Organisational Barriers and Bridges to Crowd Openness in Equity Crowdfunding

Francesca Di Pietro (Corresponding author), Marcel L.A.M. Bogers, Andrea Prencipe

Research output: Contribution to journalArticleAcademicpeer-review

18 Citations (Scopus)
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Entrepreneurs can leverage investor networks generated in the course of equity-based crowdfunding campaigns to obtain extra financial resources. While much is known about how the resources that improve venture success are configured, less attention has been paid to the organisational challenges involved in their utilisation and how to overcome them. These challenges represent an impediment to crowd openness for new ventures. Through an in-depth qualitative study of 60 European equity crowdfunded ventures, we identify the organisational barriers –resource gap, trust gap, and information gap– to crowd openness. Also, we identify specific bridges –coordination technology, crowd stratification, mapping investor’s expertise and network, and direct and proactive communication– which reduce these barriers and facilitate engagement with external actors.
Original languageEnglish
Article number120388
Number of pages14
JournalTechnological Forecasting and Social Change
Publication statusPublished - Jan 2021


  • Crowd openness
  • Equity crowdfunding
  • Open innovation
  • Organisational barriers
  • Organisational bridges


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