Crowd-funding to promote women entrepreneurship: a systematic literature review of the empirical studies conducted in the last decade (2012–2023)

Abstract

Purpose

It aims to understand crowdfunding’s effect on women’s entrepreneurship and summarize key findings, methods, and challenges women face in using crowdfunding for financing.

Design/methodology/approach

This literature review examines 36 empirical studies on crowdfunding use by women entrepreneurs. It follows the PRISMA framework, using Scopus and citation tracking to categorize studies on crowdfunding’s potential to empower women financially and address their barriers to accessing finance.

Findings

The review identified seven key themes: opportunities and challenges for women in crowdfunding, equity crowdfunding’s potential, gender differences in crowdfunding outcomes, the role of social capital and networks, investor trust and decision-making, the influence of language, communication, and platform design, and the importance of considering intersectionality and context. Crowdfunding offers women entrepreneurs access to capital and helps them overcome traditional financing barriers. Women-led campaigns achieve comparable or even higher success rates compared to their male counterparts. However, under-representation, lower funding requests, pitching difficulties, and limited access to networks remain as challenges.

Research limitations/implications

This study has limitations inherent to systematic reviews, including potential methodological flaws or biases in the included studies and the exclusion of relevant studies due to time and resource constraints.

Practical implications

Crowdfunding can be promoted as a viable financing option for women entrepreneurs and design targeted initiatives to support them. Building social capital, enhancing financial literacy, and creating networking opportunities can contribute to their success in navigating crowdfunding platforms effectively.

Originality/value

This review offers a comprehensive analysis of empirical studies conducted between 2012 and 2023. It provides up-to-date insights, identifies key themes, and offers actionable recommendations for policymakers and organizations seeking to support women entrepreneurs in effectively accessing and utilizing crowdfunding platforms.