The patent paradox in crowdfunding: an empirical analysis of Kickstarter data
Published in Industrial and Corporate Change, 2019
Recommended citation: Meoli, A., Munari, F., & Bort, J. (2019). The patent paradox in crowdfunding: an empirical analysis of Kickstarter data. Industrial and Corporate Change , 28(5), 1321-1341. http://jmbort.github.io/files/artcl/MeoliMunariBort2019.pdf
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.’
Recommended citation: Meoli, A., Munari, F., & Bort, J. (2019). The patent paradox in crowdfunding: an empirical analysis of Kickstarter data. Industrial and Corporate Change , 28(5), 1321-1341.