Abstract
This study examines what institutional conditions, entrepreneurial abilities and industry-specific factors contributed to the survival of online crowdfunding projects after the Covid pandemic. Based on the dynamic capability theory, we argue that government financial support alone cannot close the gap between market supply and demand after an exogenous shock. An institutional environment that promotes a transparent and efficient information sharing and resources allocation system is equally important for the survival of startups. Using a sample of 924 Kickstarter projects between 2017 and 2018, we found that startups in countries with high market dynamics and low entry barriers had a higher probability to survive the exogenous shock after controlling for entrepreneurial experience, social capital, and industry-specific factors. The findings support a free market approach to promote early-stage entrepreneurship.
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