Data Science As Decision Making Support For Creating Successful Crowdfunding Campaigns: Lessons Learned From Kickstarter

Keywords:
crowdfunding, Kickstarter, data driven decision making, alternative financing, data science.

Abstract:
Crowdfunding presents an opportunity for entrepreneurs to launch their ventures or to scale them globally without having to rely on traditional funding. The request for raising funds and other possible resources through social media and direct communication with prospective buyers and investors are key factors that differ it from the conventional financing. There are more than thousand projects that are being opened every single day on different crowdfunding platforms and their success depends on certain factors. There are factors that people may be aware of, but to be certain, only analysis of the previous campaigns can show what the factors that contribute to the project success are and which road should people take in order to raise higher amount of money. Data science is an arising interdisciplinary field that has its root in statistics and mathematics, and along with them it draws its theories from information and computer sciences. Its process consists of gathering and processing data in order for further exploratory analysis, and other processes that will eventually lead to data driven decision making that should be of higher quality than decision making lead by the rule of thumb. This research paper offers indirect outline which project is supposed to follow in order to become successfully financed on Kickstarter crowdfunding platform. The paper focuses on the first insights we have gained from more than 250.000 projects that were started on this platform thus giving valuable information that may be used to estimate the success of the future ones.

CITATION:

IEEE format

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N. Stevanović, “Data Science As Decision Making Support For Creating Successful Crowdfunding Campaigns: Lessons Learned From Kickstarter,” in Sinteza 2017 - International Scientific Conference on Information Technology and Data Related Research, Belgrade, Singidunum University, Serbia, 2017, pp. 105-109. doi:10.15308/Sinteza-2017-105-109

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Stevanović, N. (2017). Data Science As Decision Making Support For Creating Successful Crowdfunding Campaigns: Lessons Learned From Kickstarter. Paper presented at Sinteza 2017 - International Scientific Conference on Information Technology and Data Related Research. doi:10.15308/Sinteza-2017-105-109

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