Crowdfunding: Trajectories of success… or failure

By Pascal Corbel, Sandra Charreire-Petit, Emmanuelle Dubocage

Our research focuses on crowdfunding and more specifically on the way the success or failure of a crowdfunding campaign is being built through time. 226 crowdfunding projects were monitored on the KissKissBankbank platform, tracking the amounts collected each day and paying particular attention to the start of the campaign. The results of our research very clearly show that the first days are decisive for either the success or the failure of the fundraising campaign and that sucess or failure dynamics very rarely shifts. This leads us to a series of propositions discussed in the light of the existing literature on crowdfunding and to propose two avenues for future research. The first is theoretical and consists in using legitimacy as a central and inclusive concept to explain the success or failure of crowdfunding campaigns. The second is empirical and consists in studying the pre-campaign phase. JEL Codes: M13


  • innovation
  • crowdfunding
  • legitimacy
  • fundraising
  • trajectories
  • dynamics
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