Success drivers of equity crowdfunding campaign. Empirical evidence from Poland

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dc.contributor.authorSwacha-Lech, Magdalena
dc.contributor.authorKurek, Robert
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2025-03-13T09:28:55Z
dc.date.available2025-03-13T09:28:55Z
dc.description.abstractThe success factors of equity crowdfunding are already well recognized in the literature but have not previously been studied in Poland. The aim of the paper is to fill the research gap by identifying the determinants of equity crowdfunding success in Poland based on empirical data. The article investigates whether and how entrepreneurs’ conscious use of the non-financial benefits linked to equity crowdfunding (ECF) influences the campaign’s success in Poland. We used data from a survey on the determinants of the success of equity crowdfunding. We conducted the survey using CAWI and CATI methods between September 2021 and January 2022 in collaboration with the Biostat Research and Development Centre as well as Beesfund, Crowdway and FindFunds platforms. Fifty-six companies accepted the invitation to participate in the study. Ultimately, the logistic regression model estimation was based on data obtained from 49 companies (28 of which had already succeeded in the equity crowdfunding campaign). Using the acquired data, we estimated a logistic regression model. As the results of our research show, the likelihood of campaign success is increased by the perception of equity crowdfunding as a tool enabling the acquisition of product and market knowledge, while using this form of financing mainly to obtain funds adversely affects the likelihood of campaign success. The results confirm that inPoland, as in other European countries, equity crowdfunding is no longer seen as a source of last-resort funding but is becoming more than just a fundraising tool. We recommend that entrepreneurs who plan to use this form of financing take advantage of the knowledge and experience of investors and treat equity crowdfunding as a strategic or first choice.en
dc.formattext
dc.identifier.doi10.15240/tul/001/2024-5-024
dc.identifier.eissn2336-5604
dc.identifier.issn1212-3609
dc.identifier.urihttps://dspace.tul.cz/handle/15240/176761
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
dc.relation.ispartofEkonomie a Managementcs
dc.relation.ispartofEconomics and Managementen
dc.relation.isrefereedtrue
dc.rightsCC BY-NC
dc.subjectCampaign successen
dc.subjectnon-financial motiveen
dc.subjectnon-financial benefitsen
dc.subjectacquisition of product and market knowledgeen
dc.subjectalternative financeen
dc.subject.classificationG32
dc.subject.classificationM13
dc.titleSuccess drivers of equity crowdfunding campaign. Empirical evidence from Polanden
dc.typeArticleen
local.accessopen
local.citation.epage97
local.citation.spage82
local.facultyFaculty of Economics
local.filenameEM_1_2025_6
local.fulltextyes
local.relation.abbreviationE+Mcs
local.relation.abbreviationE&Men
local.relation.issue1
local.relation.volume28
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