The role of equity crowdfunding campaigns in shaping firm innovativeness: evidence from Italy

Abstract

PurposeThis paper aims to contribute to the scientific debate concerning the impact of equity crowdfunding on the performance of crowdfunded firms after campaigning. To this aim, the purpose of this paper is to investigate the relationship between the characteristics of the campaign and the subsequent firm innovativeness.Design/methodology/approachThis study adopts a quantitative research approach to evaluate if the entrepreneurial choices affecting the characteristics of the equity crowdfunding campaigns have an impact on the post-campaign firm innovativeness.FindingsThe results of the models show that the campaign characteristics have a direct impact on the firm innovativeness, both in terms of offering and communication and the campaign performance.Originality/valueThis paper presents one of the first studies to investigate the relationship between the choice of campaign characteristics and the post-campaign firm innovativeness. As such, the study contributes to both the literature concerning start-up innovation and the literature about the impact of equity crowdfunding.

Socioemotional wealth of family firms during the COVID-19 pandemic: the role of slack resources

“…Research method is divided into three parts, which are sample and setting, measures, and statistical methods, referring to Valenza et al. (2022).…”

Crowdfunding adoption in emerging economies: insights for entrepreneurs and policymakers

“…With the emergence of new technology, crowdfunding takes advantage of innovation and applies it to financing several projects. From an entrepreneur's perspective, Valenza et al (2023) claimed that crowdfunding has been described as a chance to gather feedback on entrepreneurial ideas, enhance products and optimize collaborative approaches to business models. In the competitive business landscape, the adoption of crowdfunding is significant for the survival and expansion of firms (Islam and Khan, 2021).…”

“…Despite this, the authors observe that minimal research has Crowdfunding adoption in emerging economies been conducted on the SME entrepreneurs' perspective. Similarly, prior research was conducted in developed nations, such as China (Chen et al, 2022), Korea (Kim and Hall, 2020) and Italy (Marchegiani, 2018;Valenza et al, 2023). For instance, Islam and Khan (2021) and Chen et al (2022) stated that it is profoundly essential to re-examine the theories and models originating in developed countries from the perspective of developing countries.…”

“…Similarly, prior research was conducted in developed nations, such as China (Chen et al. , 2022), Korea (Kim and Hall, 2020) and Italy (Marchegiani, 2018; Valenza et al. , 2023).…”

“…Additionally, research on crowdfunding is in its early stages and scholarly understanding needs to be more cohesive and expansive. Further, Valenza et al (2023) argued that only a few studies help to explore the factors that affect entrepreneurs' behavioral intentions toward using crowdfunding for their financial needs. To bridge the research gaps, the authors propose the first research question: RQ1.…”