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Purpose  The paper is to explore crowdfunding success determinants from the reward menu design aspect, distinguishing from extant studies focusing on characteristics of project creators or crowdfunding projects and funding dynamics. Both the number of reward options and price differentiation of rewards are considered.    Design/methodology/approach  The authors use the quadratic model to identify a curvilinear relationship between the number of reward options and crowdfunding success, by running regressions on data collected from one of the most influential reward-based crowdfunding platforms in China. In addition, they explore the moderating effect of price differentiation on the curvilinear relationship.    Findings  The authors find an inverted U-shape relationship between the number of reward options and the optimal number of options is around 10. In addition, they find that the curvilinear relationship is moderated by reward price differentiation.    Practical implications  This paper has managerial implications for crowdfunding project creators and platform managers. To achieve better crowdfunding outcomes, a proper number of reward options with diversified reward prices should be provided.    Originality/value  The paper contributes to the literatures in antecedents of crowdfunding success from reward menu design aspect based on theories in investment and purchasing decision making. It is different from existing studies focusing on the characteristics of project creators and crowdfunding projects or funding dynamics. It also parallels retirement contribution plan design studies by exploring the reward menu design in the crowdfunding context.

The inverted U-shaped relationship between crowdfunding success and reward options and the moderating effect of price differentiation