Abstract

With the booming development of Internet finance, crowdfunding as an emerging financing model has gained the favor of many entrepreneurs. Some studies on the influencing factors of crowdfunding performance have been conducted in academia, but most of them stay at the level of a single crowdfunding project. Therefore, we have investigated the impact of serial creator’s learning on the crowdfunding performance of subsequent projects based on entrepreneurial learning theory, and have delved into the direct effects of different learning experience context on crowdfunding performance and their moderating effects on the relationship between learning and crowdfunding performance. The results show that none of the direct experience context has significant effects on crowdfunding performance, and only the direct learning interval positively moderates the relationship between direct learning and crowdfunding performance. The indirect experience context has a significant effect on crowdfunding performance, and both indirect experience richness and learning interval negatively moderate the relationship between indirect learning and crowdfunding performance. This paper provides a new perspective on the factors influencing the performance of serial crowdfunding, and has implications for the subsequent entrepreneurial behavior of creators and successful financing.

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