Overview

The networked world of Web 2.0 has given rise to a new form of financing for young companies: crowdfunding. Start-ups suffer from their small size and lack of standing when it comes to obtaining resources. This is particularly problematic in the case of conventional financing by banks, business angels or venture capitalists (Cassar, 2004, p. 263 ff.). Crowdfunding offers a way to overcome these hurdles and raise money through many small contributions. Given the all-or-nothing approach on many platforms, some projects come away empty-handed. On Kickstarter, the world's largest crowdfunding platform, the success rate of funded projects is around 48%. Failed projects usually do not make it past the 10% hurdle (Mollick, 2014, p. 4 ff.). The aim of this paper is to identify the factors that increase the chances of funding and the role that networks play in this process.

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