Abstract

The biggest barrier for tech start-ups is financing. Crowdfunding plays a crucial role in connecting these founders with an unspecified number of public investors. However, even if the project succeeded in attracting investment through crowdfunding, there are complaints from investors. Therefore, this study analyzes where the complaints of investors participating in the crowdfunding project are caused. As a result of hierarchical regression analysis by setting reward satisfaction as dependent variables in 15 categories of Wadiz, a representative crowdfunding platform, it was found that achievement rate, encore request number, and announcement number factors had a positive effect on reward satisfaction. Among the 15 categories, three specific categories were found to have a negative (-) effect on reward satisfaction. This study has theoretical implications in that it overcame the limitations of previous studies that focused only on the success of the funding project, and has practical implications in that it identified which category the lowest reward satisfaction occurs.

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