Crowdfunding as a resource in business start-up processes

Crowdfunding (CF) represents a new tool to support either entrepreneurial or non-for profit projects. This new phenomenon has received an increasing attention by academic scholars, mostly focussed on understanding the main features of CF. The goal of this paper is to explore more in depth the nature and relevance of CF in terms of resource access and development through the analysis of participation of start-up firms to more than one CF project, including both equity (ECF) and non-equity (NCF) crowdfunding. To achieve this objective this paper adopts as conceptual framework the resource interaction approach developed within the IMP perspective. This preliminary analysis shows that CF represents at first a contingent opportunity to be exploited in the start-up initial dynamic stages, then it emerges as a viable resource - however complex to be managed - more carefully assessed and used also thanks to learning processes and increasing commitment by start-up entrepreneurs, within a growing integrated CF orientation. CF campaigns allow also for interacting with experts providing useful technical feedback, for mapping potential markets, segments and customers and more importantly to gain brand and product visibility and reputation.