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Article
Publication date: 26 October 2012

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Library Hi Tech News, vol. 29 no. 9
Type: Research Article
ISSN: 0741-9058

Open Access
Article
Publication date: 20 March 2023

Roberto Linzalone, Salvatore Ammirato and Alberto Michele Felicetti

Crowdfunding (CF) is a digital-financial innovation that, bypassing credit crisis, bank system rigidities and constraints of the capital market, is allowing new ventures and…

Abstract

Purpose

Crowdfunding (CF) is a digital-financial innovation that, bypassing credit crisis, bank system rigidities and constraints of the capital market, is allowing new ventures and established companies to get the needed funds to support innovations. After one decade of research, mainly focused on relations between variables and outcomes of the CF campaign, the literature shows methodological lacks about the study of its overall behavior. These reflect into a weak theoretical understanding and inconsistent managerial guidance, leading to a 27% success ratio of campaigns. To bridge this gap, this paper embraces a “complex system” perspective of the CF campaign, able to explore the system's behavior of a campaign over time, in light of its causal loop structure.

Design/methodology/approach

By adopting and following the document model building (DMB) methodology, a set of 26 variables and mutual causal relations modeled the system “Crowdfunding campaign” and a data set based on them and crafted to model the “Crowdfunding campaign” with a causal loop diagram. Finally, system archetypes have been used to link the causal loop structure with qualitative trends of CF's behavior (i.e. the raised capital over time).

Findings

The research brought to 26 variables making the system a “Crowdfunding campaign.” The variables influence each other, thus showing a set of feedback loops, whose structure determines the behavior of the CF campaign. The causal loop structure is traced back to three system archetypes, presiding the behavior in three stages of the campaign.

Originality/value

The value of this paper is both methodological and theoretical. First, the DMB methodology has been expanded and reinforced concerning previous applications; second, we carried out a causation analysis, unlike the common correlation analysis; further, we created a theoretical model of a “Crowdfunding Campaign” unlike the common empirical models built on CF platform's data.

Details

European Journal of Innovation Management, vol. 26 no. 7
Type: Research Article
ISSN: 1460-1060

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