Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Investors, Deals and Taste-Based Discrimination

64 Pages Posted: 29 May 2014 Last revised: 3 Dec 2019

See all articles by Hadar Gafni

Hadar Gafni

Autonomous University of Barcelona

Dan Marom

Hebrew University of Jerusalem - Jerusalem School of Business Administration

Alicia Robb

University of Colorado at Boulder; Next Wave Impact; Federal Reserve Banks - Federal Reserve Bank of Atlanta

Orly Sade

Hebrew University of Jerusalem - Department of Finance

Date Written: December 1, 2019

Abstract

This study focuses on the period around the initiation of the leading reward-based crowdfunding
market – Kickstarter, and documents the behavior of male and female entrepreneurs in the process
of raising pre-seed capital. We find that women are concentrated in stereotyped sectors both as
entrepreneurs and as backers. We also find that women enjoy higher rates of success than men do, even after controlling for sectors and funding goal, and that backers of both genders have a
tendency to contribute to entrepreneurs of their own gender. We conducted a survey of Kickstarter
backers and found evidence of taste-based discrimination by male backers.

Keywords: crowdfunding, startup capital, gender

Suggested Citation

Gafni, Hadar and Marom, Dan and Robb, Alicia and Sade, Orly, Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Investors, Deals and Taste-Based Discrimination (December 1, 2019). Available at SSRN: https://ssrn.com/abstract=2442954 or http://dx.doi.org/10.2139/ssrn.2442954

Hadar Gafni

Autonomous University of Barcelona

Plaça Cívica
Cerdañola del Valles
Barcelona, Barcelona 08193
Spain

Dan Marom

Hebrew University of Jerusalem - Jerusalem School of Business Administration ( email )

Mount Scopus
Jerusalem, 91905
Israel

Alicia Robb

University of Colorado at Boulder ( email )

Leeds Business School
Boulder, CO 80309
United States

Next Wave Impact ( email )

7455 Park Lane Road
Longmount, CO 80503
United States

Federal Reserve Banks - Federal Reserve Bank of Atlanta

1000 Peachtree Street N.E.
Atlanta, GA 30309-4470
United States

Orly Sade (Contact Author)

Hebrew University of Jerusalem - Department of Finance ( email )

Mount Scopus
Jerusalem, 91905
Israel
972 2 588 3227 (Phone)

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