Success Outcomes of Equity Crowdfunding Campaigns: The Role of Lead Founders’ Human Capital Signals

Drawing on signaling theory, this study investigates the role of lead founders’ human capital signals in the success outcomes of equity crowdfunding (ECF) campaigns. While prior research emphasizes entrepreneurial teams or broadly defined founder characteristics, the role of dominant entrepreneurial actors remains underexplored. We focus on the lead founder, defined as the individual combining founder status, CEO authority, and ownership concentration, as the primary signal carrier in ECF contexts. Using a multi-platform dataset of 1067 campaigns from Republic Europe, Crowdcube, Mamacrowd, and Invesdor (2012–2024), we examine how lead founders’ education and experience shape investor decisions. Our results indicate that industry-related education is the strongest predictor of the number of investors. Furthermore, while industry experience alone can positively predict investor engagement, its role disappears once education is accounted for, suggesting that education in industry-related fields can outweigh industry experience in shaping investor perceptions. Additionally, our findings suggest that entrepreneurial experience and attendance at a top-ranked university do not contribute meaningfully to explaining investor participation. Accordingly, the study contributes to the human capital signaling literature by showing that investors evaluate the incremental informational value of human capital signals rather than assessing each signal independently, and highlights the centrality of the lead founder in decision-making under highly uncertain crowdfunding environments.