Crowdfunding: What Do We Know So Far?

Crowdfunding is an innovative financial instrument that is continuously gaining importance in research and practice. In order to promote the economic and theoretical discussion on this topic, a systematic overview of the literature is essential. The present work represents a literature-based research on crowdfunding to determine which research topics have been addressed so far and whether or not a focus has been developed on a particular topic, research stream, and model. The literature review identified 90 scientific papers, published between 2011 and 2016. The study consequently develops seven research areas: individual, managerial, legal, platform-based, sustainability-based, innovation-related, and conceptual. Through this conceptualization and the presentation of the current state of the research as well as the determination of the future research potential, this work is relevant for the academic debate on the organizational implications on crowdfunding. In addition, the review supports practitioners, or in particular crowdfunding initiators, to understand how crowdfunding mechanisms function and to deduce consequences for successful crowdfunding.