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<p>This study examines the heterogeneous impact of project creativity on crowdfunding success across varying project categories. Considering the trade-off between investors’ preference for creativity and substantial creative sunk costs, startups face a dilemma in determining the optimal creative level. We model the decision-making process under four prevalent crowdfunding mechanisms: equity and debt crowdfunding combined with All-or-Nothing (AON) or Keep-it-All (KIA) frameworks. Our analysis identifies a divergent impact: for low-return/Art &amp; Craft projects, creativity acts as social currency that fosters community engagement, positively influencing success. Conversely, for high-return/Technology-Intensive projects, excessive creativity signals over-promising and execution risk, triggering an Innovation Paradox that negatively affects outcomes. To mitigate the risk aversion of high-tech startups, we propose a platform-led cost-sharing incentive policy. Distinct from standard models, we incorporate the platform’s Strategic Value and conduct a feasibility analysis. We find that while a theoretical win–win range exists, inherent conflicts of interest regarding subsidy intensity and strict feasibility boundaries may constrain implementation. Finally, an empirical analysis based on an expanded dataset of 1332 projects from Wefunder, Kickstarter, and Indiegogo validates our main findings.</p>

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Can the reliance on project creativity promote its crowdfunding success?

  • 期刊论文

  • 发表日期：

    2026年3月16日

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  • Yue Yu,
  • Honglin Yang,
  • Hong Wan

摘要

This study examines the heterogeneous impact of project creativity on crowdfunding success across varying project categories. Considering the trade-off between investors’ preference for creativity and substantial creative sunk costs, startups face a dilemma in determining the optimal creative level. We model the decision-making process under four prevalent crowdfunding mechanisms: equity and debt crowdfunding combined with All-or-Nothing (AON) or Keep-it-All (KIA) frameworks. Our analysis identifies a divergent impact: for low-return/Art & Craft projects, creativity acts as social currency that fosters community engagement, positively influencing success. Conversely, for high-return/Technology-Intensive projects, excessive creativity signals over-promising and execution risk, triggering an Innovation Paradox that negatively affects outcomes. To mitigate the risk aversion of high-tech startups, we propose a platform-led cost-sharing incentive policy. Distinct from standard models, we incorporate the platform’s Strategic Value and conduct a feasibility analysis. We find that while a theoretical win–win range exists, inherent conflicts of interest regarding subsidy intensity and strict feasibility boundaries may constrain implementation. Finally, an empirical analysis based on an expanded dataset of 1332 projects from Wefunder, Kickstarter, and Indiegogo validates our main findings.