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Crowdfunding facilitates resource provision for a project from a large audience where individuals contribute in small amounts. Based on the premises of value co-creation and information asymmetry in reward-based and all-or-nothing crowdfunding models we hypothesize that if a project is successful it creates a value proposition and signals it efficiently. Drawing on a sample of 354 projects hosted by three platforms which operate on reward-based model in Turkey, this paper offers an explanation about what contributes to the success or failure of a project. It suggests that platform reputation, project quality and entrepreneurial capacity of the project owners are associated with the success of a project. JEL Codes: M130, M310, L15, L21, L26