Work

Innovation, team creativity, and intellectual property in equity crowdfunding: a fuzzy and disaggregated approach

Year: 2025

Type: article

Abstract: This study investigates how project radicalness, team creativity, and intellectual property influence the success of equity crowdfunding (ECF) campaigns. Using fuzzy-set Qualitative Comparative Analysis (fsQCA) on a sample of 42 campaigns from Italian ECF platforms, we explore the configurations of innovation-related dimensions that lead to successful fundraising outcomes. Our findings reveal that no single factor guarantees success. Rather, specific combinations of innovation dimensions are crucial. These results support a contingent perspective and offer practical insights for campaign designers and platform managers seeking to optimise innovation signalling in ECF.

Source: Finance research letters

DOI: 10.1016/j.frl.2025.108997

Authors: Carlotta Bottaro, Fabrizio Cesaroni, Mattia Fasano, Raffaele Staglianò

Institution: University of Messina

Language: English

Topic: FinTech, Crowdfunding, Digital Finance

Subfield: Management Information Systems

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Industry, innovation and infrastructure

Open Access status: hybrid

Estimated APC paid: $3,730