期刊
RESEARCH POLICY
卷 46, 期 9, 页码 1606-1628出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.respol.2017.07.012
关键词
Reward-based crowdfunding; New technology-based venture financing; Patents; Social capital; Innovation
类别
We focus on new technology-based entrepreneurial ventures engaging in reward-based crowdfunding and examine the effect of their performance in such funding channel on the likelihood of securing subsequent funding from professional investors. We also study how this effect is influenced by the presence of patents granted for the new product idea and the entrepreneur social capital. Results from a sample of technology projects launched on Kickstarter demonstrate that pledging a higher amount of money in crowdfunding can ignite professional investors' interest and thus help secure subsequent funding. However, this positive evidence is effective only when complemented by the presence of patents or a large network of social ties.
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