The Role of Stakeholders in Crowdfunding Success: Insights From a Systematic Literature Review

Abstract

In the last decade, crowdfunding has emerged as a pivotal innovation in financial and entrepreneurial ecosystems, reshaping how projects are funded and how investors interact with emerging ventures. This paper conducts a systematic review of crowdfunding literature from 2010 to 2020 using the PRISMA method, focusing on the roles and interactions of diverse stakeholders within the crowdfunding framework. By integrating stakeholder theory, the study examines how alignment of stakeholders’ interests—ranging from founders and backers to crowdfunding platforms and regulatory bodies—contributes to the success of crowdfunding initiatives. The review highlights the evolution of crowdfunding, not only as a funding tool but also as a community-building platform that leverages Web 2.0 technologies to foster interactive engagement. Findings suggest that successful crowdfunding requires more than financial transactions; it necessitates a robust ecosystem where stakeholders’ expectations and contributions are clearly understood and managed. The study contributes to academic and practical understandings of crowdfunding by delineating the dynamics between various stakeholders and providing insights into how these relationships influence the outcomes of crowdfunding campaigns. Future research directions are suggested, including deeper exploration of the regulatory impacts and the long-term sustainability of crowdfunding as a finance model.