THE EFFECT OF REWARD STRATEGIES ON THE SUCCESS OF CROWDFUNDING CAMPAIGNS

ABSTRACT Purpose: The purpose of this paper is to analyze the effect of reward strategies on the success of crowdfunding campaigns. Originality/value: The study contributed to the knowledge of crowdfunding reward strategies. Through a comparative analysis approach, the study demonstrated differences in the effect of tangible, symbolic and collective rewards on the success of crowdfunding campaigns. Design/methodology/approach: The study employs the approach of Qualitative Comparative Analysis (QCA) to analyze the CF campaigns of catarse.me, a Brazilian crowdfunding platform. Findings: Tangible rewards, such as something special and purchase me, have a positive effect on the success of crowdfunding campaigns. Symbolic and collective rewards, such as collectible tokens, pursuit of pleasure, and top it up, cannot replace the material incentives of tangible rewards. The main findings show the opportunities for combinations of reward strategies on collective fundraising. Based on the study, entrepreneurs are able to plan a reward strategy for crowdfunding campaigns. Results are applicable to reward-based crowdfunding and cannot be generalized to other platforms around the world.