Serial crowdfunding in start-up development: a business network view

Purpose Even though the crowdfunding (CF) literature is rapidly reaching its maturity phase, the topic of serial CF (i.e. the participation in more than one CF campaign) is as much promising as still largely under explored. This study thus aims to offer a thorough view of the dynamic and complex processes characterizing the participation of the start-ups to more than one campaign adopting a business network perspective. Design/methodology/approach In line with an explorative research aim, a multiple case study analysis is performed by taking into consideration four start-ups engaged in more than one CF campaigns with different combinations of equity and non-equity CF, adopting the actor–resource–activity (ARA) model as theoretical framework. Findings Multiple CF campaigns are embedded in the overall changing startup’s network and are affected by the concurrent and overlapping startup’s development processes. From this standpoint, the adoption of the ARA model suggests to reconsider the “serial” dimension of multiple CF campaigns. These processes can be more or less “linear” as they could be affected by the combination of CF schemes and by the degree of alignment of actors, activities and resources, whose “assembly” can be facilitated by learning processes and impaired by unexpected circumstances. Originality/value This paper explores in depth the startup’s serial CF journey, building on recent studies calling for stronger analyses of the directions and outcomes of innovative funding trajectories pursued and implemented by new business ventures. From this standpoint, to the best of the authors’ knowledge, this is the first study to consider a complete spectrum of combinations between CF schemes within serial CF, thus allowing for a better understanding of the role of such a factor within a dynamic and contextual view, that is, that offered by the business network perspective. This paper also contributes to the Industrial Marketing and Purchasing research on start-ups.