On the drivers of successful crowdfunding : the case of the platform Verkami

This article analyzes the determinants of successful crowdfunding initiatives using a sample of 5,251 projects from the reward-based Spanish platform Verkami. In contrast to most of the literature that has measured success with a dichotomous variable, we approach success with a continuous one, namely the ratio of achievement, which is measured as the obtained resources over the total amount requested by the promoter. We consider a set of potential determinants of success, which are theoretically well-grounded and cover a variety of spheres related to project features. Results suggest that factors related to the signaling theories such as partnership, having previous experience and interaction with backers are positively associated with the achievement ratio, whereas no significant impact is found for the number of rewards. In addition, we find uneven effects for low and high ratios of achievement, identifying the key determinants in different project stages.