Impact of Personalized Reward Options on Crowdfunding Financing Performance in Industry 5.0

In Industry 5.0, public personalization needs and personalized satisfaction are emphasized. The reward-based crowdfunding model satisfies the public’s need for large-scale personalized customization, and the satisfaction of personalized needs is prerequisite for successful project financing. Based on expectation theory, this study uses 218,822 crowdfunding projects from Kickstarter and 1,276,786 reward options as the corpus to analyze the impact of reward personalization on investors’ willingness to participate. Text mining techniques are used to measure reward personalization from two perspectives: quantitative and qualitative. The empirical results show that, in valence, reward personalization has an inverted U-shaped effect on investors’ willingness to participate. This study shows the personalized preferences of investors, which provides a theoretical basis and practical reference for realizing Innovation 5.0 to promote sustainable crowdfunding.