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Abstract
This systematic review explores how crowdfunding impacts en-trepreneurial processes, business sustainability, and venture growth. By analyzing 19 SCOPUS-indexed studies, this review iden-tifies crowdfunding’s financial and non-financial benefits, includ-ing enhanced consumer insight, market exposure, and co-creation opportunities. Crowdfunding redefines stakeholder roles, foster-ing participatory ecosystems that enable innovation, strategic scaling, and resilience. Key findings emphasize the importance of stakeholder engagement and market validation while highlighting gaps in understanding long-term sustainability, cultural influences, and evolving backer-venture dynamics. These insights provide actionable strategies for entrepreneurs and researchers to harness crowdfunding’s potential in venture creation.
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This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
Vergara, K. C. S., Santos, J. E., & Vergara, R. A. (2025). The Nexus of Crowdfunding and Venture Creation: A Systematic Review. International Journal of Multidisciplinary: Applied Business and Education Research, 6(1), 33-47. https://doi.org/10.11594/ijmaber.06.01.03
References
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Agrawal, A., Catalini, C., & Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), 63-97. https://doi.org/10.1086/674021
Alegre, I., & Moleskis, M. (2021). Beyond fi-nancial motivations in crowdfunding: A systematic literature review of donations and rewards. VOLUNTAS: International Journal of Voluntary and Nonprofit Or-ganizations, 32(2), 276-287. https://doi.org/10.1007/s11266-019-00173-w
Belleflamme, P., Lambert, T., & Schwien-bacher, A. (2014). Crowdfunding: Tap-ping the right crowd. Journal of Business Venturing, 29(5), 585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
Bento, N., Gianfrate, G., & Thoni, M. H. (2019). Crowdfunding for sustainability ventures. Journal of Cleaner Production, 237, 117751. https://doi.org/10.1016/j.jclepro.2019.117751
Bernardino, S., & Santos, J. D. F. (2022). Cul-tural differences and crowdfunding: a four-country study. E-Revista de Estudos Interculturais, (10). https://doi.org/10.34630/erei.vi10.4770
Boutillier, S. (2020). The economics of the en-trepreneur and the banker’s historical roots and contributions to innovation management. European Journal of Inno-vation Management, 23(2), 230-250. https://doi.org/10.1108/EJIM-08-2018-0184
Chan, C. R., Parhankangas, A., Sahaym, A., & Oo, P. (2020). Bellwether and the herd? Unpacking the u-shaped relationship be-tween prior funding and subsequent con-tributions in reward-based crowdfund-ing. Journal of Business Venturing, 35(2), 105934. https://doi.org/10.1016/j.jbusvent.2019.04.002
De Freitas Santos, J., & Bernardino, S. (2023). National culture and the dynamics of crowdfunding market: an international study based on Hofstede dimensions. E-Revista de Estudos Interculturais, (11). https://doi.org/10.34630/e-rei.vi11.5291
Eiteneyer, N., Bendig, D., & Brettel, M. (2019). Social capital and the digital crowd: In-volving backers to promote new product innovativeness. Research Policy, 48(8), 103744. https://doi.org/10.1016/j.respol.2019.01.017
Frydrych, D., Bock, A. J., Kinder, T., & Koeck, B. (2014). Exploring entrepreneurial legiti-macy in reward-based crowdfunding. Venture Capital, 16(3), 247-269. https://doi.org/10.1080/13691066.2014.916512
Grau, C. V., Schulz, C., Bendig, D., & Brettel, M. (2021). Who Matters After Fundraising? Empirical Examination of Venture Sur-vival in the Blockchain Ecosystem. https://aisel.aisnet.org/icis2021/fintech/fintech/11
Gooch, D., Kelly, R. M., Stiver, A., van der Lin-den, J., Petre, M., Richards, M., ... & Wal-ton, C. (2020). The benefits and challeng-es of
using crowdfunding to facilitate commu-nity-led projects in the context of digital civics. International Journal of Human-Computer Studies, 134, 33–43. https://doi.org/10.1016/j.ijhcs.2019.10.005
Grèzes, V., Schegg, R., & Perruchoud, A. (2018). Crowdsourcing for tourism ven-tures. In The Emerald Handbook of En-trepreneurship in Tourism, Travel and Hospitality (pp. 331-349). Emerald Pub-lishing Limited. https://doi.org/10.1108/978-1-78743-529-220181025
