Mirror, mirror—A gendered lens on female entrepreneurs’ facial attractiveness in reward-based crowdfunding

• Published in: Journal of Business Venturing Insights 2023-11, Vol.20, p.e00399, Article e00399
• Main Authors: Seigner, Benedikt David Christian, Milanov, Hana
• Format: Article
• Language: English
• Subjects: Entrepreneurial finance; Facial attractiveness; Gender stereotypes; Reward-based crowdfunding; Women's entrepreneurship
• ISSN: 2352-6734; 2352-6734
• DOI: 10.1016/j.jbvi.2023.e00399

Scholars investigating women's attractiveness have documented its disadvantages (the “beauty is beastly” effect), especially in male-typed domains, including entrepreneurship. However, reward-based crowdfunding research demonstrates that these platforms reverse gender biases typically found in traditional entrepreneurial finance. Thus, in reward-based crowdfunding, the adverse effect of women's attractiveness needs to be re-examined. In a sample of 7447 Kickstarter projects, we find that facial attractiveness increases funding success for women more than for men and that sex differences in attractiveness effects are greater in male-typed categories like technology. A post-hoc reveals a surprising attractiveness penalty for men in the technology sector and offers insights for future research. •We examine the effects of facial attractiveness in reward-based crowdfunding project creators' profile pictures.•Women's facial attractiveness increases the femininity advantage documented in previous reward-based crowdfunding studies.•Entrepreneurs' facial attractiveness increases funding success for women more than for men.•Sex differences in attractiveness effects are greater in stereotypically male categories.•A post-hoc reveals an attractiveness penalty for men in the male-typed technology sector.