This paper contributes by reducing the gap in crowdfunding research by drawing on insights from new product preannouncement literature. To this end, a common definition of crowdfunding is derived and used to characterize commonalities with new product preannouncement. This theoretical discussion is complemented by empirically testing the derived hypotheses about common success factors. Conclusions are drawn from the logistic-regression, using the technology category of a project dataset with 45,400 observations. Research shows that while timing and communication are key success factors, common to both new product preannouncement and crowdfunding, other success factors may already be standard and cannot separate the successful crowdfunding projects from the unsuccessful.
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