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Intro: Our contribution lies in extending the analysis of crowdfunding success to the post-campaign stage. The post-campaign stage follows the often-studied campaign stage, which includes the step of market entry. Market entry is when the product hosted via crowdfunding is available online. The lack of research investigating the relationship between a successful crowdfunding campaign and market entry (i.e. selling the product online) results in a critical gap in our understanding of the overall success of crowdfunded products. Which characteristics of the campaign stage connect with the post-campaign market entry stage? Context: We focus on performance and connection indicators to explore why some projects enter the market and others do not. We include three performance indicators: (1) number of donors, (2) average donation amount, and (3) percentage funded. In addition, we include three connection indicators: (4) frequently asked questions, (5) comments and (6) updates. These six project characteristics are important in the campaign stage, and we will describe whether these six characteristics are also relevant for the post-campaign stage. Methods: We describe the market entry phase of products funded via crowdfunding, combining secondary data web scraped from 345 projects successfully financed via the crowdfunding platform Kickstarter, the high-tech gadgets category, and online observation data collected via a four-step online search of the 345 products central in the crowdfunding campaigns. The criteria for online market entry were that the project had successfully launched its product and was available for sale online. Results: We found that 41% of the included projects entered the market, which resembles an overall entry rate of the crowdfunding process of about 10 - 17%. Moreover, the number of donors is the most important resource correlated with market entry, while the average amount donated is irrelevant. Even though the number of comments was connected to market entry, the connection seems to run via the number of donors. Conclusion: We advise initiators to focus on attracting a broad group of supporters rather than focusing on a small but dedicated group if the goal is to enter the market. We argue that academics should be more aware that ‘campaign success’ and ‘crowdfunding success’ are not alike, as the former is a subset of the latter. They should specify which stage of the crowdfunding process they are referring to when describing crowdfunding success. The paper shows that while these two types of success overlap, campaign success does not necessarily equate to crowdfunding success. Often, crowdfunding success is understood as campaign success, but this interpretation is too superficial. Keywords: Crowdfunding, Donors, Entrepreneurship, Market entry, Product development
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