Electronic Commerce Research

, Volume 17, Issue 3, pp 425–461 | Cite as

An empirical investigation of signaling in reward-based crowdfunding

  • Michael Marcin KunzEmail author
  • Ulrich Bretschneider
  • Max Erler
  • Jan Marco Leimeister


Start-ups often face the challenge of a shortage of capital, the so-called funding gap, which can be overcome by raising small amounts of money from a large number of individuals. As crowdfunding suffers from a continuous rise in failure rates, the aim of this article is to contribute to the research concerning success factors in reward-based crowdfunding campaigns by focusing on signaling theory. Based on data retrieved from the crowdfunding platform Kickstarter, our results indicate that social ties, investment preparation and presentation, the supply of multiple rewards as well as endeavors to communicate and interact with the crowd positively influence the probability of success of a reward-based crowdfunding campaign. In contrast, the funding goal, a campaign’s runtime and the estimated time of delivery for the rewards have a negative impact on the successful completion of a campaign.


Success factors Data analysis E-business Signaling E-commerce Crowdfunding 


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Copyright information

© Springer Science+Business Media New York 2016

Authors and Affiliations

  • Michael Marcin Kunz
    • 1
    Email author
  • Ulrich Bretschneider
    • 1
  • Max Erler
    • 1
  • Jan Marco Leimeister
    • 1
    • 2
  1. 1.Information SystemsUniversity of KasselKasselGermany
  2. 2.Institute of Information Management (IWI)University of St. GallenSt. GallenSwitzerland

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