University of Oulu

Troise, C., Battisti, E., Christofi, M. et al. How Can SMEs Use Crowdfunding Platforms to Internationalize? The Role of Equity and Reward Crowdfunding. Manag Int Rev 63, 117–159 (2023).

How can SMEs use crowdfunding platforms to internationalize? : the role of equity and reward crowdfunding

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Author: Troise, Ciro1; Battisti, Enrico1; Christofi, Michael2;
Organizations: 1University of Turin, Turin, Italy
2Cyprus University of Technology, Limassol, Cyprus
3University of Oulu, Oulu, Finland
4University of Birmingham, Birmingham, UK
Format: article
Version: accepted version
Access: open
Online Access: PDF Full Text (PDF, 0.8 MB)
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Language: English
Published: Springer Nature, 2022
Publish Date: 2023-01-19


Despite the exponential growth of crowdfunding in recent years, research on the role it plays in business internationalization is still embryonal. Building on the Resource Based View (RBV) and Knowledge Based View (KBV), this study explores how SMEs can use equity crowdfunding (ECF) and reward crowdfunding (RCF) to internationalize and the related potential limitations. Using an inductive qualitative research design, based on multiple case studies of Italian SMEs, our study showed that ECF and RCF models help SMEs in acquiring the financial resources needed to internationalize and, at the same time, offer significant added value to their internationalization. Our findings support the idea that ECF and RCF play a key role in helping companies to overcome their resource limitations in regard to internationalization, not only in terms of the provision of financial resources but, above all, by compensating for any lack of knowledge on aspects relevant to the internationalization process. Furthermore, our results show the limitations of SMEs use of crowdfunding in order to internationalize (i.e., a lack of ad hoc e-commerce policies in relation to equity crowdfunding and to the regulation of the pre-ordering mechanism in the reward model). This paper concludes by discussing the theoretical and managerial contributions to the international business domain, and highlighting fruitful avenues for future studies.

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Series: Management international review
ISSN: 0938-8249
ISSN-E: 1861-8901
ISSN-L: 0938-8249
Volume: 63
Pages: 117 - 159
DOI: 10.1007/s11575-022-00493-y
Type of Publication: A1 Journal article – refereed
Field of Science: 512 Business and management
Copyright information: © The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2022. This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: