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Product development in crowdfunding: Theoretical and empirical analysis
Sidika Tunc Candogan1, Philipp B. Cornelius2, Bilal Gokpinar1, Ersin Korpeoglu1, Christopher S. Tang3
1UCL School of Management, University College London; 2Rotterdam School of Management, Erasmus University Rotterdam; 3Anderson School of Management, University of California Los Angeles
Entrepreneurs often use crowdfunding to solicit feedback from customers to improve their products, and may therefore prefer to launch crowdfunding campaigns for a basic version of their products. Yet, customers may not be persuaded by a campaign if a product appears too basic. Analyzing a game-theoretical model and testing its predictions empirically, we study how a product’s level of enhancement at campaign launch influences product improvements during campaign and campaign success.
