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The patent paradox in crowdfunding: an empirical analysis of Kickstarter data

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  • Azzurra Meoli
  • Federico Munari
  • James Bort

Abstract

Building on signaling theory, this paper analyzes whether projects signaling patented technologies have a higher probability of funding success on a reward-based crowdfunding platform as compared with a control group of similar projects. Our analysis of a set of Kickstarter projects suggests the existence of an apparent paradox concerning the role of patents in this funding context. Despite solid evidence in entrepreneurial finance literature on the positive role of patents for accessing financing from professional investors such as venture capitals and business angels, our results from the reward-based crowdfunding context point out a negative signaling role of patents. We provide explanations to reconcile such evidence with previous relevant literature and highlight promising avenues for future research in this area.

Suggested Citation

  • Azzurra Meoli & Federico Munari & James Bort, 2019. "The patent paradox in crowdfunding: an empirical analysis of Kickstarter data," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 28(5), pages 1321-1341.
    • Handle: RePEc:oup:indcch:v:28:y:2019:i:5:p:1321-1341.
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    File URL: http://hdl.handle.net/10.1093/icc/dtz004
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    Cited by:

    1. Vazirani, Ashish & Sarkar, Subhro & Bhattacharjee, Titas & Dwivedi, Yogesh K & Jack, Sarah, 2023. "Information signals and bias in investment decisions: A meta-analytic comparison of prediction and actual performance of new ventures," Journal of Business Research, Elsevier, vol. 155(PB).
    2. Sahaym, Arvin & (Avi) Datta, Avimanyu & Brooks, Stoney, 2021. "Crowdfunding success through social media: Going beyond entrepreneurial orientation in the context of small and medium-sized enterprises," Journal of Business Research, Elsevier, vol. 125(C), pages 483-494.
    3. Cutolo, Donato & Grimaldi, Rosa, 2023. "I wasn't expecting that: How engaging with digital platforms can turn leisure passion into entrepreneurial aspirations," Journal of Business Venturing Insights, Elsevier, vol. 20(C).

    More about this item

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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