This paper provides a review on crowdfunding in order to identify the state of art in the literature. The review was carried out using Scopus and Web of Science databases from 1960 to 2014. A total of twenty-nine papers were selected and analyzed. The content analysis of the papers highlights a research gap which allows to identify a research question regarding the existing business models supporting the process of crowdfunding. In order to provide an answer to this research question, this paper proposes a taxonomy of crowdfunding business models according to three types of motivations driving people to fund a project: social motivation, material motivation and financial motivation. This taxonomy offers to large firms and also to small and medium enterprises the opportunity to identify a set of business models that can be used to obtain funds and finance their projects. to cite this paper: Centobelli P., Cerchione R., Esposito E., Raffa M. (2016). “The Revolution of Crowdfunding in social knowledge economy: Literature Review and Identification of Business Models”, Advanced Science Letters, 22, 1666-1669. to link to this paper: doi:10.1166/asl.2016.6721

1. The revolution of crowdfunding in social
knowledge economy
Piera Centobelli*, Roberto Cerchione**, Emilio Esposito***, Mario Raffa****
Department of Industrial Engineering - University of Naples Federico II
P.le Tecchio, 80 - 80125 Naples - Italy
* piera.centobelli@unina.it, ** roberto.cerchione@unina.it,
*** emilio.esposito@unina.it, **** mario.raffa@unina.it
to cite this paper: Centobelli P., Cerchione R., Esposito E., Raffa M. (2016).
“The revolution of crowdfunding in social knowledge economy: Literature review
and identification of business models”, Advanced Science Letters, 22, 1666-
1669.
to link to this paper: doi:10.1166/asl.2016.6721

2. The purpose of this paper!
The aim of this paper is to provide an updated comprehensive overview on
crowdfunding that considers simultaneously
three perspectives:
Roberto Cerchione
University of Naples, Federico II
7
Unit of
analysis
ProcessTopic Area

3. Agenda
 Background
1. The systematic review process
 Methodology
1. Phase of papers selection
2. Phase of descriptive and content analysis of the selected papers
 Literature gaps recognition
 Research questions
 Future directions

4. 2
The systematic review process
3
Pittaway et al. (2004) Petticrew and Roberts (2006) Easterby-Smith et al. (2012)
Propose a systematic literature review
process organised into 10 steps:
1. Identification of key words;
2. Construction of search strings;
3. Initial search and identification of
further key words;
4. Choice of the citation databases;
5. Review of the selected citation
databases using the search
strings;
6. Review of the citations identified
according to the inclusion and
exclusion criteria;
7. Review of the citation abstracts
and separation into different lists;
8. Encoding of abstracts according
to their content;
9. Review of significant articles;
10. Added of Additional articles,
according to professional
recommendation and references
from reviewed articles.
Propose a systematic literature review
process organised into 12 steps:
1. Define the question;
2. Consider drawing together a
steering or advisory group;
3. Write a protocol and have it
reviewed;
4. Carry out the literature search;
5. Screen the references;
6. Assess the remaining studies
against the inclusion/exclusion
criteria;
7. Data extraction;
8. Critical appraisal;
9. Synthesis of the primary studies;
10. Consider the effects of
publication bias, and other
internal and external biases;
11. Writing up the report;
12. Wider dissemination.
Propose a systematic literature review
process organised into 5 steps:
1. Planning the review;
2. Identifying and evaluating
studies;
3. Extracting and synthesising data;
4. Reporting;
5. Utilising the findings

5. 2Roberto Cerchione
University of Naples, Federico II
3
Cerchione and Esposito (2016)
Summarising the above contributions, our innovative literature review process is organised
into 2 main phases that in their turn are divided into two steps:
1) Phase of papers selection:
a. Material comprehensive search. This step includes the identification of key
words, construction of search strings, choice of databases to be investigated
(Scopus, Web of Science, etc.), review of the databases using the search strings;
b. Selection of papers to be analysed in detail. This step includes the definition of
criteria for inclusion/exclusion and the process of selection according to the
criteria of inclusion/exclusion;
2) Phase of descriptive and content analysis of the selected papers:
a. Descriptive analysis. The papers are aggregated according to different
perspectives to give a summary view of the selected papers;
b. Content analysis. Papers are reviewed and studied in deep. The analysis of papers
highlights strengths and weaknesses in the literature, evidences research gaps and
identifies appropriate research questions to be investigated.
The systematic review process
to cite this paper: Cerchione R., Esposito, E. (2016). “A Systematic Review of Supply Chain Knowledge Management
Research: State of the Art and Research Opportunities”, International Journal of Production Economics, 182, 276-292.

