Abstract: In 2016, "Crowdfunding" as one of the concept of "four public platforms",has been, for the first time, written into the prime minister Li Keqiang's annual report to the CPPCC. In China, "product crowdfunding" has been the main form of Crowdfunding. However, in reality, there are still a lot of problems with it, such as low success rate, less amount financed, lack of continuity and so on. This paper argues that, the main cause of these problems is a lack of research on the business models of product crowdfunding. Based on the review of product crowdfunding and business model theory, this paper sum up the general structure of the business model and took Xiao Niu Electric Bicycle as an example to illustrate such business model. Finally,this paper extends the model to different periods of an enterprise's life cycle, and modifies the main structure of the model.

Key words: crowdfunding, product crowdfunding, business model, enterprise life cycle