Four points about selection criteria and project design in crowdfunding were clarified by some empirical analyses using data of “CAMPFIRE” which is Japanese reward-based crowdfunding platform. First, it is important to enhance presentations in text and videos for the success of the project if a crowdfunding platform eases the selection criteria of projects. Second, it cannot be said that duration is negatively associated with the success rate in the project of “All in” model, which is in contrast to the result in the project of “All or Nothing” model. Third, the project with low average funds and “All or Nothing” model have partly different success factors. Fourth, it cannot be said that the selection of “All in” model is negatively associated with the success rate in the project with low average funds. These results will contribute to the management decisions of crowdfunding platforms. Besides, a sign of the development of crowdfunding in outside of Tokyo was confirmed.

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This study examines the factors that contribute to the R&D activity of drug discovery and reagent bio-ventures in Japan. We mainly focus on the external networks built by these ventures. We target 186 bio-ventures established from 1995 to 2015 and analyze the networks of their joint patent applications. We find that positions of bridging relationships with other organizations in the network; that is, betweenness centrality is positively correlated to R&D activity. We also analyze how the origins and attributes of organizations affect the network effect. Furthermore, we find that bio ventures’ IPOs boost the network effect, while being a university-launched venture reduces the network effect.

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