What explains the success of reward-based crowdfunding campaigns as they unfold? Evidence from the French crowdfunding platform KissKissBankBank

Abstract : Using hand-collected data from a French crowdfunding platform, we identify several success factors that backers value when they decide to support reward-based campaigns. We show that these success factors evolve as the campaign unfolds. The first week of the campaign is of particular interest. We validate most of the conclusions drawn for reward-based crowdfunding in the US and we argue that reward-based and equity-based crowdfunding campaigns seem to driven by similar success factors.