The key successful factors of video and mobile game crowdfunding projects using a lexicon-based feature selection approach (original) (raw)
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Crowdfunding An exploratory research of campaign's important processes on Kickstarter
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When starting a project or a campaign, it requires a certain amount of funding to execute it, to create a product and manage the stakeholders. Funds were usually acquired using loans from banks or investments. With the emerging new crowdfunding phenomenon which is an Internet-based concept, entrepreneurs or individual creators have an alternative way to seek funds for their projects. The selected, the most popular reward-based crowdfunding platform Kickstarter gives an opportunity to reach the crowd, potential funds providers, easier and more efficiently. However, to do that, project founders have to prepare a detailed action plan of how to pitch the idea, set rewards, promote and market the idea. This research paper serves to explore important processes when creating a crowdfunding campaign on Kickstarter platform. It shows an insight on what preparations need to be done before publishing a project campaign, how to manage it and finally how to execute it. Additionally, using several theoretical frameworks and concepts it seeks to explore the relationship between the founders and backers, and how their actions influence each other. By doing so, strategy to achieve a successful Kickstarter campaign was created.
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Humongous volumes of data are being generated every minute by individual users as well as organizations. This data can be turned into a valuable asset only if it is analyzed, interpreted and used for improving processes or for benefiting users. One such source that is contributing huge data every year is a large number of web-based crowd-funding projects. These projects and related campaigns help ventures to raise money by acquiring small amounts of funding from different small organizations and people. The funds raised for crowdfunded projects and hence, their success depends on multiple elements of the project. The current work predicts the success of a new venture by analysis and visualization of the existing data and determining the parameters on which success of a project depends. The prediction of a project’s outcome is performed by application of machine learning algorithms on crowd-funding data stored in the NoSQL database, MongoDB. The results of this work can prove benefic...
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Crowdfunding is a concept that emerged due to difficulties in raising funds for community business projects, social activities, micro-enterprises, and start-ups conventionally. Crowdfunding uses internet technology as a bridge between the donor and the recipient of funds so that it can reach a wider range of donors. This study aims to compare the performance of machine learning approaches in predicting crowdfunding campaign success. Three machine learning algorithms were employed to predict crowdfunding campaign success, namely logistic regression, random forest, and extreme gradient boosting (XGBoost). The dataset used in this study contains data about all projects posted on Kickstarter from January 2020 to September 2022. To improve the prediction model's performance, experiments using principal component analysis (PCA) feature reduction and log transformation were conducted. The results show that the implementation of log transformation on the dataset can increase the prediction model's performance. Meanwhile, XGBoost algorithm performs better than linear regression and random forest.
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Researchers have attempted to measure the success of crowdfunding campaigns using a variety of determinants, such as the descriptions of the crowdfunding campaigns, the amount of funding goals, and crowdfunding project characteristics. Although many successful determinants have been reported in the literature, it remains unclear whether the cover photo and the text in the title and description could be combined in a fusion classifier to better predict the crowdfunding campaign's success. In this work, we focus on the performance of the crowdfunding campaigns on GoFundMe across a wide variety of funding categories. We analyze the attributes available at the launch of the campaign and identify attributes that are important for each category of the campaigns. Furthermore, we develop a fusion classifier based on the random forest that significantly improves the prediction result, thus suggesting effective ways to make a campaign successful.
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2016 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining (ASONAM), 2016
Today, crowdfunding has emerged as a popular means for fundraising. Among various crowdfunding platforms, reward-based ones are the most well received. However, to the best knowledge of the authors, little research has been performed on rewards. In this paper, we analyze a Kickstarter dataset, which consists of approximately 3K projects and 30K rewards. The analysis employs various statistical methods, including Pearson correlation tests, Kolmogorov-Smirnow test and Kaplan-Meier estimation, to study the relationships between various reward characteristics and project success. We find that projects with more rewards, with limited and late-added rewards are more likely to succeed. We also categorize and automatically annotate rewards into fifteen reward item types. We further analyze how different types of reward items are adopted across various categories of projects as well as how they potentially affect project success. We discover that projects with include the previous rewards are most likely to succeed. Also, different categories of projects may employ different best strategies of adopting reward item types to achieve pledging goals. Finally, we verify the efficacy of reward-related information through predicting project success. The result shows that features extracted from rewards help better predict the successes of crowdfunding projects.
