Boudreau, Kevin J.; Jeppesen, Lars Bo; Reichstein, Toke; … - 2015
The bulk of today's (“preorder-,” “reward-,” “gift-,” and “donation-based”) crowdfunding raises funds for tiny, private … entrepreneurial ventures without granting funders private claims to a project's future value. Rather than “investments,” these are … “contributions.”We theorize and show empirically that crowdfunding has a payoff structure akin to public goods and associated free …