Crowdfunding (CF) is considered to be an innovative source of funding, and research into its effects on CF participants is being conducted from many different angles. In our article, we propose a qualitative analysis of CF’s impact on creating added value for small and medium enterprises (SMEs). This paper is a conceptual study based on the theory of value co-creation, the Norton–Kaplan value model, and the concept of economic value added (EVA) to identify the areas (perspectives) of business activity where crowdfunding may stimulate the growth of company value. Based on the map of co-relations in crowdfunding that we have created, we propose a new model of crowdfunding value analysis from the entrepreneur’s point of view. Our research demonstrates that crowdfunding not only presents an alternative financing option, but also affects all perspectives relevant to value creation. As compared to the existing literature, this analysis is the most comprehensive take on the importance of crowdfunding for increasing the value of small and medium enterprises to date, thus offering a material contribution to the fuller understanding of crowdfunding from the financial standpoint, as well as pointing to the importance of crowdfunding as a financing method influencing sustainable decision-making by small and medium enterprises (SMEs). The added value of the study is the proposed method of analysing the impact of CF on the value of enterprises by using the Norton–Kaplan model and EVA.

Purpose:The paper presents a review of the literature concerning start-up accelerators and a classification of related research untill August 2021. Approach/Methodology/Design: While elaborating the classification, the authors coded works according to the type of accelerator and implemented acceleration program. Furthermore, the paper identifies the countries, research bodies and authors who focus on research on the functioning of accelerators. The authors present how various accelerator forms operate and how they perform. Findings: The paper systematizes knowledge related to start-up accelerators available in the Scopus base and suggests directions for future research. Practical Implications: Recently a clear phenomenon is shown that is the development of a start-up ecosystem, in particular creation and professionalization of the new form of organisation that is a start-up accelerator. This entity acts as a bridge between start-ups and corporations and big enterprises, promoting success of both sides -conclusion of business contracts. More start-ups and corporations decide to collaborate with accelerators that, with their acceleration programs involving big companies, support them both. By monitoring the corporate-start-up collaboration, accelerators actively promote both parties, also in terms of generating necessary innovations to support, for instance, production, sales or service processes in big companies. An evergrowing number of accelerators and accelerator programs worldwide translates into more interest in research in this field. Originality/Value: Despite the increasing research trend related to start-up accelerators, no precise research classification has been available to date.

This article describes the derivatives OTC market in Poland. The reports of the National Bank of Poland and literature review form the base for the analysis. The main objectives are to identify principal derivatives of the Polish OTC market after 2004 and explain the purpose of swap contracts. The principle conclusion of the article states that after 2004 Polish OTC market was still developing and that main financial instruments traded on this market are currency swaps, IRS and CIRS.

Start-up accelerators are units supporting entrepreneurs (substantively, financially, legally, and organizationally) in establishing and running young and innovative companies such as start-ups. The commencing energy crisis has led to the need for energy savings, as well as the need to change energy policies and implement energy transformation, creating a wide field for start-ups and start-up accelerators. Making full use of potentially innovative solutions developed by start-ups is, in turn, essential for energy giants and related accelerators in the market. This has created the need for specific research in this direction. Therefore, in this paper we review the literature for 2011–2021 with respect to the role of accelerators supporting start-ups. A survey based on the Scopus database resulted in the identification of 76 papers on accelerators. Particular attention was paid to aspects of sustainable development (economic, social, and environmental). The analysis indicated that 75 works dealt with the economic aspects, 35 focused on social aspects, and only 5 focused on environmental aspects. Due to the perceived gap related to the small number of works dealing with environmental aspects, a decision was made to analyse the energy sector and the methods of operation of accelerators in this sector. Three models found in the market that were used by energy companies to cooperate with start-ups were characterized, along with their goals, in an attempt to enable an improved understanding as to which acceleration model best fits a manager’s organization. The models were supported by case studies—a model of commercial cooperation between a corporation and an external accelerator, a model of creating a corporate accelerator within an internal structure, and a hybrid model.

Objective: The main purpose of the crowdfunding literature review was to find an answer to the following research questions: do scholars investigating related topics take into account the increasing importance of crowdfunding as a form of funding and resulting economic consequences for SMEs? Is the relevance of crowdfunding in reducing the funding gap taken into consideration? Do studies involve analyses of economic consequences associated with the development of crowdfunding for the banking sector? The research questions we have asked refer to the existing state of knowledge about the extent of crowdfunding-related studies underway. The validity of the subject is due to the fact that crowdfunding is a new form of raising capital in the Culturally-Changing Global Economy. Methodology: Once we analysed the literature review methodologies, we decided on a stateof- the-art analysis since this method allows to establish the facts for the research and subsequently to propose a new perspective and new directions of research. Due to the necessity to select the right texts on crowdfunding, selection criteria in terms of quantity and quality were defined (scoping review). We reviewed the literature on crowdfunding published between 2010 and 2018 using the following databases: Ebscohost, ProQuest, ScienceDirect, Web of Science, Scopus, and BazEkon. Findings: In literature on the subject, the significance of crowdfunding for businesses at early stages of their growth is emphasized. However, there are very few publications directly about SMEs. Among the articles analyzed, the relevance of crowdfunding in reducing the funding gap and financial exclusion has been emphasized. However, our search for articles about the said phenomenon produced a very small number of such articles, which – considering quite a large number of articles in total – clearly means that this topic is rarely discussed and studied. The aspects associated with the relationships between the banking sector and crowdfunding are discussed in a majority of the articles under analysis, but there is still no empirical research in this area. Value Added: The literature review carried out allowed us to identify research gaps in such important areas for crowdfunding as funding for the SME sector and relationships between crowdfunding and banking. As opposed to other similar research projects, we do not omit methodological constraints affecting the final results of studies and we suggest solutions allowing for a more in-depth analysis of articles. Recommendations: A suggested further direction of research concerns the use of the theory of enterprise funding sources in studies of the role of crowdfunding when compared to other forms of fundraising (the theory of alternative and transactional costs) by SMEs. When planning further research, the following needs to be done: 1) To carry out comprehensive research, since all the studies carried out so far were only fragmentary. It particularly applies to relationships between SMEs, the banking sector, and crowdfunding. 2) To extend research according to criteria that allow sources discarded in this research to compare findings.