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The Aha Moment! The Effects of Serendipity and Innovation on Crowdfunding Performance

Author

Listed:
  • Pyayt P. Oo
  • Arvin Sahaym
  • Keith M. Hmieleski
  • Richard Chan
  • Annaleena Parhankangas

Abstract

Serendipity has played a significant role in the history of invention. Yet, little is known about whether serendipitous inventions are perceived as more or less innovative and thus achieve greater success in seeking funding than those resulting from deliberate processes. The current study explores this issue using a matched-pair sample of 168 serendipitous and non-serendipitous inventions used by entrepreneurs to raise capital through crowdfunding. The results demonstrate that serendipitous inventions are more positively related to crowdfunding success than non-serendipitous ones via perceptions of product innovativeness. Thus, serendipitous inventions appear to be socially rewarded rather than penalized in the context of crowdfunding.

Suggested Citation

  • Pyayt P. Oo & Arvin Sahaym & Keith M. Hmieleski & Richard Chan & Annaleena Parhankangas, 2025. "The Aha Moment! The Effects of Serendipity and Innovation on Crowdfunding Performance," Entrepreneurship Theory and Practice, , vol. 49(1), pages 60-88, January.
    • Handle: RePEc:sae:entthe:v:49:y:2025:i:1:p:60-88
    DOI: 10.1177/10422587241254069
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    Cited by:

    1. Andrew E. F. Fultz & Keith M. Hmieleski, 2025. "Cultivating and Harnessing Unexpected Opportunities: How Monochronic Orientation Fosters Innovation by Facilitating Serendipity in New Firms," Entrepreneurship Theory and Practice, , vol. 49(6), pages 1565-1596, November.
    2. Terveen, Nele Marie, 2025. "Navigating complex problem spaces: How emotion and energy shape entrepreneurial agency in serendipitous encounters," Journal of Business Venturing Insights, Elsevier, vol. 24(C).

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