Antecedents of Project Implementation Success in crowdfunding

Crowdfunding is emerging as a booming financing channel for entrepreneurs to raise money for their projects. However, crowdfunding project implementation has been a major challenge which does not gain enough attention in the current literature. This paper developed a research model to investigate the antecedents of crowdfunding project success measured in three dimensions, i.e., award (product) delivery timeliness, the extent to which the award meets the specifications (meeting specifications), and sponsor overall satisfaction. We conducted a survey in Demohour, one of the famous crowdfunding platforms in China, to test the proposed model. The findings suggested that compared with delivery timeliness, meeting specifications is of more importance to increase overall satisfaction. The results also revealed that crowdfunding project difficulty significantly reduces the implementation success. In addition, team experience plays an important role in improving project success. Project planning is also a critical predictor for delivery timeliness. Both of theoretical research and crowdfunding industrial practice can draw some enlightenment from this study.