Determinants of Reward Crowdfunding Success for Technology Projects: The Moderating Role of Platform Age
DOI:
https://doi.org/10.47654/v30y2026i2p68-113Keywords:
Reward-crowdfunding, Technology projects, Crowdfunding success, GLS regression, Quantile regressionAbstract
Purpose: Moving beyond the average effects identified in prior literature, this study investigates the differential drivers of technology crowdfunding success and how platform maturity reshapes the competitive landscape. Specifically, it examines whether strategies ensuring basic viability can secure top-tier success and how key drivers evolve as a platform ages.
Design/methodology/approach: The study analyzes 600 technology projects from Kickstarter (2009-2023) using a complementary analytical approach. Generalized Least Squares regression and subsample analysis establish baseline relationships and test the moderating role of platform age. Quantile regression then uncovers how the influence of key determinants shifts across the entire conditional distribution of campaign success.
Findings: The results confirm the significance of fundamental determinants, with subsample analysis showing their influence is contingent on a project’s final outcome. A key finding is that platform age positively moderates the relationship between media richness and success. Quantile regression further reveals a performance-level hierarchy, showing that influential criteria evolve from establishing baseline viability for lower-performing campaigns to signaling superior credibility and comprehensive development for top performers.
Originality/value: This study advances decision sciences by demonstrating context-dependent crowdfunding strategies and employing quantile regression to reveal a hierarchical decision model, with platform age as a key moderator. In contrast to earlier studies that overlook decision heterogeneity, this research proposes an original quantile regression approach that incorporates platform age as a moderator, enabling a differentiated analysis of reward-based crowdfunding success across performance levels. It identifies the key determinants of success in reward-based crowdfunding, offering a decision-oriented framework to understand how creators’ strategic choices and backers’ responses jointly drive funding outcomes.
Practical implications: For decision sciences in practice, the findings prescribe distinct contingent strategies for creators based on performance targets and platform maturity. They further advocate for platform administrators to develop level-specific decision support systems, moving beyond one-size-fits-all analytics to improve strategic outcomes.
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