Archetypes of Crowdfunders’ Backing Behaviors and the Outcome of Crowdfunding Efforts (CIST 2013)
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Presentation at INFORMS CIST 2013 in Minneapolis, MN
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Archetypes of Crowdfunders’ Backing Behaviors and the Outcome of Crowdfunding Efforts (CIST 2013)
- 1. archetypes of crowdfunders’ backing behaviors and the outcomes of crowdfunding efforts jungpil hahn national university of singapore
- 2. • crowdfunding as important, emerging online mechanism for sourcing capital • novel phenomenon with great potential to fuel innovation growth • nascent, but growing body of literature on crowdfunding why crowdfunding?
- 3. • crowdfunding as important, emerging online mechanism for sourcing capital • novel phenomenon with great potential to fuel innovation growth • nascent, but growing body of literature on crowdfunding why crowdfunding? • implicitly assumed homogeneity in backers and backer behaviors
- 5. • 4.2M backers • $638M pledged • 42K projects successfully funded kickstarter.com
- 6. Pebble • 68,929 backers • $10,266,845 raised • from $100,000 goal
- 7. ouya • 63,416 backers • $8,596,474 raised • from $950,000 goal
- 8. 3Doodler • 26,457 backers • $2,344,134 raised • from $30,000 goal
- 10. initial research questions • heterogeneity in crowdfunders’ backing behaviors • is funding success associated with the types of crowdfunders a project attracts?
- 11. analysis approach • heterogeneity in crowdfunders’ backing behaviors • cluster analysis of project backer data • is funding success associated with the types of crowdfunders a project attracts? • regression analysis with types of backers and project success
- 12. the data • randomly select 6,800 completed projects • 414,737 backers of those 6,880 projects
- 13. the data • randomly select 6,800 completed projects • 414,737 backers of those 6,880 projects Kim, Kyeongtae and Hann, Il-Horn “Does Crowdfunding Democratize Access to Capital,” INFORMS CIST 2013 (3 Papers ago) Zvilichovsky, David, Inbar,Yael and Barzilay, Ohad “Playing Both Sides of the Market: Success and Reciprocity on Crowdfunding Platforms,” INFORMS CIST 2013 (Next Session)
- 15. by category Art! Comics! Photography! Publishing! Dance! Film &Video! Music!Theater! Design! Fashion! Food! Games! Technology! Funding Goal! Duration! Backers! Success Rate!
- 20. funding goal & success rate 0! 200! 400! 600! 800! 1,000! 1,200! 1,400! 1,600! 1,800! 2,000! 0%! 20%! 40%! 60%! 80%! 100%! $100! $1,000! $10,000! $100,000! $1,000,000! NumberofProjects(N)! ProjectFundraisingSuccess(%)! Average Project Funding Goal! Funding Success Rate! Number of Projects!
- 21. heterogeneity in crowdfunders’ backing behaviors
- 22. clusters of backers Cluster 1! Cluster 2! Cluster 3!Cluster 4! Cluster 5! Total Projects Backed (250)! Success Rate (100%)! Experience (24)! 0%! 20%! 40%! 60%! 80%! 100%! Cluster 1! Cluster 2! Cluster 3!Cluster 4! Cluster 5! Performance! Exhibits! Product Dev! Concentration!
- 23. clusters of backers Cluster 1! Cluster 2! Cluster 3!Cluster 4! Cluster 5! Total Projects Backed (250)! Success Rate (100%)! Experience (24)! 0%! 20%! 40%! 60%! 80%! 100%! Cluster 1! Cluster 2! Cluster 3!Cluster 4! Cluster 5! Performance! Exhibits! Product Dev! Concentration! Casual Wanderer Focused Supporter Category Master One-time Trier Category Enthusiast Category Enthusiast One-time Trier Category Master Focused Supporter Casual Wanderer
- 24. archetypes of backers • Casual Wanderers: • infrequent backing but spread across a variety of funding categories • Focused Supporter: • infrequent backers predominantly in one type of category • Category Enthusiasts: • moderately frequent backing concentrated in one type of category • Portfolio Masters: • extremely frequent backing across all categories
- 25. archetypes of backers portfolio masters category enthusiasts casual wanderer focused supporter high low low high backing frequency category concentration
- 26. is funding success associated with the types of crowdfunders a project attracts?
- 27. backer types and project success Model 1 Logistic Regression Model 2 OLS Regression DV: Project Success DV: % of Goal Raised Constant 2.8502** (0.3257) 2.4073** (0.1879) ln(Project Goal) -0.3693** (0.0341) -0.1971** (0.0190) Duration -0.0292** (0.0026) -0.0059** (0.0013) Casual Wanderers (%) 1.9496** (0.2457) 0.5054** (0.1460) Focused Supporters (%) 4.8058** (0.4437) 2.1402** (0.2566) Category Enthusiasts (%) -1.6808 (0.8640) -1.2392** (0.4341) Portfolio Masters (%) -21.5169** (2.0081) -3.6664** (0.6405) Number of Obs. (N) 6,343 6,343 Model Fit LR χ2 = 840.49** F = 16.16** R2 0.1437 0.0440 Significance Levels: ** p < 0.01, * p < 0.05
- 28. factors impacting project outcomes • more ambitious projects are less likely to be successful • longer project duration are less likely to be successful • attracting casual wanderers and focused supporters is associated with project success • interestingly, attracting a more category enthusiasts and portfolio masters is negatively associated with project success
- 29. some caveats
- 30. some caveats
- 31. conclusions • there seems to be some heterogeneity among crowdfunders • crowdfunding success may depend on crowdfunder heterogeneity
- 32. conclusions • there seems to be some heterogeneity among crowdfunders • crowdfunding success may depend on crowdfunder heterogeneity ? !>