Crowdfunding is a relatively new phenomenon, which disrupted the classic way to fund a venture. It consists in retrieving the capital needed to start an entrepreneurial activity drawing funds from a large base of small investors – generally common people – rather than from the traditional financial sources. Although many studies have been conducted on this topic, little focus has been put on the geography of this phenomenon. This article addresses this issue analysing whether regions characterized by the presence of geographical clusters are able to raise the probability of a successful crowdfunding campaign for projects located there. Drawing on a data set of 792 crowdfunded projects, we conduct an empirical study aimed at studying the role played by geographical clusters in fostering the crowdfunding of new entrepreneurial ventures. The results offer insights into the phenomenon of crowdfunding and shed light on the role of geographical clusters in the success of reward-based crowdfunding campaigns of early-stage entrepreneurial projects.

众筹是一个相对较新的现象，它打破了经典的风险投资方式。它包括从开展大笔小投资者（通常是普通百姓）而不是从传统金融来源筹集资金的基础上，开展创业活动所需的资金。尽管已经对该主题进行了许多研究，但是很少关注此现象的地理范围。本文分析了这个问题，分析了以地理集群为特征的区域是否能够提高针对位于那里的项目成功进行众筹活动的可能性。我们利用792个众筹项目的数据集，进行了一项实证研究，旨在研究地理集群在促进新创业企业众筹中的作用。