Success drivers of online equity crowdfunding campaigns

Anna Lukkarinen, Jeffrey E. Teich, Hannele Wallenius, Jyrki Wallenius*

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

210 Citations (Scopus)
1252 Downloads (Pure)


While equity crowdfunding provides ventures with an opportunity to collect funding from a large base of investors, many campaigns tend to remain unsuccessful. We draw from two fields of financing adjacent to equity crowdfunding, venture capital (VC) and angel investing, as well as rewards-based crowdfunding, to develop an understanding of the drivers of investment decisions in equity crowdfunding. Using data from a leading equity crowdfunding platform in Northern Europe, we explore factors that drive the number of investors and amount of funding attracted by equity crowdfunding campaigns. The results suggest that the investment decision criteria traditionally used by VCs or business angels are not of prime importance for success in equity crowdfunding. Instead, success is related to pre-selected crowdfunding campaign characteristics and the utilization of private and public networks. The findings are relevant for the decision making of entrepreneurs and crowdfunding platforms, as both parties benefit from campaign success.

Original languageEnglish
Pages (from-to)26-38
Number of pages13
JournalDecision Support Systems
Publication statusPublished - 1 Jul 2016
MoE publication typeA1 Journal article-refereed


  • Entrepreneurial finance
  • Equity crowdfunding
  • New ventures
  • Online platforms
  • Start-ups
  • Success drivers


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