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It aims to understand crowdfunding’s effect on women’s entrepreneurship and summarize key findings, methods, and challenges women face in using crowdfunding for financing.

This literature review examines 36 empirical studies on crowdfunding use by women entrepreneurs. It follows the PRISMA framework, using Scopus and citation tracking to categorize studies on crowdfunding’s potential to empower women financially and address their barriers to accessing finance.

The review identified seven key themes: opportunities and challenges for women in crowdfunding, equity crowdfunding’s potential, gender differences in crowdfunding outcomes, the role of social capital and networks, investor trust and decision-making, the influence of language, communication, and platform design, and the importance of considering intersectionality and context. Crowdfunding offers women entrepreneurs access to capital and helps them overcome traditional financing barriers. Women-led campaigns achieve comparable or even higher success rates compared to their male counterparts. However, under-representation, lower funding requests, pitching difficulties, and limited access to networks remain as challenges.

This study has limitations inherent to systematic reviews, including potential methodological flaws or biases in the included studies and the exclusion of relevant studies due to time and resource constraints.

Crowdfunding can be promoted as a viable financing option for women entrepreneurs and design targeted initiatives to support them. Building social capital, enhancing financial literacy, and creating networking opportunities can contribute to their success in navigating crowdfunding platforms effectively.

This review offers a comprehensive analysis of empirical studies conducted between 2012 and 2023. It provides up-to-date insights, identifies key themes, and offers actionable recommendations for policymakers and organizations seeking to support women entrepreneurs in effectively accessing and utilizing crowdfunding platforms.

The emergence of crowdfunding has provided a new way to solve the problem of financing difficulties for start-ups. Although crowdfunding has attracted great attention from the government and industry, investors are still hesitating to invest online. This paper aims to investigate the investment behavior of China’s debt-based internet crowdfunding market and construct a model to explain online investment decisions from the perspectives of trust and economic valence.

This paper uses the survey method to verify the research model. The questionnaire was constructed based on the items in prior studies. The data were collected from users with project investment experience on a leading crowdfunding platform in China. A total of 474 valid responses were collected. Partial least squares-structural equation modeling was used in the data analysis.

This paper finds that initial trust and perceived benefits are the key factors influencing investment intentions; investors are more concerned about potential benefits than about risk; perceived benefits partially mediate the relationship between initial trust and investment intentions. Fundraisers’ reputation is also found to have a greater impact on investors’ initial trust than investors’ trust propensity.

The conclusions of this paper provide important insights into the design of internet crowdfunding platforms and the regulation of policymakers.

This study explores the adoption of crowdfunding in Pakistan, focusing on the challenges and opportunities within its unique entrepreneurial ecosystem. The research aims to provide insights into the regulatory mechanisms, stakeholder engagement and institutional factors influencing crowdfunding adoption.

Seventeen semi-structured interviews were conducted using a purposive sampling technique. Data was collected from diverse stakeholders involved in the crowdfunding process including investors, entrepreneurs, platform owners and regulators.

The study identifies various challenges, including regulatory gaps, investor concerns, platform-related issues and systemic challenges such as political instability and weak institutions. These challenges hinder the effective implementation of crowdfunding in Pakistan. Moreover, the study highlights opportunities for financial inclusion, bridging the gap between investors and entrepreneurs, and leveraging Pakistan’s entrepreneurial landscape for crowdfunding growth. While several challenges were common to both developed and developing countries, the study also identified distinct challenges such as digital literacy, reliance on the undocumented economy, insufficient regulatory frameworks and investor mindset specific to developing countries.

Since crowdfunding is an emerging phenomenon in Pakistan, this study had limitations as no official crowdfunding platform other than the Pakistan National Investor Portal had started operations. Therefore, this study involved only those stakeholders who were involved in designing regulatory sandbox suggestions. The sample size could be increased to include stakeholders from other developing countries in the future. This article, however, provides significant strategic guidance for policymakers in developing a framework to improve financial inclusion in development.

The study provides critical areas of concern for regulatory authorities for developing appropriate legislation to help overcome the challenges to the institutionalization of crowdfunding. This study also encourages stakeholders like investors and entrepreneurs to participate in crowdfunding while looking at the perspective of other parties.

This research highlights the need for the Pakistani society to be well-informed about alternative investment opportunities, like crowdfunding. The micro, small and medium enterprises (MSME) sector, along with the government, can also explore the benefits of crowdfunding to address their lack of access to capital and enable the inclusion of an informal economy to reduce poverty in a developing country.

Crowdfunding is a new phenomenon in Pakistan, and the scope of its application in the MSME sector has not been thoroughly investigated. This study reveals how micro and small firms can use crowdfunding to boost their economic operations by overcoming challenges and taking advantage of fintech (financial technology) to achieve financial inclusion, leading to economic sustainability.

This study aims to analyse the adequacy of current and proposed European legislative measures for the mitigation and prevention of the use of donation-based crowdfunding to enable terrorist-related financing.

This study examines current and proposed European legislative and academic literature. To provide analysis on the current terrorist financing risks posed by donation-based crowdfunding.

The activity of European donation-based financing is not in theory completely removed from AML/CFT prevention, mitigation and reporting standards. European credit institutions and payment service providers are required to implement AML/CFT internal controls that target their entire customer base, which includes situations whereby an individual and/or individuals elect to engage in donation-based funds transfer. Current European crowdfunding and proposed crowdfunding AML/CFT standards target investment and consumer credit provision by credit and financial institutions and credit and mortgage intermediaries. Donation-based terrorist financing will likely remain a consideration for subversive groups and lone wolf individuals seeking integrated financing. European credit institutions and payment service providers will be required to cooperate both internally and externally on a national and transnational basis to prevent the materialisation of donation-based financing risks, ex-ante.

A desktop review composed by the author.

This study aims at assessing entrepreneurial business performance (EBP) from dynamic capability (DC) and technology-organization-environment (TOE) framework perspectives, taking support from crowdfunding.

With the inputs from the literature, supported by TOE framework and the dynamic capability view (DCV), a model has been proposed. This model has been tested by the factor-based partial least squares structural equation modeling (PLS-SEM) technique through a survey and quantifying the responses of 406 respondents on a five-point Likert scale has been used.

The study has found that crowdfunding support (CFS) has an effective influence on the improvement of EBP. Also, the DC supports to improve the EBP. Environmental dynamism (END) has also a critical role in impacting business performance.

Crowdfunding involves investors who have a similar interest in the business, close friends, family members, venture capitalists, investment groups, etc. Thus, the proposed model can be used by these stakeholders for investment purposes as well as for improving EBP. This study is a cross sectional research work which has limitations. Moreover, the sample size of this project is limited and did not include global respondents, Thus, the findings of this study cannot be generalizable which is another limitation of this study.

Crowdfunding involves investors who have a similar interest in the business, such as close friends, family members, venture capitalists, investment groups, etc. Thus, the proposed model can be used by these stakeholders for investment purposes as well as for improving EBP. The study can help policymakers understand the importance of crowdfunding in promoting entrepreneurship activities in a region, which helps in the economic development of that region.

This research work enriches the extant literature in the fields of crowdfunding and investment, DC and entrepreneurship. Not many studies have dealt with the issues of CFS for the improvement of EBP. Hence, this study may be considered novel. Moreover, the proposed research framework related to crowdfunding possesses a high predictive power. This makes the study unique.

Sharing project information is critical for the success of medical crowdfunding campaigns. However, few users share medical crowdfunding projects on their social networks, and the sharing behavior of medical crowdfunding projects on social networking sites has not been well studied. Therefore, this study explored the factors and potential mechanisms influencing users’ sharing behaviors on networking sites.

A research model was developed based on the attribution-affect model of helping and social capital theory. Data were collected using a longitudinal survey. Partial least squares structural equation modeling was used to analyze the collected data. We conducted post hoc analyses to validate the results of the quantitative analysis.

The analysis results verified the effects of perceived external attribution, perceived uncontrollable attributions, and perceived unstable attributions on sympathy and identified the effect of sympathy and social characteristics of medical crowdfunding users on sharing behavior.

This research provides a comprehensive theoretical understanding of users’ sharing behavior characteristics and provides implications for enhancing the efficiency of medical crowdfunding activities.

This study investigates the relationship between the individual’s levels of innovativeness (ILI) and the individual’s intention to finance (IIF) an equity crowdfunding campaign to understand whether and to what extent individuals' personalities (IP) can foster crowdfunding success.

OLS models are applied based on survey data collected from 385 US and UK citizen respondents. Further, the baseline relationship between ILI and IIF is broken down on the basis of the interactions with two behavioral characteristics: proactive personality (PP) and openness to experience (OE).

Results show a positive relationship between individual’s levels of innovativeness and the individual’s intention to finance an equity crowdfunding campaign. Furthermore, this relationship continues to be positive when moderators are introduced in the models, demonstrating that PP and OE are personal traits that strengthen the main relationship.

Our findings contribute to enriching the stream of literature according to which equity crowdfunding is a helpful tool not only able to bridge the financial gap of companies during the first phase of their life cycle. The findings also contribute to the development of the innovation process, creating also a social identity within the crowdfunding community.

The purpose of this study is to identify motivations for the uptake of crowdfunding by micro-entrepreneurs in an emerging economy and the extent to which these vary by entrepreneur characteristics, sector and crowdfunding model.

The authors conduct qualitative analyses of data collected in interviews with 57 micro-entrepreneurs in Morocco, all of whom used crowdfunding in fundraising.

The authors identify six key motives for crowdfunding adoption by micro-entrepreneurs including financing needs, legitimacy seeking, sense of achievement, network-building, entrepreneurial and marketing competence enhancements. They also find evidence for moderation effects of fundraiser characteristics on likelihood of adoption, including gender, age, education, training experience and sectoral affiliation. Furthermore, the authors show that the relative importance of different motives varies by the type of crowdfunding model used.

The original aspects of the study include the examination of adoption motives in an emerging market context and the distinguishing between entrepreneurs’ adoption motives based on different gender, age, education, training experience, sectoral affiliation and crowdfunding model used. Moreover, the authors show that enhancement of competencies is a more dominant motive in the emerging market context than mentioned in earlier studies in developed contexts.

Due to the high rate of failure of most crowdfunding projects, knowing the most essential factor to obtain funding success on the crowdfunding platform is of great importance for fund seekers on the crowdfunding platform. The purpose of this study is to explore crowdfunding success factors to know the most essential success factor for stakeholders of the crowdfunding platform to make the best decision when seeking funds on the crowdfunding platform. This study identified and ranked crowdfunding success factors for stakeholders of crowdfunding platforms. Sixteen factors were identified and categorized under five broad headings. These were; project ideas, target capital, track records, geographical proximity and equity.

To rank the identified crowdfunding success factors and subfactors, this study used the Multi-Objective Optimization Based on Ratio Analysis (MULTIMOORA) integrated with the Evaluation based on Distance from Average Solutions (EDAS).

Target capital ranked first among the five categories—while duration involved in raising funds ranked first among the sixteen subfactors. An approach for analyzing how each success factor enhances a crowdfunding campaign was developed in this study. This study provides valuable insight to fund seekers on the crowdfunding platform on how funding success can be achieved by knowing which factor to consider essential when seeking funds on the crowdfunding platform.

This is the first study to explore crowdfunding success factors using the MULTIMOORA-EDAS method. The use of this method will help fund seekers on the crowdfunding platform to know which crowdfunding success factor is essential, thereby aiding fund seekers to make the best decision when seeking funds on the crowdfunding platform. Also, this study is particularly helpful for business owners, platform operators and policymakers when deciding how to allocate resources, plan campaigns and implement regulations.

The purpose of this study is to examine how crowdfunding backer perceptions of market orientation and foreignness impact crowdfunding performance in emerging economies.

Using content analysis software, the authors analyzed 756 Kickstarter campaign narratives from the emerging economies of Brazil, Russia, India, China, and South Africa for the period between 2009 and 2019.

The authors’ results show that behavioral market orientation signals are positively related to amounts raised while decision criteria signals are negatively related. The authors also find that foreign entrepreneur status interacts with the two market orientations to impact funding amounts.

When creating crowdfunding campaigns in emerging economies, domestic entrepreneurs should use high levels of behavioral market orientation rhetoric but low levels of decision criteria rhetoric within their campaign narratives.

This study unpacks the components of market orientation and examines their positive and negative effects on crowdfunding success in the context of emerging economies.