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The role of equity crowdfunding campaigns in shaping firm innovativeness: evidence from Italy

Author

Listed:
  • Giuseppe Valenza
  • Marco Balzano
  • Mario Tani
  • Andrea Caputo

Abstract

Purpose - This paper aims to contribute to the scientific debate concerning the impact of equity crowdfunding on the performance of crowdfunded firms after campaigning. To this aim, the purpose of this paper is to investigate the relationship between the characteristics of the campaign and the subsequent firm innovativeness. Design/methodology/approach - This study adopts a quantitative research approach to evaluate if the entrepreneurial choices affecting the characteristics of the equity crowdfunding campaigns have an impact on the post-campaign firm innovativeness. Findings - The results of the models show that the campaign characteristics have a direct impact on the firm innovativeness, both in terms of offering and communication and the campaign performance. Originality/value - This paper presents one of the first studies to investigate the relationship between the choice of campaign characteristics and the post-campaign firm innovativeness. As such, the study contributes to both the literature concerning start-up innovation and the literature about the impact of equity crowdfunding.

Suggested Citation

  • Giuseppe Valenza & Marco Balzano & Mario Tani & Andrea Caputo, 2023. "The role of equity crowdfunding campaigns in shaping firm innovativeness: evidence from Italy," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 26(7), pages 86-109, January.
    • Handle: RePEc:eme:ejimpp:ejim-04-2022-0212
    DOI: 10.1108/EJIM-04-2022-0212
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    1. 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).
    2. Francesco Fasano & Maurizio La Rocca & F. Javier Sánchez-Vidal & Yassine Boutouar, 2025. "Why SMEs go to crowdfunding? The role of financial constraints and agency issues," Small Business Economics, Springer, vol. 65(2), pages 1183-1207, August.
    3. Barone, Simona & Oggero, Noemi & Damilano, Marina & Battisti, Enrico, 2026. "Crowdfunding and the sustainability dilemma: Do sustainable-oriented campaigns perform better? A machine learning approach," Technovation, Elsevier, vol. 149(C).
    4. Bottaro, Carlotta & Cesaroni, Fabrizio & Fasano, Mattia & Staglianò, Raffaele, 2025. "Innovation, team creativity, and intellectual property in equity crowdfunding: a fuzzy and disaggregated approach," Finance Research Letters, Elsevier, vol. 86(PG).

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