Abstract

As a novel way to raise fund, crowdfunding has attracted more and more attention from industry, academia and investment community. During the past few years, a variety of online crowdfunding platforms have supported a large number of crowdfunding campaigns all over the world. Due to its online nature, the design of crowdfunding campaigns on crowdfunding platforms is of great importance to the success of both crowdfunding campaigns and crowdfunding platforms. The profile page of a crowdfunding campaign not only provides abundant descriptive information of it, but also contains a choice schema for potential backers to pledge. Similar to tradition e-commerce context, proper choice design is also critical to the success of crowdfunding campaigns. Except for donationbased choice and reward-based choice, some leading reward-based crowdfunding platforms in China introduced lottery-based choice into the choice schema of crowdfunding campaigns. In this paper, we aim at reward-based crowdfunding campaigns. Firstly, we investigate the impact of choice schema’s two key features: the number of reward-based choices and the existence of lottery-based choice. After that, we focus on crowdfunding campaigns that contain lottery-based choice to uncover whether the price of lottery-based choice and the chance to win the reward have significant impact on the success of crowdfunding campaigns. We find that the number of reward-based choices in the choice schema of crowdfunding campaigns has a positive effect on their success and the existence of lottery-based choice has a negative effect on their success. Furthermore, both the price of lottery-based choice and the chance to win the reward have no significant impact on the success of crowdfunding campaigns.

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