Launching for success: The effects of psychological distance and mental simulation on funding decisions and crowdfunding performance |
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| Institution: | 1. RMIT University, School of Management, Melbourne, Australia;2. Farmer School of Business, Miami University, United States of America;3. Brazilian School of Public and Business Administration (EBAPE), Fundação Getúlio Vargas, Brazil;1. Stetson School of Business and Economics, Mercer University, 1501 Mercer University Avenue, Macon, GA 31207, United States of America;2. DeGroote School of Business, McMaster University, 1280 Main Street West, Hamilton, ON L8S 4M4, Canada;1. Rotterdam School of Management, Erasmus University, the Netherlands;2. House of Innovation, Stockholm School of Economics, Sweden;3. Center for Family Entrepreneurship and Ownership (CeFEO), Jönköping International Business School, Jönköping University, Sweden;1. Carroll School of Management, Boston College, 336 Fulton Hall, Chestnut Hill, MA 02467, United States of America;2. Nottingham University Business School, University of Nottingham, C47 South Building, Jubilee Campus, Nottingham NG8 1BB, UK;3. Sawyer Business School, Suffolk University, 8 Ashburton Place, Boston, MA 02108, United States of America;4. Carroll School of Management, Boston College, 550B Fulton Hall, Chestnut Hill, MA 02467, United States of America;1. University of Canterbury, New Zealand;2. Nanyang Technological University, Singapore;1. Ghent University, Dpt. Marketing, Innovation and Organisation, Tweekerkenstraat 2, 9000 Ghent, Belgium;2. ETH Zurich, Chair of Entrepreneurship, WEV H 311, Weinbergstrasse 56/58, 8092 Zurich, Switzerland;3. University of Bath, School of Management, Strategy & Organisation Division, Bath BA2 7AY, UK |
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| Abstract: | This research examines how potential backers form mental representations of products in reward-based crowdfunding campaigns, and how these representations affect funding decisions and campaign performance. To test our framework, we conducted four experiments and also drew on a sample of 961 Kickstarter campaigns. Our results show that two campaign characteristics – the product's development stage and the indicated time to product delivery – determine the psychological distance that supporters experience in response to a campaign, and that psychological distance, in turn, inhibits individual campaign contributions and cumulative campaign success. Furthermore, we find that encouraging supporters to imagine the benefits of product usage is an effective means to increase support for campaigns that elicit high psychological distance. |
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