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Crowdfunding is a rapidly growing phenomenon in theory and practice. A significant gap exists between theoretical literature and empirical evidence regarding the volumes of crowdfunding and the quality of firms that use crowdfunding.

This is one of the first articles that offers a theory of entrepreneurs' choice between debt, equity and crowdfunding (reward-based). It uses a game-theoretic model where information about the expected quality of products developed by entrepreneurs is asymmetric.

We argue that in most cases crowdfunding is at the end of pecking order. The payments in the form of pre-orders come before the project investment is made making the entrepreneur's profit independent of actual quality of the product creating a strong ground for cross-subsidies of low-quality entrepreneurs by high-quality entrepreneurs in a pooling equilibrium.

The paper is consistent with some well-known empirical phenomena on crowdfunding, e.g. relatively small volumes of crowdfunding vs traditional funding, low volumes of reward-based crowdfunding vs debt-based and equity-based crowdfunding and excess entry of low-quality firms to crowdfunding market. We further compare this approach with an approach based on asymmetric information about the cost of production/investment (as in Belleflamme et al. (2014) and some other papers) and argue that even though some predictions maybe close under some general assumptions both approaches lead to qualitatively different results.

In times of economic crisis, many eyes turn to entrepreneurship, which has become a key element of the economy. Consequently, interest in supporting entrepreneurs has increased. This study aims to detect the configurations of success or failure that may help entrepreneurs’ public orientation.

This study used data from the latest economic crisis in a region with high levels of unemployment. The authors studied 2,210 entrepreneurs from Andalusia (Spain). From each, the authors analysed 207 variables and applied the fuzzy version of qualitative comparative analysis (fsQCA). This methodology allowed the authors to infer causality between combinations of factors and positive/negative effects.

The authors concluded that there are at least two profiles that should be avoided when starting a business; both refer to projects in quite attractive sectors: an environment with high concentration and survival rates, and when not enough education or high assets turnover is expected.

It was difficult to obtain a complete database to replicate a study in another region. Moreover, the data corresponded to a period of economic crisis, and the results may not be valid for a more favourable period. Regarding the implications, there have been several unsuccessful attempts in the literature to find a linear association between factors and entrepreneurial success. For instance, linear regressions do not allow us to properly relate the simultaneous presence/absence of various characteristics to success/failure; hence, it is necessary to consider the non-linear and asymmetric relationships between the variables.

The most attractive sectors for entrepreneurs carry considerable risk for the success of the future business, since “greed clouds judgment”, and high expectations can outweigh other motivations. Support services should filter out candidates with insufficient training or excessive expectations.

The techniques used in this study allow the consideration of explanatory variables that are not independent of each other, and the subjective aspects of some of the analysed characteristics are examined.

This study aims to explore the structure and dynamics of Qatar’s crowdfunding ecosystem to support economic diversification and enhance entrepreneurial activities. This research focuses on analyzing the development of the industry, its regulatory environment and the collaborative dynamics among stakeholders.

This study used network analysis and Monte Carlo simulations to examine the interplay between various stakeholders, including entrepreneurs, to understand their roles and interconnections. This study also simulated different economic scenarios to evaluate the potential impact of crowdfunding under various market conditions and regulatory frameworks.

The analysis reveals a moderate level of crowdfunding activity characterized by conservative fundraising outcomes. The key factors identified include the pivotal role of a supportive regulatory framework and the necessity of robust stakeholder collaboration and infrastructure to ensure the industry’s resilience and growth.

The findings are constrained by the simulated scenarios and the current state of the crowdfunding market in Qatar, suggesting that further research could explore emerging trends as the market evolves.

This study provides actionable recommendations for policymakers and regulatory authorities to boost a conducive environment for crowdfunding platforms. This includes enhancing connectivity among stakeholders and building robust infrastructure to support industry growth.

This study underlines the significant social benefits of crowdfunding, including promoting innovation, supporting economic growth and facilitating entrepreneurship. These elements are vital to Qatar’s broader economic diversification strategy.

This study provides original insights into the crowdfunding landscape in Qatar, particularly in terms of strategic planning and risk management, using advanced simulation techniques to predict the outcomes of different regulatory and economic scenarios.

Extant studies in entrepreneurship have explored factors that influence the birth and growth of start-up firms; however, there appears to be a dearth of studies examining the influence of founders' ambidextrous orientation on start-ups' success, especially their speed of attaining the coveted status of a “unicorn start-up” – which is considered a mega success in practice. This study examines whether and how founding teams’ collective ambidextrous orientation influences their respective start-ups’ pace of becoming a “unicorn”.

This study empirically analyses 220 interviews by the founders of 83 Indian unicorns in examining the influence of the founding teams’ collective exploration-exploitation capability on their firms' speed to achieve the “unicorn” status. The Cox Hazard model was used to test the hypothesized relationships, and linear ordinary least squares (OLS) regression was used to test the robustness of the results.

The authors find a strong positive relationship between founding teams’ ambidextrous skills and the speed of becoming a unicorn. The study results suggest that the founding teams’ collective exploratory skills may be more influential in their start-up’s speed to unicorn status vis-à-vis their exploitative skills.

This study finds that the founding teams’ ambidextrous orientation and exploratory skills accelerate their start-up’s speed to becoming a unicorn, contributing to the academic discourse on the “unicorn” phenomenon, which is widely acknowledged as a grand success status for start-ups—especially technology and venture capital funded start-ups—among the practitioners. This study contributes to the academic discourse on firm capabilities and founding-team-related antecedents of start-up success by raising a new dimension of the founding team’s ambidextrous orientation.