Network effects on crowdfunding platforms: Exploring the implications of relaxing input control
Network effects on crowdfunding platforms: Exploring the implications of relaxing input control
复制标题
DOI：
10.1111/isj.12194
复制
发表时间：
2018-11
影响因子：
6.4
通讯作者：
Ferdinand Thies;Michael Wessel;Alexander Benlian
中科院分区：
文献类型：
--
作者：
Ferdinand Thies;Michael Wessel;Alexander Benlian
为了为创业计划筹集资金，众筹已成为风险资本或天使投资的一种可行的选择。尽管众筹平台的重要性与日俱增，但我们仍然对推动众筹平台演变和发展的潜在网络效应知之甚少。具体地说，这种演变和增长主要是由越来越多的创业项目吸引资助者推动的，还是资助者主要吸引创业者，或者市场双方之间存在互惠关系？我们还探讨了投入控制这一平台上常见的把关机制是否以及如何影响网络效应的形成。通过分析领先的悬赏众筹平台之一Kickstarter八年来的演变数据，我们发现网络效应是不对称的。越来越多的创业项目对资助者的安装基数产生了强大而显著的影响(交叉网络效应)，也吸引了其他创业者进入平台(同侧网络效应)。然而，基金安装基础的增加并不会对市场任何一方的增长产生影响。我们还发现，在较弱的投入控制下，跨侧网络效应和同侧网络效应较弱，可持续性较差。综上所述，我们的探索性证据表明，众筹平台上的市场双方之间的关系可能没有预期的那么对等，对创业者和众筹平台的提供者产生了深远的影响。
Crowdfunding has emerged as a viable alternative to venture capital or angel investments in order to raise funds for entrepreneurial initiatives. Despite its growing importance, we still know little about the underlying network effects that drive the evolution and growth of crowdfunding platforms. Specifically, is the evolution and growth primarily driven by a growing number of entrepreneurial projects attracting funders, or do funders primarily attract entrepreneurs, or does a reciprocal relationship exist between the two market sides? We also explore whether and how input control, a common gatekeeping mechanism on platforms, has an impact on the formation of network effects. By analyzing eight years of data on the evolution of Kickstarter, one of the leading reward‐based crowdfunding platforms, we find that network effects are asymmetric. An increasing number of entrepreneurial projects has a strong and significant effect on the installed base of funders (cross‐side network effects) and also attracts other entrepreneurs to the platform (same‐side network effects). However, an increased installed base of funders does not have an effect on the growth of either side of the market. We also find that, under weaker input control, cross‐side network effects and same‐side network effects are weaker and less sustainable. Taken together, our exploratory evidence suggests that the relationship between the market sides on crowdfunding platforms might be less reciprocal than expected, having profound implications for entrepreneurs and providers of crowdfunding platforms.