Selection of a crowdfunding platform by entrepreneurs using a multi-criteria approach: an application to green energy investment projects

IF 13.3 1区管理学 Q1 BUSINESS Technological Forecasting and Social Change Pub Date : 2025-02-07 DOI:10.1016/j.techfore.2025.124034

Rocío Rocha , Rebeca García-Ramos , Ángel Cobo

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Abstract

In the context of crowdfunding, one of the most important decisions entrepreneurs face is selecting an online crowdfunding platform (CFP) to seek financing for their projects. However, there is limited knowledge on the characteristics of CFPs, which are often characterized by qualitative factors that are difficult to measure. To fill this gap, this study presented an assessment framework for evaluating CFPs based on the Multiple Criteria Decision-Making (MCDM) theory. We proposed an evaluation and selection model for the most suitable CFP for an investment project based on seven criteria that encompass its main characteristics. By applying the Fuzzy Technique for Order Preference by Similarity to Ideal Solution (fuzzy TOPSIS), we presented a practical application for a green energy investment project within the Spanish context. Focusing on equity CFPs, a final sample of six feasible platforms was evaluated. The results of this study could be of interest to entrepreneurs, investors, and academics as they provide information about the criteria for selecting the best CFP to obtain financing.

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企业家使用多标准方法选择众筹平台：绿色能源投资项目的应用

在众筹的背景下，企业家面临的最重要的决策之一是选择一个在线众筹平台（CFP）为他们的项目寻求融资。然而，对CFPs特征的了解有限，其特征往往是难以测量的定性因素。为了填补这一空白，本研究提出了一个基于多标准决策（MCDM）理论的CFPs评估框架。我们基于包含投资项目主要特征的七个标准，提出了最适合投资项目的CFP评估和选择模型。通过应用Fuzzy TOPSIS (Order Preference By Similarity to Ideal Solution)，我们在西班牙的一个绿色能源投资项目中给出了一个实际应用。以股权cfp为重点，对六个可行平台的最终样本进行了评估。本研究的结果可能会引起企业家、投资者和学者的兴趣，因为它们提供了关于选择最佳CFP获得融资的标准的信息。

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来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

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