Success factors in Crowdfunding - an analysis of Austrian crowdfunding projects

In the past few years crowdfunding has become a major source of financing for entrepreneurs worldwide. The success of those financings is determined by several factors, which are examined in this paper. The examination of the determining factors for the success of crowdfunding is done by analyzing Austrian crowdfunding projects published on Kickstarter. The characteristics, which distinguish Austrian campaigns, are compared to the characteristics identified in numerous studies. The empirical analysis as well as the comparison with international studies demonstrates that the Austrian crowdfunding market differs from other markets. Some factors for success, which were identified through other studies, have no significant impact in Austria. However, the funding level, the number of updates posted by the initiators, and the location of the funder have a significant and positive impact on the probability ofsuccess.