Klepikova, T. V. (2021). Innovative entrepre-neurship is a factor in sustainable devel-opment in the Irkutsk region. In IOP Con-ference Series: Earth and Environmental Science (Vol. 629, No. 1, p. 012042). IOP Publishing. https://doi.org/10.1088/1755-1315/629/1/012042
Leonelli, S., Marchesani, F., & Masciarelli, F. (2022). Risk or Opportunity? Exploring the Relationship Between Entrepreneuri-al Decision and the Use of Equity Crowd-funding Campaigns in Less-and Well-Developed Regions in Italy. The Interna-tional Dimension of Entrepreneurial Deci-sion-Making: Cultures, Contexts, and Be-haviours, 99-114. https://doi.org/10.1007/978-3-030-85950-3_6
Maciel, A. F., & Weinberger, M. F. (2024). Crowdfunding as a market-fostering gift system. Journal of Consumer Research, 50(6), 1221–1242. https://doi.org/10.1093/jcr/ucad052
Mahdiraji, H. A., Hajiagha, S. H. R., Jafari-Sadeghi, V., Busso, D., & Devalle, A. (2023). Towards financing the entrepre-neurial SMEs: exploring the innovation drivers of successful crowdfunding via a multi-layer decision-making approach. European Journal of Innovation Manage-ment. https://doi.org/10.1108/EJIM-12-2021-0618
Maier, L., Baccarella, C. V., Block, J. H., Wagner, T. F., & Voigt, K. I. (2023). The legitimiza-tion effect of crowdfunding success: a consumer perspective. Entrepreneurship Theory and Practice, 47(4), 1389-1420. https://doi.org/10.1177/10422587211057025
Meyskens, M., & Bird, L. (2015). Crowdfunding and value creation. Entrepreneurship Re-search Journal, 5(2), 155-166. https://doi.org/10.1515/erj-2015-0007
Mollick, E. (2014). The dynamics of crowd-funding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Mollick, E. R., & Kuppuswamy, V. (2014). After the campaign: Outcomes of crowdfund-ing. UNC Kenan-Flagler Research Paper, (2376997). Available at SSRN: https://ssrn.com/abstract=2376997 or http://dx.doi.org/10.2139/ssrn.2376997
Morland, L. (2017). Rounton Coffee and Bed-ford Street Coffee Shop: From rural cof-fee roaster to urban coffee shop. The In-ternational Journal of Entrepreneurship and Innovation, 18(4), 256–263. https://doi.org/10.1177/1465750317742325
Ndou, V., Scorrano, P., Mele, G., & Stefanizzi, P. (2022). Fundraising activities and digital-ization: defining risk indicators for evalu-ating equity crowdfunding campaigns. Meditari Accountancy Research, 30(4), 1169-1190. https://doi.org/10.1108/MEDAR-03-2021-1237
Nespoli, C., Kozan, A., Scuotto, V., & Giudice, M. D. (2022). Aimage's entrepreneurial val-ue creation and crowdfunding: Entrepre-neurship in times of crisis. The Interna-tional Journal of Entrepreneurship and Innovation, 23(2), 76-85. https://doi.org/10.1177/14657503221081355
Parhankangas, A., & Colbourne, R. (2023). In-digenous entrepreneurship and venture creation: A typology of indigenous crowdfunding campaigns. Entrepreneur-ship Theory and Practice, 47(5), 1617–1659. https://doi.org/10.1177/10422587221096907
Ramsey, E., Gallagher, E., Kincaid, A., & Loane, S. (2020). Far from a madding crowd: crowdfunding possibilities and pitfalls. In Handbook of Entrepreneurship and
Marketing (pp. 148–164). Edward Elgar Publishing. https://doi.org/10.4337/9781785364570.00019
Roma, P., Petruzzelli, A. M., & Perrone, G. (2017). From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors. Research Policy, 46(9), 1606-1628. https://doi.org/10.1016/j.respol.2017.07.012
Sabia, L., Bell, R., & Bozward, D. (2022). Big fish: Leveraging the fear of missing out in equity crowdfunding in the post-COVID-19 era. Business Horizons, 65(1), 59-67. https://doi.org/10.1016/j.bushor.2021.09.006
Schenk, A. (2015, September). Crowdfunding in the context of traditional financing for innovative SMEs. In European Conference on Innovation and Entrepreneurship (p. 636). Academic Conferences Internation-al Limited.
Stevenson, R., McMahon, S. R., Letwin, C., & Ciuchta, M. P. (2022). Entrepreneur fund-seeking: Toward a theory of funding fit in the era of equity crowdfunding. Small Business Economics, 58(4), 2061-2086. https://doi.org/10.1007/s11187-021-00499-0
Troise, C., Battisti, E., Christofi, M., van Vulpen, N. J., & Tarba, S. (2023). How can SMEs use crowdfunding platforms to interna-tionalize? The role of equity and reward crowdfunding. Management Internation-al Review. 63(1), 117-159. https://doi.org/10.1007/s11575-022-00493-y
Vergara, R.A.G. (2017). Extending the Defini-tion of Crowdfunding Success: The Case of the Flight of Super Mudball. Journal of Global Business.
