Crowd Equity Investors: An Underutilized Asset for Open Innovation in Startups

Francesca Di Pietro, Andrea Prencipe, Ann Majchrzak · 2017 · California Management Review

Summary. Startups that actively engage with investor networks from equity crowdfunding campaigns perform better than those that don't. A study of 60 European startups found that successful founders leverage crowd investors for product, strategy, and market knowledge. Startups using these crowd networks show significantly higher success rates two years later, demonstrating that equity crowdfunding investors represent an underutilized resource for open innovation.

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Pietro, F. D., Prencipe, A., & Majchrzak, A.. (2017). Crowd Equity Investors: An Underutilized Asset for Open Innovation in Startups. California Management Review. https://doi.org/10.1177/0008125617738260

@article{pietro-2017-crowd-equity-investors-underutilized-asset,
  title   = {Crowd Equity Investors: An Underutilized Asset for Open Innovation in Startups},
  author  = {Francesca Di Pietro and Andrea Prencipe and Ann Majchrzak},
  journal = {California Management Review},
  year    = {2017},
  doi     = {10.1177/0008125617738260},
  url     = {https://doi.org/10.1177/0008125617738260}
}

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TI  - Crowd Equity Investors: An Underutilized Asset for Open Innovation in Startups
AU  - Francesca Di Pietro
AU  - Andrea Prencipe
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Details

DOI: 10.1177/0008125617738260
Countries: European countries
Categories: entrepreneurship, funding, innovation-networks, general-innovation
Added: 2026-04-28