Factors Affecting Crowdfunding Success

Crowdfunding is an alternative financing method that is different from traditional startup financing. The purpose of this paper is to comprehensively analyze and identify all the factors that significantly affect crowdfunding success by conducting a meta-analysis over previous studies produced in the last decade. An initial pool of 592 studies were collected. Eventually 53 qualified studies were selected and used in the current paper. From these 53 studies, 26 potential factors are carefully extracted and categorized. These factors are then statistically analyzed to decide which ones can significantly affect crowdfunding success. Our results have shown that crowdfunding success depends on a collection of significant factors, which include fundraiser's human capital, project location, team size, investor's experience, project quality and the interactivity on the crowdfunding platform. On the other hand, there are also factors such as herd behavior and social platform postings which have no significant effect on crowdfunding success.