Persuading the crowd to back your innovation
Crowdfunding is changing how entrepreneurs finance their innovation. As the number of crowdfunding platforms continues to rise, competition for investor attention also intensifies. What can entrepreneurs and communicators do to heighten attention and strengthen persuasion, in order to secure greater success for their crowdfunding campaign? Associate Professor of Marketing Hannah Chang from SMU's Lee Kong Chian School of Business specialises in consumer behaviour. In this podcast, she shares a recent research where she and her collaborators investigated all product-pitch videos on online crowdfunding portal, Kickstarter using a dataset with more than 30,000 project videos and millions of support from the crowd. They observed a phenomenon that has yet been documented in prior literature, that is: having multiple voices in the videos enhances persuasion and leads to increased funding.