Edited by Elias G. Carayannis, Giovanni B. Dagnino, Sharon Alvarez and Rosario Faraci
Chapter 5: Industry specificity and the effect of internal social capital in reward-based crowdfunding
Literature on crowdfunding has highlighted the role of social capital developed within the platform (internal social capital) in determining the success of a funding campaign. However, to date, prior studies have neglected to determine whether industry specificity may influence this effect. In this chapter, the authors aim to fill this gap by investigating how social capital influences the funding of products belonging to different industries. Using a dataset of 34,121 project launched on Kickstarter during 2014, they found that the internal social capital effect varies by industry and is stronger in magnitude when the industry is characterized by high demand uncertainty and task complexity. Overall, these findings contribute to a better understanding of the role of social capital in early stage financing.
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