Paper Type
Complete
Paper Number
1192
Description
The explosion of crowdfunding projects has called for new ways to screen for novel projects. Building on the multidimensional nature of novelty, we draw on the literature to propose two measures of project novelty that are theoretically sound and empirically easy to construct from project text descriptions. Drawing on the Schumpeterian view of innovation as the combination of existing concepts, our first measure, called combinatorial novelty, captures the extent to which the creative idea combines unrelated concepts in a novel way by assessing the semantic relationships between words. Our second measure, comparative novelty, captures the relativeness of novelty and measures project novelty by comparing texts. We show that both measures are meaningful representations of different aspects of project novelty associated with funding success. We also discuss how these two measures provide a more nuanced understanding of the relationship between novelty and project success for both theory-building and practice.
Recommended Citation
Lin, Yan and Boh, Waifong, "Gauging Novelty in Crowdfunding Projects: A Theory-Driven Text Analysis Approach" (2024). PACIS 2024 Proceedings. 1.
https://aisel.aisnet.org/pacis2024/track03_ba/track03_ba/1
Gauging Novelty in Crowdfunding Projects: A Theory-Driven Text Analysis Approach
The explosion of crowdfunding projects has called for new ways to screen for novel projects. Building on the multidimensional nature of novelty, we draw on the literature to propose two measures of project novelty that are theoretically sound and empirically easy to construct from project text descriptions. Drawing on the Schumpeterian view of innovation as the combination of existing concepts, our first measure, called combinatorial novelty, captures the extent to which the creative idea combines unrelated concepts in a novel way by assessing the semantic relationships between words. Our second measure, comparative novelty, captures the relativeness of novelty and measures project novelty by comparing texts. We show that both measures are meaningful representations of different aspects of project novelty associated with funding success. We also discuss how these two measures provide a more nuanced understanding of the relationship between novelty and project success for both theory-building and practice.
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