Crowdfunding innovative but risky new ventures: the importance of less ambiguous tone

Financial Innovation

Table 2 Differences between the successful cleantech sample and the unsuccessful cleantech sample

Variable	Successful cleantech sample		Unsuccessful cleantech sample		Mean difference t-test
Variable	Mean	SD	Mean	SD	Diff	t-value
Success	1.000	0.000	0.000	0.000	–	–
Money pledged	10.618	1.188	6.413	2.613	4.205	37.601***
Uncertain (%)	0.594	0.336	0.663	0.424	−0.069	−3.067***
Weak modal (%)	0.317	0.217	0.359	0.278	−0.043	−2.913***
Funding goal	9.855	0.857	10.367	1.159	−0.512	−8.635***
Duration	3.529	0.233	3.539	0.266	−0.011	−0.723
Rewards	2.469	0.420	2.066	0.576	0.403	13.786***
Quick updates	0.654	0.476	0.283	0.451	0.371	13.142***
Comment quantity	3.196	1.593	0.847	1.051	2.349	27.407***
Backer sentiment	0.724	0.335	0.406	0.469	0.318	13.501***
Featured	0.339	0.474	0.045	0.207	0.294	12.258***
Social network	0.767	1.112	0.279	0.699	0.488	8.237***
ARI	9.669	2.258	9.641	3.002	0.028	0.183
Total words	7.063	0.525	6.795	0.714	0.268	7.376***
Net positive	1.120	0.801	0.744	1.019	0.376	7.004***
Risk index	1.888	0.811	1.979	0.824	−0.092	−1.762**
Video	4.911	0.909	4.400	1.736	0.512	6.612***
Image	2.865	0.914	2.150	1.214	0.714	11.409***
Observations	434		738