An integrated analytical framework for identifying and prioritizing crowdfunding challenges and solutions

Crowdfunding (CF) has become a practical method for financing innovation and technology-based ventures, especially for startups, small and medium-sized enterprises (SMEs), and knowledge-based companies. However, this approach faces various challenges when viewed from three perspectives: (1) platforms, which act as intermediaries; (2) investors, who provide funds; and (3) investees, such as innovative and technology-oriented firms seeking capital. Drawing upon the concepts presented in previous research, this study integrates three separate Importance-Performance Analyses (IPA) and Focus groups to identify, prioritize, and compare the key obstacles each stakeholder encounters in the context of innovation-focused crowdfunding. Our findings suggest that while investors prioritize capital protection and timely returns, investees advocate for flexible fundraising terms and supportive regulations. Meanwhile, platforms emphasize the importance of robust legal backing, stable guidelines, and secondary market solutions. By aligning the unique priorities of these three stakeholder groups, the crowdfunding ecosystem can be strengthened, fostering more sustainable and effective financing for innovation and technology.