped results reconcile previous conclusions. Replies from creators are regarded as a separate factor, and their moderating role is explained. The study research proves the importance of social interaction in crowdfunding platforms and provides suggestions for backers, creators and platform managers.

The aim of this research is to examine the roles of trust and electronic word-of-mouth (e-WOM) in crowdfunding (CF) participation for equity CF by taking into account the following antecedents of trust and e-WOM: intrinsic motivation (IM), extrinsic motivation (EM), deterrents, venture quality (VQ), third-party seal (TPS), value congruence (VC) and perceived accreditation (PA).

In this research, a survey among 408 active and potential funders in Iran was conducted. The statistical analysis used partial least squares structural equation modeling (PLS-SEM).

The results of this research revealed a significant influence of trust and e-WOM on participation in CF for equity CF. Extrinsic motivation had the greatest impact on trust and VC had the greatest impact on e-WOM.

This research extends the equity CF research area to CF success and considers the effects of some parameters on CF participation. This research provides many theoretical and practical implications.

Fierce competition in the crowdfunding market has resulted in high failure rates. Owing to their dedication and efforts, many founders have relaunched failed campaigns as a second attempt. Despite the need for a better understanding, the success of campaign relaunches has not been well-researched. To fill this research gap, this study first theorizes how founders’ learning may enhance their competencies and influence investors’ attribution of entrepreneurial failure. The study then empirically documents the extent and conditions under which such learning efforts impact campaign relaunch performance.

This study examines 5,798 Kickstarter-relaunched campaigns. The founders’ learning efforts are empirically captured by key changes in campaign design that deviate from past business practices. Word movers’ distances and perceptual hashing algorithms (pHash) are used separately to measure differences in campaign textual descriptions and pictorial designs.

Differences in textual descriptions and pictorial designs during campaign failure–relaunch are positively associated with campaign relaunch success. The impacts are further amplified when the previous failures are more severe.

This study is one of the first to examine the success of a campaign relaunch after an initial failure. This study contributes to a better understanding of founders’ learning in crowdfunding contexts and provides insights into the strategies founders can adopt to reap performance benefits.

This study aims to examine the influence of reward personalization on financing outcomes in the Industry 5.0 era, where reward-based crowdfunding meets the personalized needs of individuals.

The study utilizes a corpus of 218,822 crowdfunding projects and 1,276,786 reward options on Kickstarter to investigate the effect of reward personalization on investors’ willingness to participate in crowdfunding. The research draws on expectancy theory and employs quantitative and qualitative approaches to measure reward personalization. Quantitatively, the number of reward options is calculated by frequency; whereas text-mining techniques are implemented qualitatively to extract novelty, which serves as a proxy for innovation.

Findings indicate that reward personalization has an inverted U-shaped effect on investors’ willingness to participate, with investors in life-related projects having a stronger need for reward personalization than those interested in art-related projects. The pledge goal and reward text readability have an inverted U-shaped moderating effect on reward personalization from the perspective of reward expectations and reward instrumentality.

This study refines the application of expectancy theory to online financing, providing theoretical insight and practical guidance for crowdfunding platforms and financiers seeking to promote sustainable development through personalized innovation.

Despite the critical contribution of serial backers in advancing crowdfunding volumes, few studies have addressed the phenomenon of serial backing. Research on the motivations of backers suggests that cognitive antecedents influence pledging in crowdfunding projects according to the theory of planned behavior. However, intrinsic factors associated with different dimensions of well-being may also explain crowdfunding support. This study seeks to advance the understanding of drivers of serial backing by combining the theory of planned behavior and the theory of well-being.

The study draws on survey data from 336 serial backers, complemented by objective data on the number of campaigns and amounts invested by backers from Headstart, the largest crowdfunding platform in Israel. The research model is tested using structural equation modeling.

The findings indicate that the well-being of serial backers mediates the impact of attitude, subjective norms and social norms on their loyalty. However, while loyalty can be explained by elements of both theories, it does not translate into actual serial backing behavior.

This study is the first to systematically explore serial backers' motivations in crowdfunding and the influence of these motivations on their actual behavior. It combines two previously separate theories, the theory of planned behavior and the theory of well-being.

This paper analyses the factors that make fashion-product crowdfunding campaigns successful. The authors argue that crowdfunding is an innovative and functional way of bringing new fashion items to the market. The purpose of this paper is to answer the question whether product innovation, lifecycle and sustainability have a positive effect on the success of fashion crowdfunding campaigns. The findings highlight that the success of the fashion crowdfunding campaigns depends on creators' adherence to the values of the platform which they use to raise capital.

A total of 300 fashion crowdfunding projects running between the 17th of October and the 15th of December 2017 were collected from Kickstarter – the world's largest crowdfunding platform based on reward-based all-or-nothing model. Two-step binomial logistic regression was used to analyse the data.

The model predicted a significant increase in the odds of success for the fashion items crowdfunded during the first-time production, and innovative and environmentally sustainable products with a higher price range of rewards. In line with previous literature, regression analyses predicted a significant effect of the control variables of goal amount (negative) and the number of rewards (positive). Contrary to previous studies, neither the presence of a video nor the campaign length predicted success.

