From Human Hands to Machine Minds: Financing <scp>AI</scp> ‐Driven Entrepreneurship in Reward‐Based Crowdfunding

ABSTRACT This study examines the effect of artificial intelligence (AI) adoption on financing performance in reward‐based crowdfunding. Using Kickstarter data from US projects, we find that AI projects have lower pledged amounts, receive fewer donations and attract fewer backers. The negative effect is partly driven by abnormal narrative tone and moderated by information readability, geographic conditions and backer sentiment. Additionally, subsample analysis shows that AI technology projects perform worst, while topic modelling indicates better outcomes when AI supports rather than replaces human creativity. Our findings highlight that the trust‐based frictions facing cutting‐edge innovations in crowdfunding differ from those in professional investor evaluations.