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Crowdfunding business models through the lens of sustainable development: A taxonomy for backers and funders

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  • Cerchione, Roberto
  • Liccardo, Giuseppe
  • Passaro, Renato

Abstract

Sustainable entrepreneurship has emerged as a key driver in addressing environmental and societal challenges through innovation. However, sustainable ventures often struggle to secure funding due to the perceived trade-off between financial returns and sustainability goals. This paper, through a systematic literature review, proposes a taxonomy of crowdfunding (CF) business models linking backers' motivations to the environmental, social and governance (ESG) dimensions of the projects. This taxonomy, highlighting the importance of aligning CF business model with the specific sustainable project objectives, offers entrepreneurs the opportunity to effectively support their innovative and sustainable ideas through a strategically appropriate approach.

Suggested Citation

  • Cerchione, Roberto & Liccardo, Giuseppe & Passaro, Renato, 2025. "Crowdfunding business models through the lens of sustainable development: A taxonomy for backers and funders," Finance Research Letters, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:finlet:v:78:y:2025:i:c:s1544612325003472
    DOI: 10.1016/j.frl.2025.107084
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