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Pathways to success in equity crowdfunding for sustainable startups: A configurational perspective

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  • Mello, Lucas Pereira de
  • Moraes, Gustavo Hermínio Salati Marcondes de
  • Fischer, Bruno Brandão
  • Vicentin, Damaris Chieregato

Abstract

Equity crowdfunding (ECF) has emerged as an alternative source of capital for startups, especially in emerging economies where traditional finance is less accessible. For sustainable startups, ECF offers not only funding but also legitimacy and visibility. Yet little is known about which campaign-level conditions explain success in these contexts. This study analyzes 49 campaigns from 44 Brazilian startups with self-declared sustainable models, applying fuzzy-set Qualitative Comparative Analysis to two outcomes: funding percentage and amount raised. Results reveal configurational pluralism with contextual contingencies. While multiple sufficient configurations lead to success, they cluster by business model archetype. Socially oriented archetypes achieve high funding percentages through sustainability narratives and endorsements, whereas technology-oriented archetypes raise higher amounts via professional investors, syndicates, governance signals, qualified teams, and financial disclosures. Contributions include: (i) integrating sustainability salience with governance, investor engagement, and disclosure in a set-theoretic framework; (ii) distinguishing legitimacy-related success (funding percentage) from capitalization (amount raised); and (iii) outlining context-sensitive pathways to funding success. Practically, entrepreneurs should align strategies with core strengths rather than attempt to meet all criteria. By situating evidence in the Brazilian ECF market, the paper advances understanding of sustainable finance in emerging economies and offers actionable implications for researchers, platforms, and founders.

Suggested Citation

  • Mello, Lucas Pereira de & Moraes, Gustavo Hermínio Salati Marcondes de & Fischer, Bruno Brandão & Vicentin, Damaris Chieregato, 2026. "Pathways to success in equity crowdfunding for sustainable startups: A configurational perspective," Technological Forecasting and Social Change, Elsevier, vol. 222(C).
    • Handle: RePEc:eee:tefoso:v:222:y:2026:i:c:s0040162525004251
    DOI: 10.1016/j.techfore.2025.124394
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