![]() Thus, the paper aims to answer the following research question (RQ): NECF and ECF) and adopting a wider and more dynamic perspective of the journey undertaken by start-up firms taking part in multiple CF campaigns. In light of this, the aim of this paper is to analyze more in depth the participation of a start-up in multiple CF projects by taking into account the role of CF typology ( Paschen, 2017 Pollack et al., 2019) by exploring and comparing different combinations of the most frequently used CF schemes (i.e. However promising this topic appears, it remains still largely underexplored the few existing studies devoted to it ( Butticè et al., 2017 Skirnevskiy et al., 2017 Lee and Chiravuri, 2019) adopt a quite narrow perspective on the phenomenon, with scant attention placed on its actual processes ( Bessière et al., 2019). Currently, CF is no longer seen only as a financial tool rather, it is often conceived as a new way to enter the market and compete ( Viotto Da Cruz, 2018) and to gain access to a variety of resources through one or more CF campaigns ( Pollack et al., 2019).įrom this standpoint, the stream of literature on “serial CF,” namely, the participation in more than one CF campaign, is gaining growing attention from scholars ( Stanko and Henard, 2016 Butticè et al., 2017 Bessière et al., 2019), as it fosters a better understanding of the relevance of CF projects in the development processes of start-ups ( Paschen, 2017). The most widespread CF schemes are the non-equity reward-based CF (NECF) ones, where the funders’ reward is the future product, and the equity-based CF (ECF) ones, where funders get a real capital share.ĬF has received increasing attention by scholars who mostly focused on understanding its specific features ( Raab et al., 2020), the main factors affecting the participation of both proposing and supporting actors ( Groza et al., 2020) and its campaign success ( Mamonov and Malaga, 2019). It consists of an open call for the provision of financial resources, either in the form of donations or in exchange for non-financial rewards or financial gains to support specific initiatives ( Belleflamme et al., 2014). CF has risen dramatically in the past few years and is expected to continue to grow up to $300bn in cumulative transactions by 2025 ( Barbi and Mattioli, 2019). The full terms of this licence maybe seen at Ĭrowdfunding (hereafter, CF) platforms represent a new font of resources to support entrepreneurial projects. ![]() Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. ![]() This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Ĭopyright © 2021, Fulvio Fortezza, Alessandro Pagano and Roberta Bocconcelli. (2021), "Serial crowdfunding in start-up development: a business network view", Journal of Business & Industrial Marketing, Vol. This paper also contributes to the Industrial Marketing and Purchasing research on start-ups. From this standpoint, to the best of the authors’ knowledge, this is the first study to consider a complete spectrum of combinations between CF schemes within serial CF, thus allowing for a better understanding of the role of such a factor within a dynamic and contextual view, that is, that offered by the business network perspective. This paper explores in depth the startup’s serial CF journey, building on recent studies calling for stronger analyses of the directions and outcomes of innovative funding trajectories pursued and implemented by new business ventures.
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