Success in Equity Crowdfunding: A Quantitative Study of What Drives Equity Crowdfunding Campaign Success in Norway
Master thesis
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https://hdl.handle.net/11250/3019831Utgivelsesdato
2022Metadata
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Sammendrag
This Master’s thesis studies what drives success in Norwegian equity crowdfunding campaigns.Norway is an interesting context for studying equity-based crowdfunding because of limited access toventure capital for start-ups additionally to heavy reliance on state support. The recent boom in equitycrowdfunding in Norway makes this study relevant. A linear regression analysis is based on 192observations collected from the two existing equity crowdfunding platforms in Norway; Folkeinvestand Dealflow. The thesis highlights variables supplemented by the relevant literature within successfactors in crowdfunding and presents 14 hypotheses. The most prominent results of the study is that alonger campaign duration has a significant negative influence, and a sustainability-oriented projecthas a significant positive influence on campaign success. Number of images, videos and the team sizeare positively associated with campaign success in relation to attracting investors. Including images ofhigh quality significantly influences campaign success. There is no difference between the sexes inaccess to capital, and equity-based crowdfunding has the effect of decentralizing start-up capital bydistributing money to both cities and districts. The results suggest that Norwegian equitycrowdfunding investors are less triggered by financial arguments than traditional investors. This is thefirst study to research success factors in Norwegian equity crowdfunding campaigns and it willprovide a foundation of valuable insights for future studies and discussions.