Crowdfunding social ventures: a model and research agenda

Othmar M. Lehner

Research output: Contribution to journalReview articlepeer-review

283 Citations (Scopus)


Crowdfunding (CF) in a social entrepreneurship (SE) context is praised in media narrations for its multifaceted potential. From an academic point of view, little has been written about CF as a whole, and enquiries from the SE sphere are mostly concerned with donation-based CF. This paper first reviews extant literature on financing social ventures and CF. Based upon the findings, the author draws up a schema of CF's inner workings and subsequently discusses it in an SE context. From this model, a research agenda consisting of eight themes is derived: types and utility functions; corporate governance; investor relations, reporting and risk; opportunity recognition; networking; legitimacy; financial metrics and legal and regulatory hurdles.
Original languageEnglish
Pages (from-to)289-311
Number of pages23
JournalJournal of Venture Capital
Issue number4
Publication statusPublished - Oct 2013


  • crowd
  • funding
  • financing
  • venturing
  • entrepreneurship
  • social investment


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