An Empirical Study of Crowdfunding Campaigns: Evidence From Jing Dong Crowdfunding Platform

By forming a dataset of 1557 technology projects from Jing Dong crowdfunding platform with over 1.1 billion RMB pledges in total, this paper provides in-depth analysis on the determinants leading to highly successful crowdfunding. The results suggest that the goal and backers are positively associated with promising outcomes, and having a video makes a difference for achieving more funding while images and updates don't. Likes are also related to successful fundraising. Moreover, backing experience of founders does harm to crowdfunding efforts, and less first level pledge of price menu means more funding while high second level pledge makes raising large amount of money possible.