Vergara, R.A.G. (2019). Crowdfunding and the venture creation process. Philippine Academy of Management E-Journal, 2(1). https://paomassociation.org/paom-e-journal/issues/vol-2-no-1-march-2019/
Vergara, R.A.G., & Vergara, K. C. S. (2023). Why Crowdfund? Motivations of Philippine-Based Project Owners and Backers. In-ternational Journal of Multidisciplinary: Applied Business and Education Research, 4(5), 1650-1658.
Agrawal, A., Catalini, C., & Goldfarb, A. (2014). Some simple economics of crowdfunding. Innovation Policy and the Economy, 14(1), 63-97. https://doi.org/10.1086/674021
Alegre, I., & Moleskis, M. (2021). Beyond fi-nancial motivations in crowdfunding: A systematic literature review of donations and rewards. VOLUNTAS: International Journal of Voluntary and Nonprofit Or-ganizations, 32(2), 276-287. https://doi.org/10.1007/s11266-019-00173-w
Belleflamme, P., Lambert, T., & Schwien-bacher, A. (2014). Crowdfunding: Tap-ping the right crowd. Journal of Business Venturing, 29(5), 585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
Bento, N., Gianfrate, G., & Thoni, M. H. (2019). Crowdfunding for sustainability ventures. Journal of Cleaner Production, 237, 117751. https://doi.org/10.1016/j.jclepro.2019.117751
Bernardino, S., & Santos, J. D. F. (2022). Cul-tural differences and crowdfunding: a four-country study. E-Revista de Estudos Interculturais, (10). https://doi.org/10.34630/erei.vi10.4770
Boutillier, S. (2020). The economics of the en-trepreneur and the banker’s historical roots and contributions to innovation management. European Journal of Inno-vation Management, 23(2), 230-250. https://doi.org/10.1108/EJIM-08-2018-0184
Chan, C. R., Parhankangas, A., Sahaym, A., & Oo, P. (2020). Bellwether and the herd? Unpacking the u-shaped relationship be-tween prior funding and subsequent con-tributions in reward-based crowdfund-ing. Journal of Business Venturing, 35(2), 105934. https://doi.org/10.1016/j.jbusvent.2019.04.002
De Freitas Santos, J., & Bernardino, S. (2023). National culture and the dynamics of crowdfunding market: an international study based on Hofstede dimensions. E-Revista de Estudos Interculturais, (11). https://doi.org/10.34630/e-rei.vi11.5291
Eiteneyer, N., Bendig, D., & Brettel, M. (2019). Social capital and the digital crowd: In-volving backers to promote new product innovativeness. Research Policy, 48(8), 103744. https://doi.org/10.1016/j.respol.2019.01.017
Frydrych, D., Bock, A. J., Kinder, T., & Koeck, B. (2014). Exploring entrepreneurial legiti-macy in reward-based crowdfunding. Venture Capital, 16(3), 247-269. https://doi.org/10.1080/13691066.2014.916512
Grau, C. V., Schulz, C., Bendig, D., & Brettel, M. (2021). Who Matters After Fundraising? Empirical Examination of Venture Sur-vival in the Blockchain Ecosystem. https://aisel.aisnet.org/icis2021/fintech/fintech/11
Gooch, D., Kelly, R. M., Stiver, A., van der Lin-den, J., Petre, M., Richards, M., ... & Wal-ton, C. (2020). The benefits and challeng-es of
using crowdfunding to facilitate commu-nity-led projects in the context of digital civics. International Journal of Human-Computer Studies, 134, 33–43. https://doi.org/10.1016/j.ijhcs.2019.10.005
Grèzes, V., Schegg, R., & Perruchoud, A. (2018). Crowdsourcing for tourism ven-tures. In The Emerald Handbook of En-trepreneurship in Tourism, Travel and Hospitality (pp. 331-349). Emerald Pub-lishing Limited. https://doi.org/10.1108/978-1-78743-529-220181025
Klepikova, T. V. (2021). Innovative entrepre-neurship is a factor in sustainable devel-opment in the Irkutsk region. In IOP Con-ference Series: Earth and Environmental Science (Vol. 629, No. 1, p. 012042). IOP Publishing. https://doi.org/10.1088/1755-1315/629/1/012042
Leonelli, S., Marchesani, F., & Masciarelli, F. (2022). Risk or Opportunity? Exploring the Relationship Between Entrepreneuri-al Decision and the Use of Equity Crowd-funding Campaigns in Less-and Well-Developed Regions in Italy. The Interna-tional Dimension of Entrepreneurial Deci-sion-Making: Cultures, Contexts, and Be-haviours, 99-114. https://doi.org/10.1007/978-3-030-85950-3_6
