Organisational barriers and bridges to crowd openness in equity crowdfunding

Entrepreneurs can leverage investor networks generated in the course of equity-based crowdfunding campaigns to obtain extra financial resources. While much is known about how resources that improve venture success are configured, less attention has been paid organisational challenges involved their utilisation and overcome them. These represent an impediment crowd openness for new ventures. Through in-depth qualitative study 60 European equity crowdfunded ventures, we identify barriers—resource gap, trust gap information gap—to openness. We also specific bridges—coordination technology, stratification, mapping investors’ expertise network direct proactive communication—that reduce these barriers facilitate engagement with external actors.