Fundraising for female products in equity crowdfunding

Last registered on June 23, 2023


Trial Information

General Information

Fundraising for female products in equity crowdfunding
Initial registration date
June 18, 2023

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
June 23, 2023, 4:51 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.


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Primary Investigator


Other Primary Investigator(s)

PI Affiliation

Additional Trial Information

In development
Start date
End date
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
We study the performance of a campaign for a female product that is raising capital through equity crowdfunding. We use interventions (described in the 'interventions' section) to see if the interventions change the crowdfunding performance. We examine heterogeneity by investor gender and experience.
External Link(s)

Registration Citation

Bapna, Sofia and Gordon Burtch. 2023. "Fundraising for female products in equity crowdfunding." AEA RCT Registry. June 23.
Sponsors & Partners

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Experimental Details


Intervention Start Date
Intervention End Date

Primary Outcomes

Primary Outcomes (end points)
Interest in investing (clicks on link in the email), investments
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
1) The subjects (individual's from the crowdfunding platform's mailing list) are randomly assigned to one of 3 groups. The subjects are potential investors.
2) Each group is sent a different message about the campaign that is raising capital (see the 'Interventions' section for the text included in the emails). The emails are sent by the platform.
3) Clicks on the link (to the campaign page on the platform) in the emails are collected by the platform through their email marketing software. This is the main dependent variable. Investment data is collected by the platform (investments are made via the platform after clicking on the campaign page). These data are provided to the researchers who analyze it.
Experimental Design Details
Not available
Randomization Method
by a computer
Randomization Unit
individual (investor)
Was the treatment clustered?

Experiment Characteristics

Sample size: planned number of clusters
Sample size: planned number of observations
43246 individuals (potential investors)
Sample size (or number of clusters) by treatment arms
14414 each in treatment 1 and 2;
14418 in control
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number