Maciel, A. F., & Weinberger, M. F. (2024). Crowdfunding as a market-fostering gift system. Journal of Consumer Research, 50(6), 1221–1242. https://doi.org/10.1093/jcr/ucad052
Mahdiraji, H. A., Hajiagha, S. H. R., Jafari-Sadeghi, V., Busso, D., & Devalle, A. (2023). Towards financing the entrepre-neurial SMEs: exploring the innovation drivers of successful crowdfunding via a multi-layer decision-making approach. European Journal of Innovation Manage-ment. https://doi.org/10.1108/EJIM-12-2021-0618
Maier, L., Baccarella, C. V., Block, J. H., Wagner, T. F., & Voigt, K. I. (2023). The legitimiza-tion effect of crowdfunding success: a consumer perspective. Entrepreneurship Theory and Practice, 47(4), 1389-1420. https://doi.org/10.1177/10422587211057025
Meyskens, M., & Bird, L. (2015). Crowdfunding and value creation. Entrepreneurship Re-search Journal, 5(2), 155-166. https://doi.org/10.1515/erj-2015-0007
Mollick, E. (2014). The dynamics of crowd-funding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Mollick, E. R., & Kuppuswamy, V. (2014). After the campaign: Outcomes of crowdfund-ing. UNC Kenan-Flagler Research Paper, (2376997). Available at SSRN: https://ssrn.com/abstract=2376997 or http://dx.doi.org/10.2139/ssrn.2376997
Morland, L. (2017). Rounton Coffee and Bed-ford Street Coffee Shop: From rural cof-fee roaster to urban coffee shop. The In-ternational Journal of Entrepreneurship and Innovation, 18(4), 256–263. https://doi.org/10.1177/1465750317742325
Ndou, V., Scorrano, P., Mele, G., & Stefanizzi, P. (2022). Fundraising activities and digital-ization: defining risk indicators for evalu-ating equity crowdfunding campaigns. Meditari Accountancy Research, 30(4), 1169-1190. https://doi.org/10.1108/MEDAR-03-2021-1237
Nespoli, C., Kozan, A., Scuotto, V., & Giudice, M. D. (2022). Aimage's entrepreneurial val-ue creation and crowdfunding: Entrepre-neurship in times of crisis. The Interna-tional Journal of Entrepreneurship and Innovation, 23(2), 76-85. https://doi.org/10.1177/14657503221081355
Parhankangas, A., & Colbourne, R. (2023). In-digenous entrepreneurship and venture creation: A typology of indigenous crowdfunding campaigns. Entrepreneur-ship Theory and Practice, 47(5), 1617–1659. https://doi.org/10.1177/10422587221096907
Ramsey, E., Gallagher, E., Kincaid, A., & Loane, S. (2020). Far from a madding crowd: crowdfunding possibilities and pitfalls. In Handbook of Entrepreneurship and
Marketing (pp. 148–164). Edward Elgar Publishing. https://doi.org/10.4337/9781785364570.00019
Roma, P., Petruzzelli, A. M., & Perrone, G. (2017). From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors. Research Policy, 46(9), 1606-1628. https://doi.org/10.1016/j.respol.2017.07.012
Sabia, L., Bell, R., & Bozward, D. (2022). Big fish: Leveraging the fear of missing out in equity crowdfunding in the post-COVID-19 era. Business Horizons, 65(1), 59-67. https://doi.org/10.1016/j.bushor.2021.09.006
Schenk, A. (2015, September). Crowdfunding in the context of traditional financing for innovative SMEs. In European Conference on Innovation and Entrepreneurship (p. 636). Academic Conferences Internation-al Limited.
Stevenson, R., McMahon, S. R., Letwin, C., & Ciuchta, M. P. (2022). Entrepreneur fund-seeking: Toward a theory of funding fit in the era of equity crowdfunding. Small Business Economics, 58(4), 2061-2086. https://doi.org/10.1007/s11187-021-00499-0
Troise, C., Battisti, E., Christofi, M., van Vulpen, N. J., & Tarba, S. (2023). How can SMEs use crowdfunding platforms to interna-tionalize? The role of equity and reward crowdfunding. Management Internation-al Review. 63(1), 117-159. https://doi.org/10.1007/s11575-022-00493-y
Vergara, R.A.G. (2017). Extending the Defini-tion of Crowdfunding Success: The Case of the Flight of Super Mudball. Journal of Global Business.
Vergara, R.A.G. (2019). Crowdfunding and the venture creation process. Philippine Academy of Management E-Journal, 2(1). https://paomassociation.org/paom-e-journal/issues/vol-2-no-1-march-2019/
Vergara, R.A.G., & Vergara, K. C. S. (2023). Why Crowdfund? Motivations of Philippine-Based Project Owners and Backers. In-ternational Journal of Multidisciplinary: Applied Business and Education Research, 4(5), 1650-1658.