Abstract
In this study, we have clarified quantitative evidence of success patterns and pricing in reward-based crowdfunding. Reward-based crowdfunding is attracting academic and practical interest because of its expanding market and diverse applications. In particular, empirical studies on the success factors of reward-based crowdfunding are progressing. However, previous studies have conducted empirical analyses based on the implicit assumption that the success pattern of reward-based crowdfunding is single. In this study, we use data of “CAMPFIRE” that is a Japanese reward-based crowdfunding platform, and a latent class model to clustering the success patterns and considering pricing of reward-based crowdfunding. We also proposed a model that better explains the success factors of reward-based crowdfunding compared to previous studies. These results will contribute to improving our understanding of the characteristics of reward-based crowdfunding and to developing specific guidelines for success in reward-based crowdfunding.
