The Crowd Beyond Funders: An Integrative Review of and Research Agenda for Crowdfunding

Crowdfunding, or soliciting small contributions from large and dispersed crowds through online platforms, is an increasingly indispensable strategy for established firms, young ventures, and aspiring entrepreneurs alike. Synthesizing research in the fields of management, entrepreneurship, innovation, operations, information systems, and marketing, we conduct an integrative review of the crowdfunding research accumulated over the past decade. We aim to break down disciplinary silos to develop a framework that integrates insights across research communities. We identify three underlying dimensions that differentiate extant research: the goal of the campaigner, the role of the crowd, and the boundary of the crowdfunding event. Scholars have brought two perspectives to bear on these questions: an elemental perspective and a processual perspective. We outline an integrative model that takes account of crowdfunding as a process involving heterogeneous participants with idiosyncratic monetary and non-monetary goals at different stages. Our multidisciplinary review of this expanding body of literature not only integrates dispersed insights but also, more importantly, stimulates a future research agenda that goes beyond the traditional boundaries of crowdfunding research.