Equity crowdfunding

Anna Lukkarinen and Armin Schwienbacher

Chapter 6 in Field Guide to Entrepreneurial Finance, 2026, pp 108-126 from Edward Elgar Publishing

Abstract: This chapter explores the evolution and current frontiers of equity crowdfunding research. Initially, studies concentrated on the success factors behind individual campaigns. However, more recent scholarship considers equity crowdfunding through the lens of broader themes in entrepreneurial finance and society. Four influential areas are reviewed: whether equity crowdfunding democratizes access for entrepreneurs and investors, the role of venture sustainability in funding, the governance implications of a digital funding environment, and the prospects for investors to receive financial returns. Furthermore, promising methodological approaches are highlighted, ranging from multi-platform studies to researcher–platform collaborations, and from experimental designs to qualitative research. Looking ahead, this chapter calls for stronger causal inference, the inclusion of intersectional perspectives, and increased geographic diversification in research. Overall, equity crowdfunding research is evolving beyond correlational and phenomenon-focused studies to provide deeper theoretical and practical insights, positioning equity crowdfunding as a rich context for studying entrepreneurial finance.

Keywords: Equity Crowdfunding; Crowdinvesting; Alternative Finance; Funding Platforms; Democratization; Digital Innovation (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035342495
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