Towards financing the entrepreneurial SMEs: exploring the innovation drivers of successful crowdfunding via a multi-layer decision-making approach

Purpose In this research, extracting the innovation drivers of successful crowdfunding from literature review, screening them for entrepreneurial small- and medium-sized enterprises (SMEs), analysing cause-and-effect relationship amongst presenting a basic causal conceptual model eventually determining importance/weight each relevant driver were primary purposes research. As result, authors have also designed score function to measure future innovative SMEs. Design/methodology/approach A multi-layer multi-criteria decision-making (MCDM) approach has been employed achieve research objectives. After initial list drivers, Fuzzy Delphi was applied screen Decision-making trial evaluation laboratory (DEMATEL) used analyse illustrate model. Analytical network process (ANP) Stepwise Weight Assessment Ratio Analysis (SWARA) determine importance by aggregating score. Findings Initially, 28 extracted literature. Then employing first-round fuzzy method 15 international entrepreneurs in SMEs, including eleven items, screened selected. implementing DEMATEL method, these identified, seven determined as causes rest effects. Subsequently, based on analysis designed. Eventually, weight emanated SWARA, DANP, measuring situation an SME Practical implications According scores influential factors developing countries recognised two times more prominent countries. This might be rooted circumstances where many startups SMEs are emerging vast areas different fields due investment management. countries, authorities officials support companies empower their capabilities ideas (1) deal with severe competitive market (2) benefit potential economic engines. Therefore, platforms public initiatives can considered one most effective government supports, which may involve financial risks. Originality/value To best knowledge authors, investigating via quantitative approaches not previously. Moreover, area. combination MCDM methods, Delphi, DEMATEL, ANP investigate