"Crowdfunding: Motives, Definitions, Typology and Ethical Challenges"

Crowdfunding is an emerging phenomenon that has attracted significant interest from scholars and practitioners alike, mainly due to its appeal as an alternative source of funding for start-ups. As crowdfunding has spread exponentially, so have the associated challenges and opportunities. In this conceptual paper, we define crowdfunding and discuss its characteristics, related terminology, and elements. We also offer a typology of crowdfunding and point out the ethical issues associated with it. Finally, we conclude this study by offering the implications for scholars and practitioners along with suggesting an agenda for future research. We believe this paper clarifies many issues related to crowdfunding, and it may inspire scholars to delve deeper into this discipline. It may also prompt practitioners to take note of the concerns that emerge as crowdfunding transforms from a marginal to a mainstream discipline.