Which signaling factors facilitate the success probability of equity crowdfunding?

The purpose of this paper is to find out which signaling factors enhance the probability of success in attracting equity crowdfunding. I examined the impact of venture quality(equity to date, debt to date and networks) on funding success. My data highlights that networks can be interpreted as an effective signal and therefore strongly impact the probability of funding success. Equity to date and debt to date have no impact on funding success