The role of prototype fidelity in technology crowdfunding
研究了技术创业者在众筹中展示的原型保真度（与最终产品的接近程度）如何影响融资效果，发现中等保真度比高保真度更能获得支持，且受奖励物质性和展示质量调节。
The presentation of a prototype is pervasive when technology entrepreneurs pitch to potential resource providers. Yet, we know little about how the fidelity of a prototype—the degree to which it approximates the final product—can affect funding decisions. We study the relationship between prototype fidelity and resource acquisition of nascent technology ventures in online crowdfunding. Based on the community logic under which crowdfunding operates and the diverse motivations of funders to participate, we develop the seemingly counterintuitive idea that moderate prototype fidelity is more effective in gaining support from funders than high prototype fidelity. Across our three empirical studies, we find support for the hypothesis that prototype fidelity has an inverted U-shaped relationship with crowdfunding performance. This relationship is moderated by the materiality of the offered rewards and the quality of the prototype presentation delivered through the online interface.