Michael Wessel

Michael Wessel
Copenhagen Business School · Department of Digitalization

About

23
Publications
27,468
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754
Citations

Publications

Publications (23)
Article
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 techn...
Article
Rewards-based crowdfunding presents an information asymmetry for participants due to the funding mechanism used. Campaign-backers trust creators to complete projects and deliver rewards as outlined prior to the fundraising process, but creators may discover better opportunities as they progress with a project. Despite this, the all-or-nothing (AON)...
Article
Full-text available
Initial coin offerings (ICOs) have recently emerged as a new financing instrument for entrepreneurial ventures, spurring economic and academic interest. Nevertheless, the impact of exogenous and endogenous signals on the performance of ICOs as well as the effects of the cryptocurrency hype and subsequent downfall of Bitcoin between 2016 and 2019 re...
Article
In this study, we seek to provide new insights into the process of problemistic search by examining entrepreneurs' behavioral responses to failures. Using a comprehensive dataset of over 65,000 crowdfunding projects, we specifically explore how negative performance feedback influences en-trepreneurs' search distance. Our results demonstrate that th...
Article
Full-text available
Communicating with customers through live chat interfaces has become an increasingly popular means to provide real-time customer service in many e-commerce settings. Today, human chat service agents are frequently replaced by conversational software agents or chatbots, which are systems designed to communicate with human users by means of natural l...
Article
Full-text available
Reward-based crowdfunding platforms are a promising medium for entrepreneurs to raise funds from a large number of contributors. As a means to encourage contributions early in the life cycle of a crowdfunding campaign, entrepreneurs often choose to offer discounted rewards in limited numbers. Though previous research suggests that scarcity of rewar...
Conference Paper
Full-text available
The decision rights construct deserves increasing attention in the Information Systems (IS) field, yet integrative knowledge is sparse. This review first establishes two key distinctions from managerial theory regarding decision rights classes (decision input, control, and management) and manifestations (formal versus practiced) and then analyzes t...
Article
To incentivize early contributions in reward-based crowdfunding, project creators frequently offer reward options in limited numbers, of which the “early bird” is one of the most prominent. Early birds offer the same rewards as an alternative option, but are reduced in price. Although studies suggest that scarcity can influence backers’ decisions,...
Article
Crowdfunding has emerged as a viable alternative to venture capital or angel investments in order to raise funds for entrepreneurial initiatives. Despite its growing importance, we still know little about the underlying network effects that drive the evolution and growth of crowdfunding platforms. Specifically, is the evolution and growth primarily...
Conference Paper
Full-text available
Various platforms have recently emerged within the sharing economy and the phenomenon has started to affect several industries. While platforms such as Airbnb and BlaBlaCar are providing convenience and economic benefits to end-users, their success also turned them into crowded and competitive markets. With increasing numbers of products and servic...
Article
Managing platform ecosystems requires providers to govern the permeability of platform boundaries in order to strike a balance between openness and control. But is it worthwhile for platform providers to conduct screening processes for third-party offerings, or should they rather apply a laissez-faire approach and let the market determine winners a...
Article
Despite the increasing relevance of online social interactions on platforms, there is still little research on the temporal dynamics between electronic word-of-mouth (a form of opinion-based social interaction), popularity information (a form of action-based social interaction), and consumer decision-making. Drawing on a panel dataset of more than...
Article
In recent years, the growing success of social media has led to a proliferation of social information such as customer product reviews and product ratings in electronic markets. While this information can serve as a quality signal and help consumers to better assess the quality of goods before purchase, its impact on consumer decision-making also i...
Conference Paper
Full-text available
The rapidly growing crowdfunding market allows individuals and organizations to raise funds for a diversity of projects. Potential investors, however, face uncertainties about the quality of the projects as well as the characteristics and behavioral intentions of the project creators due to a lack of publicly available and unbiased information. By...
Conference Paper
Full-text available
Managing platform ecosystems requires the providers to maintain a delicate balance between retaining control and devolving autonomy to complementors in order to encourage contribution and innovation. In this study, we make use of a policy change that abolished the previously mandatory approval process for campaigns on Kickstarter, one of the domina...
Conference Paper
Full-text available
Crowdfunding hat in den letzten Jahren sowohl in der Praxis als auch in der Forschung stark an Bedeutung gewonnen. Obwohl bereits viele wissenschaftliche Beiträge existieren, die potentielle Erfolgsfaktoren von Crowdfunding-Kampagnen untersuchen, ist noch wenig über Erfolgsprädiktoren bekannt, die bereits frühzeitig Aussagen über die Erfolgsaussich...
Conference Paper
Full-text available
Motivated by the growing interconnection between online platforms, we examine the dynamic interplay between social buzz and contribution behavior in the crowdfunding context. Since the utility of crowdfunding projects is usually difficult to ascertain, prospective backers draw on quality signals, such as social buzz and prior-contribution behavior,...
Conference Paper
Potential backers of crowdfunding campaigns often need to make investment decisions based on limited information, as the project they invest in has not come into existence at the time the campaign is running. As a consequence, other evidence for the trustworthiness and quality of a crowdfunding campaign, such as popularity information and electroni...

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Project (1)
Project
Understand how interactions and relationships between different stakeholders (i.e., platform provider, complementors, end users) on software-based platforms (such as crowdfunding or app platforms) evolve over time