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| The Study of Number of Investors and Crowdfunding Type in Product Crowdfunding |
| BI Gongbing，GENG Botao，YANG Yunshen，LIANG Liang |
| University of Science and Technology of China, Hefei, China |
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Abstract In order to improve the success rate and expected profits of crowdfunding projects, this study builds a two-period model of investment, studies the common single-stage crowdfunding and the presale two-stage crowdfunding, and discusses the impacts of these two crowdfunding forms on projects as well as how to design the optimal strategy. The research shows that, when the costs are small, the creator can always keep the expected raised funds unchanged by adjusting the number of investors and the price; otherwise, the creator has to decrease the price by increasing the number of investors as much as possible. Moreover, compared to the common single-stage crowdfunding, the community benefit in the presale two-stage crowdfunding will produce a positive effect. Therefore, the creator should choose the presale two-stage crowdfunding when the cost is small and the community benefit is strong; otherwise, the creator should choose the common single-stage crowdfunding.
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Received: 18 October 2018
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