Start-ups, entrepreneurial networks and equity crowdfunding: a processual perspective

Ross Brown, Suzanne Mawson, Alexander Rowe

Research output: Contribution to journalArticlepeer-review

64 Citations (Scopus)
14 Downloads (Pure)


This paper outlines findings from a large-scale interview based study of start-ups who obtained equity crowdfunding in the UK. It takes a novel integrative approach towards the analysis of entrepreneurial networks by examining both personal and business networks involved in the equity crowdfunding process. Adopting a processual perspective, the empirical findings show that networks and social capital play a critical role in the crowdfunding process. Start-ups leverage, build and draw upon a complex array of network actors and 'ties' as they move through the different stages of their crowdfunding journey. The paper shows that this form of funding confers important relational benefits to recipients which amount to 'more than money'. It concludes that equity crowdfunding is a highly 'relational' form of entrepreneurial finance, requiring holistic forms of empirical investigation. Implications for theoretical development, managerial practice and further research are outlined.
Original languageEnglish
Pages (from-to)115-125
JournalIndustrial Marketing Management
Early online date14 Feb 2018
Publication statusPublished - Jul 2019


  • Entrepreneurship
  • Start-ups
  • Equity crowdfunding
  • Social networks
  • Business networks
  • Entrepreneurial networks


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