Crowdfunding: A Short Past and Long Future

Abstract

Early research on crowdfunding has shed light on the phenomenon by tapping on diverse theoretical perspectives but has remained largely siloed. In view of the fragmented literature on the topic, ample scholarly opportunities exist for addressing interesting research questions and studying crowdfunding at varying levels of analysis, contexts and geographies. In this paper, we seek to encourage future inquiries by identifying significant research gaps. We perform a systematic review of the fragmented literature and critically discuss the application of management theories at four distinct levels of analysis (fundraisers, projects, funders and platforms).

Keywords: crowdfunding, entrepreneurial finance, literature review

JEL Classification: D81, D82, D91, G41, L31, M13