The novel findings of this study contribute to the literature by providing an analysis of success factors of fashion items on crowdfunding platforms. The results show that innovative, environmentally sustainable and higher-priced products produced by early-stage ventures are better welcomed by the audiences.

Tracking trends in new technology funding patterns is essential for venture scaling. The emerging advanced digital technologies (ADT) such as virtual reality (VR), artificial intelligence (AI), blockchain and Internet-of-things (IoT) promote business innovation adaptations, and in turn, reshape the industrial landscape. To attract nascent funding for such prospective projects among the public, well-articulated project pitches that are equipped with effective marketing communication convey the projects' importance and marketability. Specifically, when the entrepreneurs and the crowdfunding platform users interact via different types of crowdfunding platforms, pitch framing, including the signaling of ADT terms, project location and fundraising goal, becomes imperative to help facilitate crowdfunding success.

Drawing on data collected from six leading US-based equity and reward-based crowdfunding platforms in 2020, an empirical study was performed. Using the text analysis approach, the authors examined the positive effects of incorporating technology orientation on crowdfunding success. While the effect between the project description's signaling of geographic location, fundraising goal and articulation style on fundraising success, while controlling for project and platform characteristics.

The results suggested that the technology-orientated projects are more likely to achieve better fundraising outcomes. Taking crowdfunding platform types, project locations, minimum fundraising goals and articulation with analytical and authentic into consideration, the results still hold.

Building on the theoretical framework of signaling theory, the authors consider the crowdfunding-specific contextual factors to enhance the understanding of the positivity impact of technology orientation. By such addition, it facilitates more effective strategic composition of entrepreneurs' fundraising conversations.

This study aims to provide a better comprehension of the behavioural intentions that influence the adoption of Islamic financial technology (Fintech) in Malaysia for two kinds of Islamic lending Fintech services, which are crowdfunding and peer-to-peer (P2P) lending.

From May to July 2022 the primary data were collected by using a questionnaire distributed online to survey 437 Islamic Fintech clients in Malaysia. Structural equation modelling has been used to analyse the data based on using the partial least squares approach.

The findings of this paper shows that planned behaviour, acceptance model and technology's use models are positively impacting factors that influence customers' opinions on adapting Islamic Fintech services in lending. The acceptance model was found to exert a negative impact on the intention to adopt Islamic lending P2P Fintech service. In addition, technology's use has a negative impact on the intention to adopt Islamic lending crowdfunding Fintech service.

First, the study is limited to Islamic Fintech customers in Malaysia only, second, the study adopted an online survey but there is no guarantee that the geography area was fully covered. Another limitation is that the study covers only Islamic Fintech services in lending, thus the study did not attend to variables such as religiosity and the authors believe that this will provide useful insights for future research.

Despite the importance of this topic, there has been a lack of empirical evidence until now. In this paper, the authors take stock of the empirical evidence in the literature through the importance of the adoption Fintech. This study provides a broad view of the market potentials for Fintech providers from the demand side on a wide range of Islamic Fintech services rather than focussing only on payment, transfer, etc. as presented in previous studies.

Crowdfunding platforms are important innovations that allow nascent entrepreneurs to gain access to financial resources and crowd inputs to better refine and develop their business idea. The purpose of this paper is to investigate user-generated content (UGC) from both reward-based and equity-based crowdfunding platforms, in order to determine its implications for open and user innovation.

A total sample of 200 most funded technology products was extracted from four distinct crowdfunding platforms. A latent Dirichlet allocation (LDA) analysis was performed in an attempt to identify critical latent factors. The analysis was carried out through the theoretical lens of innovation literature, in an attempt to uncover the implications for open and user innovation.

The authors were able to highlight the implications of crowd inputs for open and user innovation, as backers provided nascent entrepreneurs with several types of feedback, ranging from product co-development to strategy and marketing. Furthermore, the study provided an overview of the key differences emerging between reward-based and equity-based crowdfunding platforms in terms of crowd inputs.

The present study features intrinsic limitations of the LDA approach being adopted. More specifically, it only provides a “snapshot” in time of the current sample, rather than investigating its development over time.

The present study solidifies the value of UGC as a resource to mine for trends and feedback.

The study contributes to both the innovation literature and the crowdfunding literature. It bridges several gaps found in both literature streams, by providing empirical evidence to test and verify pre-existing exploratory research.

The present paper aims to explore if innovation strategies and crowdfunding campaigns can be cross-referred or even matched. These alternatives could increase the efficiency of crowdfunding processes since seeking new projects/business ideas to finance could be more targeted.

This paper is theoretical and explorative. Two dedicated literature reviews are carried out. The former is focused on innovation strategies and the latter is focused on crowdfunding campaigns. The offering of research propositions is the result of an inductive process.

Two main findings are achieved: first, a possible match between innovation strategies and crowdfunding campaigns (expressed by four research propositions); second, the confirmation of the role of innovation studies to corroborate the relevance of crowdfunding as an attractive field of research.

Previous contributions, expressly concerning the relationship between innovation strategies and crowdfunding campaigns, have mainly focused on the influence/support that crowdfunding campaigns offer to innovation strategies, by supporting or fostering them. Possible matches between innovation strategies and crowdfunding campaigns have rarely been investigated.