Recently a new type of institution has emerged, crowd funders. These entities: 1) channel funds to create intellectual property; 2) gather information on project and entrepreneur quality; and 3) gauge demand information directly from individuals to improve the efficiency of capital allocation. Data from crowd funder Kickstarter allow new insight on capital formation and entrepreneurial venture contracting. This source includes all cases where entrepreneurs try yet fail to raise funds, a feature heretofore unavailable to researchers. This paper empirically examines determinants of capital raising success including the role played by entrepreneur reputation.