IntroductionCrowdfunding has become an important channel for innovators, entrepreneurs, and incumbents to raise funds for developing new technology products and business ideas (Yuan et al., 2016; Kraus et al., 2016; Dushnitsky et al., 2016; Brem et al., 2019; Popescul et al., 2020; Rrustemi & Tuchschmid, 2020; Sahaym et al., 2021).
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