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Entrepreneurs have begun to use equity crowdfunding, an early-stage entrepreneurial finance innovation that utilizes social media as a tool to create a new channel for connecting entrepreneurs and investors. However, the occurrence of information asymmetry between entrepreneurs and investors is a major issue of equity crowdfunding campaigns. In order to lessen the information asymmetry problem, entrepreneurs can transfer signals to investors. This research intends to fill a gap in the literature, specifically the lack of studies that address the needs of information asymmetries in equity crowdfunding using signals derived from the company's entrepreneurial qualities.
Two aspects of the entrepreneurial dimension discussed are risk taking which is described by the number of equity given to investors, as well as proactiveness. which is represented by planning actions. Then, we examine each impact to the equity crowdfunding performance using the result of the financing amount. The final sample comprises 65 projects. Data was gathered through equity crowdfunding' online platforms in Indonesia, called Santara. The empirical findings show that the number of equity given to investors has a negative impact on the success of equity crowdfunding projects, while planning actions have a positive impact on the success of crowdfunding projects. The result could benefit entrepreneurs, investors, crowdfunding platform’s managers, as well as policy makers.

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