Abstract: Based on efficient venture capital portfolio size model, this paper explores the causes and effects on the transition of the China's largest crowdfunding platform. The study found that the focus of the "Demohour" Platform transits from comprehensive projects to smart hardware projects is not only a rational choice according to the analysis of historical trading data, but also passive measures for the lack of perfect environment for developing crowdfunding. The shift expands the scale of the platform rapidly and be within trend of the development for smart industry in China. Smart hardware startups can make use of crowdfunding to raise the capital gap which can not be covered by traditional financing channels, and access to the information about market demand, product design and optimization through the platform's validation and promotion. That can be conductive to the commercialization of smart products' creative ideas and the growth of innovative enterprises. However, crowdfunding platform has not able to give full play to the role, it needs to rely on trust environment and crowdfunding ecosystem to build, and the necessary guidance to the smart industry. This paper put forward the corresponding suggestions.

Key words: crowdfunding, smart hardward, entrepreneurial finance, crowdfunding platform' transition, intelligent manufacturing in China