Crowdfunding business models through the lens of sustainable development: A taxonomy for backers and funders

Roberto Cerchione, Giuseppe Liccardo and Renato Passaro

Finance Research Letters, 2025, vol. 78, issue C

Abstract: Sustainable entrepreneurship has emerged as a key driver in addressing environmental and societal challenges through innovation. However, sustainable ventures often struggle to secure funding due to the perceived trade-off between financial returns and sustainability goals. This paper, through a systematic literature review, proposes a taxonomy of crowdfunding (CF) business models linking backers' motivations to the environmental, social and governance (ESG) dimensions of the projects. This taxonomy, highlighting the importance of aligning CF business model with the specific sustainable project objectives, offers entrepreneurs the opportunity to effectively support their innovative and sustainable ideas through a strategically appropriate approach.

Keywords: Business models; Environmental; Social and governance (ESG); Sustainable crowdfunding campaigns; Sustainable development; Taxonomy (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:78:y:2025:i:c:s1544612325003472

DOI: 10.1016/j.frl.2025.107084

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