Innovation, team creativity, and intellectual property in equity crowdfunding: a fuzzy and disaggregated approach

This study investigates how project radicalness, team creativity, and intellectual property influence
the success of equity crowdfunding (ECF) campaigns. Using fuzzy-set Qualitative Comparative
Analysis (fsQCA) on a sample of 42 campaigns from Italian ECF platforms, we explore the
configurations of innovation-related dimensions that lead to successful fundraising outcomes. Our
findings reveal that no single factor guarantees success. Rather, specific combinations of innovation
dimensions are crucial. These results support a contingent perspective and offer practical
insights for campaign designers and platform managers seeking to optimise innovation signalling
in ECF.