Framing novelty in crowdfunding: Which words win support, where, and at what stakes
研究了美国Kickstarter众筹中促销语言与成功的关系，发现不同行业和筹款目标下，能力/严谨、态度/情感和卓越/地位三种新颖性框架的效果各异，高目标时能力语言更有利。
Abstract Research Summary We examine how promotional language (“hype”) in reward‐based crowdfunding is associated with campaign success, and whether those associations vary across sector contexts and with campaign execution burden. Using dictionary‐based text measures from 635 U.S. Kickstarter campaigns across five sectors, we distinguish three novelty‐framing moves: capability/rigor language, excellence/status language, and attitude/affect language. We find no uniform association between aggregate hype and success. Instead, the observed associations vary systematically across rhetorical moves, sectors, and goal levels. Capability/rigor language is positively associated with success in Technology, attitude/affect language is positively associated with success in Entertainment, and excellence/status language is negatively associated with success in Design. Beyond these sector differences, the paper's clearest cross‐cutting pattern is that capability/rigor language becomes more positively associated with success as funding goals increase. Managerial Summary The value of “hype” on Kickstarter depends on what is said, what is being offered, and how ambitious the ask is. In our data, Technology campaigns are more positively associated with success when descriptions emphasize testing, technical specificity, and execution readiness, whereas Entertainment campaigns are more positively associated with attitude/affect language. In contrast, excellence/status claims are associated with lower success in Design. Across contexts, the clearest pattern is that feasibility‐oriented language becomes more positively associated with success as funding goals increase, suggesting that larger asks benefit more from cues of deliverability than from undifferentiated promotional intensity.