An exploratory data analysis of the #crowdfunding network on Twitter

Abstract

Together, social media and crowdsourcing can help entrepreneurs to attract external finance and early-stage customers. This paper investigates the characteristics and discourse of an issue-centered public on Twitter organized around the hashtag #crowdfunding through the lens of social network theory. Using a dataset of 2,732,144 tweets published during a calendar year, we use exploratory data analysis to generate insights and hypotheses on who the users in the #crowdfunding network are, what they share, and how they are connected to each other. In order to do so, we adopt a range of descriptive, content, network analytics techniques. The results suggest that platforms, crowdfunders, and other actors who derive income from the crowdfunding economy play a key role in creating the network. Furthermore, latent ties (strangers) play a direct role in disseminating information, investing, and sending signals to platforms that further raises campaign prominence. We also introduce a new type of social tie, the "computer as a social actor", previously unaddressed in entrepreneurial network literature, which play a role in sending signals to both platforms and networks. Our results suggest that homophily is a key driver for creating network sub-communities built around specific platforms, project types, domains, or geography.