Abstract
This study explores how crowdfunded products perform in comparison to their non-crowdfunded counterparts and which mechanisms explain differences in performance. Relying on a unique data set of Kickstarter-funded video game ventures, I find strong evidence that products backed by the crowd are more successful. As such, successful crowdfunding is a signal of product quality that helps potential customers in their buying decision. Moreover, crowdfunded products benefit from the contribution of innovative users who modify the product to extend its functionality and share these modifications with other users. The paper thus contributes to lead user and signaling theory.
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