Equity crowdfunding: how dynamic capabilities matters for the implementation of a successful project

Purpose: The aim of this article is to introduce a new dimension of analysis as driver for equity crowdfunding campaign success. This new dimension is the firm, considered under a dynamic capabilities lens. The article tries to analyse if and why firms with more dynamic capabilities are more likely to succeed in an equity crowdfunding campaign. Design/methodology/approach: The paper will be conceptual due to the novelty of his purpose. It develop hypothesis matching two topics, the dynamic capability theory and the topic exploring the determinant of crowdfunding campaign success. Findings: Dynamic capabilities could be an important driver for equity crowdfunding campaign success. Different capabilities have different role in an equity crowdfunding campaign process. Dynamic capabilities play an important role in the design of equity crowdfunding campaign. Research limitation/implication: The main limitation is due to the conceptual nature of this article. This is a first attempt to provide theoretical foundation of the link dynamic capabilities/equity crowdfunding campaign. Future researcher could find empirical evidence of this link through case study or quantitative analysis of successful equity crowdfunding campaign. Practical implication: Managers of firms interested in promoting an equity crowdfunding campaign could find interesting practical implication. Before promote the campaign they must develop dynamic capabilities in order to have more probability of success. Originality/value: This is the first attempt of putting together dynamic capabilities and equity crowdfunding. In addition this paper provide a new theoretical model that facilitate the interpretation of equity crowdfunding even allowing the introduction of a new dimension of analysis, the firm. This new model is based on the cycle firm-campaign-crowd.