Crowdfunding Platforms as Focal Actors in an Entrepreneurial Ecosystem: An Interdisciplinary Value Perspective

Research into Crowdfunding (CF) rarely uses a holistic view on the role of relevant actors and their activities. We thus demonstrate this gap and need from literature and apply an ecosystem perspective to study the influence of crowdfunding platforms (CFPs) as focal actors on the field from a neo-institutional perspective. We look at the structure (focus on interaction through activities) and affiliation (focus on interconnectedness of actors) of multiple case studies of CFPs and ventures to develop five propositions that enable us to build early theory on CF as an entrepreneurial ecosystem that includes an apt conceptualization of the interconnectedness between actors and activities, positions and links in order to create value - with CFPs as powerful central actors.