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Crowdfunding is a process of raising money (funding) for a project through a venture of large number of people (crowd). The popular online crowdfunding platforms Kickstarter and Indiegogo provide a stage for innovators worldwide to bring ideas to reality. Despite the popularity and success of many projects on the platforms, it is yet to be determined whether successful projects always produce high quality products. Previously, the quality of crowdfunded products (successfully funded projects from crowdfunding website that are available on Amazon) in the market (e.g., Amazon) has not been statistically and scientifically evaluated. There has been no previous study to understand whether a successful project will receive high/low ratings from customers in e-commerce sites like Amazon. To address this problem, we (i) compare crowdfunded products with traditional products in terms of their ratings on Amazon; (ii) analyze negative reviews of crowdfunded products; (iii) analyze characteris...
Innovative funding solution for special projects: Crowd funding
Journal of Economics, Business, and Accountancy | Ventura, 2015
The aim of this paper is to examine the influence of crowd funding knowledge, applica-tion, platform, and project initiator toward successful crowd funding. This study conducted by quantitative approach, data have been collected with web-based ques-tionnaires via Kickstarter.com direct message and e-mail to 200 successful crowd funding project initiators as a sample and as much 152 sets questionnaire returned by a complete answer and should be analyzed further. Deployment and data collection take 3 month from October to December 2013. This study found evidence that crowd funding knowledge, crowd funding application, crowd funding platform, and project initiator has positive and significant relationship toward the success of crowd funding. The implication from this research is crowd funding can be a source of capital to finance the projects, not just rely on traditional sources of financing just like banking and capital markets. Crowd funding can be innovative funding solution.
Handbook of Research on Crowdfunding, 2019
Crowdfunding can be defined as 'efforts by individual entrepreneurs or groups to fund their ventures by drawing small contributions from large groups of individuals over the internet without using standard financial intermediaries' (Mollick, 2014), or 'open calls, mostly through the Internet, for the provision of financial resources either in the form of donation or in exchange for the future product or some form of reward to support initiatives for specific purposes' (Belleflamme et al., 2014). Crowdfunding emerged as part of a recent movement where the general public, or 'the crowd', is invited to participate in the process of value creation traditionally conducted within more closed systems. Whereas crowdsourcing, its close relative, focuses on how the crowd may take an active part in a company's innovation process (Bughin et al., 2012; Ghezzi et al., 2018), crowdfunding provides a mechanism through which the general public can financially support nascent ideas and entrepreneurs, a role traditionally reserved to a select few, such as accredited equity investors and bankers. In this sense, crowdfunding has led to a more distributed or collective nature of entrepreneurial finance and created new classes of investors, such as 'customer investors' (Aldrich, 2014). This allows entrepreneurs to engage with a greater number, and a more diverse set, of backers and investors all over the world (Nambisan, 2017). Some see crowdfunding 'democratizing' access to entrepreneurial finance for underrepresented minorities and entrepreneurs hailing from unfavourable geographic locations (Agrawal et al., 2011; Greenberg and Mollick, 2017). As a phenomenon, crowdfunding has a long history in the areas of art, charity and political campaigns (Kuppuswamy and Bayus, 2018; Ordanini et al., 2011). Famous projects that were funded by small contributions from a large number of donors include the Statue of Liberty, some of Mozart's piano concertos, and the translation of Homer's Iliad from Greek to English (Kuppuswamy and Bayus, 2018; Short et al., 2017). The recent surge in crowdfunding activities draws from the emergence of Internet and particularly Web 2.0 facilitating interaction between users,
Key Factors for Project Crowdfunding Success: An Empirical Study
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Crowdfunding is a response to the financing problem of innovative projects in an environment of severe economic crisis. Its competitive advantage lies in its independence from banking institutions and the distribution of risk among a certain number of funders. Since its inception, the number of successfully completed projects has grown to a point where it has started to suffer a downturn that puts its sustainability at risk. This study concerns this particular period of downturn, in order to identify attributes that characterize it, and to define behavioral stereotypes that may be associated with new projects. On a wide data set from sufficiently contrasted projects, and through the use data mining techniques, we extracted the most influential factors in determining the success or failure of the projects, that will subsequently be grouped together using clustering techniques. Six groups of projects have been identified, each with their own characteristics that define them, two of th...