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From Human Hands to Machine Minds: Financing AI‐Driven Entrepreneurship in Reward‐Based Crowdfunding

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  • Zirui Song
  • Yihui Lan
  • Yuan George Shan

Abstract

This study examines the effect of artificial intelligence (AI) adoption on financing performance in reward‐based crowdfunding. Using Kickstarter data from US projects, we find that AI projects have lower pledged amounts, receive fewer donations and attract fewer backers. The negative effect is partly driven by abnormal narrative tone and moderated by information readability, geographic conditions and backer sentiment. Additionally, subsample analysis shows that AI technology projects perform worst, while topic modelling indicates better outcomes when AI supports rather than replaces human creativity. Our findings highlight that the trust‐based frictions facing cutting‐edge innovations in crowdfunding differ from those in professional investor evaluations.

Suggested Citation

  • Zirui Song & Yihui Lan & Yuan George Shan, 2026. "From Human Hands to Machine Minds: Financing AI‐Driven Entrepreneurship in Reward‐Based Crowdfunding," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 66(2), pages 1055-1076, June.
    • Handle: RePEc:bla:acctfi:v:66:y:2026:i:2:p:1055-1076
    DOI: 10.1111/acfi.70207
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