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Mapping the field of crowdfunding and new ventures: a systematic literature review

Sanjay Chaudhary (OP Jindal Global University, Sonipat, India)
Amandeep Dhir (University of Agder, Kristiansand, Norway)
Enrico Battisti (University of Turin, Turin, Italy)
Tomas Kliestik (University of Zilina, Zilina, Slovakia)

European Journal of Innovation Management

ISSN: 1460-1060

Article publication date: 29 December 2022




Crowdfunding, an alternative funding source to support entrepreneurial initiatives, has increasingly attracted the attention of scholars. However, knowledge of the drivers and outcomes of crowdfunding is currently scant. This study thus presents a review of the extant literature on new ventures soliciting crowdfunding.


The authors conducted a systematic literature review (SLR) of peer-reviewed articles, identifying and thematically analyzing 58 publications.


The thematic analysis revealed six main themes: a) founders and crowdfunding, b) signaling and crowdfunding, c) digitalization and crowdfunding, d) outcomes, e) geography and crowdfunding and f) success factors. In addition, crucial research gaps are identified to guide future research.

Practical implications

Beyond classifying the material on the basis of the thematic analysis and identifying potential future research avenues, the study has main implications. The authors detailed how crowdfunding, as a source of entrepreneurial funding, differed from other funding sources and explored entrepreneurial challenges that may be encountered in managing crowdfunding campaigns. The findings may thus help in the design of crowdfunding campaigns and serve educators in various disciplines when teaching and training participants on designing and promoting crowdfunding campaigns.


After identifying and integrating results from relevant articles on crowdfunding, the authors explained dominant themes in the literature and proposed a conceptual framework wherein the authors highlight factors that influence crowdfunding outcomes. The authors highlight the increasing relevance of crowdfunding for new ventures and elucidate avenues for future research.



Chaudhary, S., Dhir, A., Battisti, E. and Kliestik, T. (2022), "Mapping the field of crowdfunding and new ventures: a systematic literature review", European Journal of Innovation Management, Vol. ahead-of-print No. ahead-of-print.



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