探討群眾募資資金成長模式與不同時期之影響因素

Abstract

近年來，許多工作透過群眾外包可減少時間與成本，並提升其效率與價值。而延伸自群眾外包的新興募資模式-群眾募資正逐漸興起，透過平台媒合提案者與投資者，提案者可完成新創產品開發、計劃執行以及探究市場需求，投資者可運用閒置資金投資並獲取回饋，使得群眾募資帶給市場無限可能的商機。

然而，群眾募資市場規模逐漸擴大，大多數平台上的專案成功率卻不到一半，甚至低於四成，因此，本研究探討群眾募資專案在募資期間的資金成長模式，並探究數個專案因素在前、中、後期是否影響專案募資金額，其中除了全樣本外，將樣本以成功與否以及產品回饋類型進行分組，探討不同分組的情況下，不同專案因素對募資金額在不同時期之下的影響。

本研究樣本取自Kickstarter，總計樣本共1,154個專案，實證結果顯示募資期分為前、中、後期，且專案資金成長模式呈現S型。而對所有分組而言，前一天的投資者數會顯著提升募資金額；專案更新數會顯著提升1到3個時期的募資金額；在多數的分組，專案評論數會顯著提升募資金額。 本研究驗證專案資金成長模式以及探究不同時期的影響因素，可使專案提案者針對不同時期著重不同要點，突破該募資階段，進而達成專案目標，以提升群眾募資專案的成功率。

Crowdsourcing is to outsource tasks to crowds which reduce costs and time, and it is applied in many fields, one is crowdfunding. In recent years, crowdfunding is an emerging way to raise capital for an innovative project. The scale of crowdfunding is expanding, but the success rate of crowdfunding is very low, which is lower than 40%. We demonstrate the funding pattern of a crowdfunding campaign, and examine the relationship between three factors proposed by researchers and pledged fund in three periods. Besides the full model, we sorted samples into successful and unsuccessful project by funded or not, and product-reward and non-product reward projects by reward-type.

Data is extracted from Kickstarter which contain project-related factors of 1,154 projects. Study shows that a crowdfunding campaign has three phases, and the funding pattern is S-shaped. Previous backers significantly affect the following contributions all the time. Updates are significantly affect the pledged fund for 1 to 3 periods. Comments also significantly affect the contributions for most projects. But it is negatively affect the pledged fund in unsuccessful projects.

After understanding the funding pattern and the critical factors in different periods, creators can break through the bottleneck of each funding phase and improve the success rate of crowdfunding projects.