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Internal Social Capital and the Attraction of Early Contributions in Crowdfunding


  • Massimo G. Colombo
  • Chiara Franzoni
  • Cristina Rossi–Lamastra


The nascent crowdfunding literature has highlighted the existence of a self–reinforcing pattern whereby contributions received in the early days of a campaign accelerate its success. After discussing what sustains this pattern, we maintain that the internal social capital that proponents may develop inside the crowdfunding community provides crucial assistance in igniting a self–reinforcing mechanism. Results of an econometric analysis of a sample of 669 Kickstarter projects are consistent with this view. Moreover, the effect of internal social capital on the success of a campaign is fully mediated by the capital and backers collected in the campaign's early days.

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  • Massimo G. Colombo & Chiara Franzoni & Cristina Rossi–Lamastra, 2015. "Internal Social Capital and the Attraction of Early Contributions in Crowdfunding," Entrepreneurship Theory and Practice, , vol. 39(1), pages 75-100, January.
  • Handle: RePEc:sae:entthe:v:39:y:2015:i:1:p:75-100
    DOI: 10.1111/etap.12118

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