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Success drivers of equity crowdfunding campaign. Empirical evidence from Poland

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Listed:
  • Magdalena Swacha-Lech

    (Wroclaw University of Economics and Business)

  • Robert Kurek

    (Wroclaw University of Economics and Business)

Abstract

The 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 in Poland, 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.

Suggested Citation

  • Magdalena Swacha-Lech & Robert Kurek, 2025. "Success drivers of equity crowdfunding campaign. Empirical evidence from Poland," E&M Economics and Management, Technical University of Liberec, Faculty of Economics, vol. 28(1), pages 82-97, March.
  • Handle: RePEc:bbl:journl:v:28:y:2025:i:1:p:82-97
    DOI: 10.15240/tul/001/2024-5-024
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    References listed on IDEAS

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    1. Walthoff-Borm, Xavier & Schwienbacher, Armin & Vanacker, Tom, 2018. "Equity crowdfunding: First resort or last resort?," Journal of Business Venturing, Elsevier, vol. 33(4), pages 513-533.
    2. Regan Stevenson & Sean R. McMahon & Chaim Letwin & Michael P. Ciuchta, 2022. "Entrepreneur fund-seeking: toward a theory of funding fit in the era of equity crowdfunding," Small Business Economics, Springer, vol. 58(4), pages 2061-2086, April.
    3. Alice Rossi & Silvio Vismara, 2018. "What do crowdfunding platforms do? A comparison between investment-based platforms in Europe," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(1), pages 93-118, March.
    4. Silvio Vismara, 2022. "Expanding corporate finance perspectives to equity crowdfunding," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1629-1639, December.
    5. Silvio Vismara, 2018. "Information Cascades among Investors in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 42(3), pages 467-497, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Campaign success; non-financial motive; non-financial benefits; acquisition of product and market knowledge; alternative finance;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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