Reward-based crowdfunding has been widely heralded as a novel mechanism by which start-ups can access seed funding, theoretically allowing the circumvention of traditional intermediaries, such as banks and venture capitalists. Our study makes a unique contribution to the emerging research on this topic by presenting detailed empirical evidence on reward-based crowdfunding, focusing on the performance of business-related campaigns relative to campaigns in other funding categories. Our findings suggest that reward-based crowdfunding is unevenly distributed and that success is concentrated within a small number of platforms and campaigns. Evidence from a series of multiple regressions also suggests that business-related crowdfunding campaigns perform poorly compared to those in other categories, particularly those in creative areas such as music and dance. These findings question the extent to which reward-based crowdfunding is a means by which significant numbers of start-ups can bridge the gaps left by mainstream finance.

Dr Joe Cox

Thang Nguyen

Find out more

Research projects

Read more about the projects we're working on, and those which we've recently completed – and find out how they're making a difference.
Back of man at a computer looking at data charts
Discover our research projects

Research centres, institutes and groups

From enzyme innovation to observing the cosmos, discover where our research takes place.
Female runner on treadmill with motion capture cameras
Browse our reasearch centres

Research themes

We prioritise research that tackles key current issues, which we've grouped into 5 interconnected themes.
Aerial of solar panels in field
Read more