Bundling makes capital cost less: Non-equity-based crowdfunding demonstrates that under certain condi- tions funders value early access to products, recognition for discovering innovations, participating in a new venture’s community of supporters, and other non-pecuniary re- wards in return for financial backing. To the extent that platforms facilitate a hybrid approach and allow creators to bundle the sale of equity with other rewards they wish to offer (e.g., early access to products, limited-edition products, recognition), creators may be able to lower their cost of capital by “selling” goods that are otherwise difficult to trade in traditional markets for early-stage capital