Along the way, we will describe best practices that we anticipate can elevate research in this burgeoning area of inquiry.īuilding on the insights from observational learning and other social influence research, this study challenges the existing literature that proposes a linear relationship between prior funding and subsequent contributions in the crowdfunding setting. Put differently, we are not going to summarize a subset of articles that have been accepted for publication-rather, we are going to delineate the subset of articles to be written that we would, ideally, like to see submitted to top-tier entrepreneurship journals in order to advance the literature. In contrast to typical editorial articles associated with special issues, we take a prospective approach and outline what we hope (and expect) to see in the literature in the future. Second, we aim to solicit additional articles for the Virtual Special Issue (VSI) on “Crowd-Funded Entrepreneurial Opportunities” in Entrepreneurship Theory and Practice. Our aim is, first, to outline what we see as best practices for research on crowd-funded entrepreneurial opportunities.
This editorial outlines our perspective on the state of literature as well as suggestions for new contributions to entrepreneurship research in the area of crowd-funded opportunities. Experts hence lead the crowd in their decision to contribute to cultural projects, and those who follow them are mostly senior experts themselves and apprentice experts, not one-time contributors, which suggests the existence of community logic and rational information cascades in RBCF. future serial backers, follow senior experts, particularly when specialized, which supports informational social influence.
Senior experts follow other senior experts, which supports normative social influence and, when specialized, they follow other specialized senior experts, which highlights taste-based homophily. Contributions from expert backers, whether specialized in the same creative industry as a given project or not, trigger additional contributions and improve the success probability of a funding campaign.
Testing the impact of different backer categories on (1) campaign success, (2) composition of the crowd and (3) overall day-by-day funding dynamics, the study provides evidence of the existence of both a certification effect at the very beginning of a funding campaign, and dynamic herding later all along the campaign. The authors analyse data obtained from France's leading RBCF platform, Ulule, and show that the contributing crowd is heterogeneous, both in terms of expertise and willingness to follow information cascades. Consequently, to test the role of experts in collective behaviour and outcomes of crowdfunding campaigns, RBCF of cultural projects is a particularly relevant field. Culture is a domain where expert opinion traditionally plays an important role. The present research investigates certification effects and rational herding in reward-based crowdfunding (RBCF) campaigns of cultural projects.
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