Sustainable Business Models as Successful Drivers in Equity Crowdfunding

Caputo, Andrea, Schiocchet, Elisa and Troise, Ciro (2022) Sustainable Business Models as Successful Drivers in Equity Crowdfunding. Business Strategy and the Environment . ISSN 0964-4733

Full content URL: https://doi.org/10.1002/bse.3102

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Sustainable Business Models as Successful Drivers in Equity Crowdfunding
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Abstract

Equity crowdfunding is a form of capital market concerning the online offering of private company securities to a group of people for investment. Over the years it has emerged as a valid financing alternative for sustainability-oriented start-ups to conventional sources of funding to support their establishment and growth. This research explores the role that the elements of Sustainable Business Models (SBM), which creates, delivers, and captures value for all its stakeholders without depleting the natural, economic, and social resources it relies on, can play as success discriminants of equity crowdfunding campaigns. A configuration approach was selected and Fuzzy Set Qualitative Comparative Analysis (fsQCA) was used to investigate the causal configurations of 33 crowdfunding campaigns posted on the six most popular Italian equity crowdfunding platforms from 2014 to 2020. The analysis revealed that the SBM elements, and combinations of them, can positively affect the outcome of a campaign. Results also show that negative outcomes may be primarily due to campaign-related features, such as high minimum investment requirements and high funding target.

Keywords:Equity crowdfunding, Sustainable business models, New ventures, Success, fsQCA
Subjects:N Business and Administrative studies > N200 Management studies
N Business and Administrative studies > N211 Strategic Management
Divisions:Lincoln International Business School
ID Code:48988
Deposited On:25 Apr 2022 15:51

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