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Crowdfunding is a rapidly growing technology-enabled process that has the potential to disrupt the capital market space. In order for this process to work efficiently, it is important to clarify the issues surrounding the phenomenon from the founders’, the backers’, and the technology providers’ viewpoints. We begin with an ecosystem view to understand the stakeholders and their roles in the crowdfunding process. We review the literature with a focus on how current research fits into the overall crowdfunding phenomenon. Guided by typology and classification research approaches, we identify six distinct crowdfunding business models: private equity, royalty, microfinance, peer-to-peer lending, rewards, and donation. Based on identified roles and crowdfunding business models, we propose a conceptual research framework. We conclude by showing how current research fits into our proposed framework and offer suggestions for future research directions.

[This corrects the article DOI: 10.1371/journal.pone.0275898.].

Despite the omnipresent reach of the Internet, evidence exists that geography matters in crowdfunding. This paper shows that some salient characteristics of the geographical area in which entrepreneurs reside affect the success of the crowdfunding projects they propose. Specifically, we theoretically discuss and empirically document that the altruism of people residing in the area (i.e., local altruism) increases the likelihood of success. Moreover, the strength of this effect depends on the level of social capital in the area (i.e., localized social capital). Building on the extant literature, we claim that localized social capital has two main dimensions: the social relations among residents and their compliance with social norms. Using a dataset of 618 proponents that launched 457 crowdfunding projects on 13 Italian reward-based platforms, we find that social relations magnify the effect of local altruism. Conversely, compliance with social norms does not have any moderating effect.

Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.

Due to the financial crisis caused by the COVID-19 pandemic, entrepreneurs and small businesses have had multiple difficulties accessing conventional types of financing. Crowdfunding platforms have gained popularity as an alternative means of online financing. The main objective of this research is to analyze the most important articles that may influence future studies on crowdfunding platforms in Latin America. This article analyzes the Scopus and Web of Science databases considering three of the four categories of crowdfunding based on capital flows: Reward, Equity, and Lending, using a systematic review of the literature and bibliometric analysis. This research resulted in a total of 1032 articles which, after applying the appropriate criteria, resulted in 55 selected articles. The results show that the number of studies conducted in the field of crowdfunding platforms is increasing. Crowdfunding platforms provide a great opportunity for entrepreneurs to obtain alternative financing and a new way for investors to invest their capital. Future lines of research include conducting studies that involve a stronger focus on the technology used in crowdfunding platforms. With systematized access to information, the different actors can understand how the dynamics of crowdfunding platforms can stimulate the development of business projects, as well as the decision-making factor when investing. This document is of great interest to researchers and professionals who wish to increase their knowledge of crowdfunding platforms, especially those of Reward, Equity, and Lending, in addition to gaining knowledge on relevant conclusions and suggestions for future research.

Purpose Restaurant entrepreneurs are increasingly leveraging crowdfunding as an alternative financing mechanism. In the context of restaurant crowdfunding, studies have identified factors related to campaign communication that affect crowdfunding success from the entrepreneurs’ perspective. Integrating a funder perspective, this study aims to investigate the role of the consumption value offered by rewards and builds a value-based understanding of restaurant crowdfunding. Design/methodology/approach This study uses a sample of 3,134 restaurant campaigns launched on the Kickstarter crowdfunding platform, and texts of 34,128 rewards were analyzed using a Python program. A hierarchical linear regression approach with a generalized logistic regression model was adopted to test hypothesized relationships. Findings Drawing upon consumption value theory (CVT), this study finds that in restaurant crowdfunding, utilitarian value holds a strong inverted-U relationship and participatory value holds a strong linear relationship with crowdfunding success. However, socioemotional value does not have a significant effect on outcomes. This study also finds evidence for positive effects of greater variety, higher number of rewards and lower average pledge level on restaurant crowdfunding success. Practical implications This study extends the literature on restaurant crowdfunding by integrating insights on the effects of value offered through rewards. Primarily, this study finds evidence for distinct effects of consumption values for restaurant crowdfunding audience. Practically, this study holds implications for reward menu design and value offering design for restaurant entrepreneurs seeking crowdfunding. Originality/value Restaurant crowdfunding has been studied to a limited extent, with extant literature focusing on characteristics of campaign descriptions. The role of rewards is uncovered using CVT and thus a value-based understanding of restaurant crowdfunding is presented.

Crowdfunding has become the most important approach to online fundraising, with a global transaction value that is expected to annually grow by nearly 30 percent from 2018 to 2022 and total roughly US$26 billion in 2022 (Statista 2018). In only a few years, crowdfunding websites like Kickstarter and Indiegogo have helped people worldwide acquire funding for tens of thousands of projects and campaigns (Niemeyer et al. 2016, p. 2800). Kickstarter alone, launched less than 10 years ago, has collected pledges that totaled more than US$4 billion (Kickstarter 2018). Against this backdrop, it is not surprising that established companies have also developed an interest in crowdfunding.

PurposeThis study examines the determinants of medical crowdfunding performance. Drawing on signaling theory, the authors investigate how funding-related signals (funding goal and duration), story-related signals (text length, text sentiment, and use of first-person pronouns), and donor-related signals (donor identity disclosure) affect medical crowdfunding performance.Design/methodology/approachThis study analyzed the data of 754 medical crowdfunding projects collected from the Qingsongchou platform in China to test the proposed model.FindingsThe empirical findings reveal that both funding goal and funding duration exhibit a U-shaped relationship with crowdfunding performance. Additionally, the authors find evidence that story text length and donor identity disclosure are positively related to crowdfunding performance, whereas the use of first-person pronouns is negatively related to crowdfunding performance.Originality/valueThis study extends the understanding of the determinants of medical crowdfunding performance through the signaling theory. Specifically, this study provides new insights into the roles of funding goal and funding duration in predicting medical crowdfunding performance and identifies several new predictors of crowdfunding performance, including the use of first-person pronouns in project story text and donor identity disclosure.

The rapid expansion of equity crowdfunding in Türkiye has revealed a significant demand from investors for Shariah-compliant opportunities. However, the absence of a formal Shariah governance framework has created critical vulnerabilities, including erosion of trust, information asymmetry, a clear legal void and ambiguity of liability, inadequate due diligence, reputational and sustainability risks, unnecessary operational burden, voluntary financial exclusion, and systemic risk, which undermine the integrity of this emerging market. This study addresses this governance deficit through a qualitative analysis grounded in a critical literature review. Its primary contribution is twofold: first, it systematically maps the specific Shariah governance challenges inherent in Türkiye's crowdfunding ecosystem; second, it proposes three distinct, practical governance models to resolve them. These models are: (1) the Two-Tier Shariah Governance Model, which establishes a central authority and specialized platforms; (2) the Hybrid Model, which integrates an \"Islamic window\" into existing platforms; and (3) the Outsourced Shariah Governance Model, which standardizes third-party compliance verification. The implementation of any of these frameworks would institutionalize trust, mitigate risk, and foster the sustainable development of equity crowdfunding in Türkiye, serving as a template for other jurisdictions facing similar challenges.