Title: Equity crowdfunding in technology transfer strategies and licensing

Authors: Luca Dezi; Valentina Cillo; Antonio Usai; Paola Pisano

Addresses: Department of Management and Quantitative Studies, University of Naples 'Parthenope', Via Generale Parisi, 13, Palazzo Pacanowski 80132, Naples, Italy ' Department for Research, Link Campus University, Via del Casale San Pio V, 44, 00165, Rome, Italy ' Department of Economics and Business, University of Sassari, Via Muroni, 25, 07100, Sassari, Italy ' Department of Informatics, University of Turin, Via Pessinetto, 12, 10149, Torino, Italy

Abstract: The main aim of this study is to investigate to what extent equity crowdfunding could enable firms to outsource research and development activities. Likewise, the present study aims at analysing the relationship between desorptive capacity (DCAP) and equity crowdfunding performance. We also aim at studying the mediation role of ICT firm's capabilities, connective capacity and minor equity ownership. In this regard, this study intends to pioneer into connecting the knowledge management theory with the crowdfunding studies. A sample of 180 projects based on the top ten European equity crowdfunding platforms has been used. Findings indicate that desorptive capacity enables companies in developing external knowledge retention and expoitation which, in turn, enhance equity crowdfunding performance.

Keywords: crowdfunding; technology transfer; licensing; external knowledge management; desorptive capacity; DCAP; ICT capabilities; equity ownership; connective capacity.

DOI: 10.1504/IJTM.2018.093943

International Journal of Technology Management, 2018 Vol.78 No.1/2, pp.28 - 51

Received: 06 Jun 2017
Accepted: 09 Mar 2018

Published online: 09 Aug 2018 *

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