Equity Crowdfunding Research: A Retrospective Review and Future Research Agenda

ABSTRACT This study reviews equity crowdfunding (ECF) research using sequential bibliometric (528 articles) and content analyses (59 articles) to consolidate the knowledge in the high scholarly interest ECF literature. It tracks publication growth and significant contributors to the ECF's theoretical and empirical evolution as an alternative early‐stage entrepreneurial finance funding source. Clusterwise content analysis focuses on ECF evolution, campaign and venture success factors, entrepreneurial and investor motivation, returns, evolving regulatory frameworks and challenges, the role of platforms, gender issues, and sustainability. It contributes to understanding ECF evolution in multiple contexts: strengthening startup and innovation ecosystems, information asymmetry and credible signals, ease of access to startup financing versus investor protection, and implications for conventional startup financing alternatives (i.e., angel and venture capital) and other forms of crowdfunding (e.g., reward‐based crowdfunding). This study offers clusterwise future research directions that serve as a guiding light for scholars to research further. This study benefits entrepreneurs, investors, regulators, and policymakers by understanding the nuances of the current state of the ECF ecosystem and the way forward.