Study on crowdfunding patterns and factors in different phases

In recent years, crowdfunding is an emerging way to raise capital for an innovative project. We demonstrate the funding pattern of a crowdfunding campaign, and examine the relationship between three factors proposed by researchers and pledged fund in three periods. Besides the full model, we sorted samples into successful and unsuccessful project by funded or not, and product-reward and non-product reward projects by reward-type. Data is extracted from Kickstarter which contain project-related factors of 1, 154 projects. Study shows that a crowdfunding campaign has three phases, and the funding pattern is S-shaped. Previous backers significantly affect the following contributions all the time. Updates are significantly affect the pledged fund for 1 to 3 periods. But it is negatively affect the pledged fund in unsuccessful projects. After understanding the funding pattern and the critical factors in different periods, creators can break through the bottleneck of each funding phase and improve the success rate of crowdfunding projects.