Impact Analysis On Crowdfunding Success Of Serial Creator And Their Experiences In Reward Crowdfunding

As a new mode of financing,the crowdfunding market has grown rapidly in recent years.However,the success rate of crowdfunding projects is still relatively low compared to the booming crowdfunding market.In order to explore the mystery of the success of crowdfunding,some scholars analyzed mystery of crowdfunding success and found that the characteristics of creators,project information,and online interactions between creators and funders can influence crowdfunding performance.However,these studies were based on a static perspective and assumed that crowdfunding projects were independent of each other even if they were different campaigns of one same creator.In fact,creators can accumulate the necessary knowledge,skills,and experience through launching projects and supporting projects.Therefore,for the same creator,his/her crowdfunding activity and success rates would be changed.Although it has already demonstrated the important role of serial creators' experience in the success of crowdfunding from a dynamic perspective,these studies only focused on the direct impact of the experience of serial creators on the success of crowdfunding.The important role of experiential relevance in the successful process of crowdfunding is neglected.In the process of participating in the crowdfunding project,the relevance of the project will affect the learning effect and ultimately affect the success of the crowdfunding.In order to make up for the shortcomings of the existing research,this paper takes the reward crowdfunding as the research object and studies the influence of the serial creator experience.This paper divides the experience into direct experience and indirect experience.Firstly,we analyzed the direct impact of direct experience and indirect experience on crowdfunding success,then investigated moderation effects of direct experiential relevance(the number of founded project categories,the success rate of founded projects,the size of the prior founded project,and the success of the prior founded project)and investigated moderation effects of indirect experiential relevance(the number of funded project categories,the success rate of funded projects,the size of the prior funded project,and the success of the prior funded project).The binary logistic regression analysis was carried out on 6,522 projects of2,449 serial creators of Indiegogo.The main findings are as follows:(1)The direct experience of serial creators is positively affecting crowdfundingsuccess,while the impact of indirect experience on crowdfunding success is not significant.The effect of creators' direct experience is higher than that of indirect experience.(2)There are differences in the influence of creators' experience on the success of crowdfunding under different experiential relevance,and the positive moderating effect of direct experiential relevance on the relationship between direct experience and the success of crowdfunding is stronger than that of indirect experiential relevance on the relationship between indirect experience and the success of crowdfunding.(3)Serial creators learn from the experience of founding and funding success.(4)The size of the prior founded project will positively adjust the relationship between the founded experience and the success of crowdfunding.The main theoretical implications of this paper: Firstly,this paper focuses on the impact of the behavior of the serial creators on the success of crowdfunding.Secondly,the study found that when studying the relationship between serial creators experience and crowdfunding success,the role of different experiential relevance in its relationship must be considered.The main realistic implications of this paper: Firstly,serial creators must learn from successful projects that have been founded and funded,which is conducive to the success of the next crowdfunding project.Secondly,serial creators need to carefully select the target funding for the project,and the results will affect the funding of this and the next crowdfunding project.In the end,serial creators cannot blindly judge the level of experience based on the number of projects founded and funded,resulting in false judgments.The possibility of crowdfunding success is also affected by experiential relevance.