6. 1) Phase of papers selection:
 a. Material comprehensive search
 b. Selection of papers to be analysed in detail
Roberto Cerchione
University of Naples, Federico II
8

7. 2) Phase of descriptive and content analysis of the
selected papers (a)
a. Descriptive analysis:
 Papers over time
 Papers across journals/proceedings
 Papers by methodology
 Papers by unit of analysis
 Papers by topic area
 Papers by process
Roberto Cerchione
University of Naples, Federico II
8

8.  Papers by topic area
Roberto Cerchione
University of Naples, Federico II
9- 10th Doctoral Workshop on Purchasing and Supply Management, Bologna 15 October 2014
Topic Area Papers
Factors
affecting
crowdfunding
Cumming and Johan
(2013)
Belleflamme et al.
(2013)
Belleflamme et al.
(2014)
Dushnitsky and
Marom (2013)
Gerber and Hui
(2013)
Gerrit et al. (2012)
Ley and Weaven
(2011)
Mollick (2014)
Ordanini et al.
(2011)
Tirdatov (2014)
Crowdfunding
platforms
Agrawal et al. (2014)
Burtch et al. (2013)
Cadogan (2014)
Di Cecco (2013)
Lehner (2013)
Marshall (2013)
Pitschner (2014)
Riedl (2013)
Tomczak and Brem
(2013)
Weigmann (2013)
Crowdfunding
implementation
Feder (2013)
Grens (2012)
Loucks (2013)
Perlstein (2013)
Philippidis (2013)
Van Staveren (2013)
Wieck et al. (2013)
Legislative
aspects of
crowdfunding
Schwartz (2013) Weinstein (2013)
Total 29 papers

9.  Research question
RQ1: Which are the existing business models supporting the
process of crowdfunding?
Roberto Cerchione
University of Naples, Federico II
10- 10th Doctoral Workshop on Purchasing and Supply Management, Bologna 15 October 2014

10.  Taxonomic triangle of crowdfunding business models
Roberto Cerchione
University of Naples, Federico II
11- 10th Doctoral Workshop on Purchasing and Supply Management, Bologna 15 October 2014
SOCIAL
MOTIVATION
Donation
Crowdfunding
MATERIAL
MOTIVATION
Reward
Crowdfunding
Pre-Sales
Crowdfunding
FINANCIAL
MOTIVATION
Social Lending
Crowdfunding
Revenue Sharing
Crowdfunding
Equity
Crowdfunding
P2P Lending
Crowdfunding
Lending Crowdfunding
SOCIAL MOTIVATION MATERIAL MOTIVATION FINANCIAL MOTIVATION

11. Conclusions
• In order to provide an answer to the research question this paper presents a
taxonomy of nine crowdfunding business models: donation crowdfunding,
reward crowdfunding, pre-sales crowdfunding, social lending crowdfunding,
revenue sharing crowdfunding, equity crowdfunding, peer-to-peer lending
crowdfunding, lending crowdfunding, hybrid models.
• This taxonomy offers to large firms and also to small and medium enterprises
the opportunity to identify a set of business models that can be used to obtain
funds by the crowd. In fact, nowadays firms have increasingly access to new
crowdfunding platforms which are easy to use and do not need significant
investments.
• This has allowed the reduction of the barriers that hindered both the crowd to
fund firms and the firms to be funded by the crowd.
Roberto Cerchione
University of Naples, Federico II
15

12. Roberto Cerchione
University of Naples, Federico II
30- 10th Doctoral Workshop on Purchasing and Supply Management, Bologna 15 October 2014
Roberto Cerchione
ROBERTO CERCHIONE
University of Naples Federico II
E-mail: roberto.cerchione@unina.it

13. to cite this paper: Centobelli P., Cerchione R., Esposito E., Raffa M.
(2016). “The Revolution of Crowdfunding in social knowledge economy:
Literature Review and Identification of Business Models”, Advanced
Science Letters, 22, 1666-1669.
to link to this paper: doi:10.1166/asl.2016.6721
The revolution of crowdfunding in social
knowledge economy