Does the Crowd Forgive?

31 Pages Posted: 3 Jun 2016

See all articles by Gaël Leboeuf

Gaël Leboeuf

CERGAM - Aix-Marseille University

Date Written: March 14, 2016


In the literature about serial entrepreneurs, experience and network gained from previous entrepreneurial projects is considered having a positive impact on the outcome of following ventures, offsetting the negatives effects of past failures. In this paper, we show that serial entrepreneurs with a first failed crowdfunding campaign are unable to reverse the negative opinion of the crowd on their ability to lead a project. Despite the adjustments made by the entrepreneurs on their new crowdfunding campaigns based on what they have learned from previous experience, we show that their new campaigns, despite an increase in the number of backers and in the money raised, still show lower success rate than for first timers or for entrepreneurs with a successful previous campaign.

Keywords: Crowdfunding, Serial Entrepreneur, Self-Efficacy, Reputation

JEL Classification: G21, G24, G32, L26

Suggested Citation

Leboeuf, Gaël, Does the Crowd Forgive? (March 14, 2016). Paris December 2016 Finance Meeting EUROFIDAI - AFFI, Available at SSRN: or

Gaël Leboeuf (Contact Author)

CERGAM - Aix-Marseille University ( email )

0651619110 (Phone)

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