Developing a Participatory Framework to Foster Knowledge-Based Enterprises with an Emphasis on Crowdfunding Models

In the era of knowledge-based economies, knowledge-based enterprises are known as the main pioneers of innovation and economic growth. One of their fundamental challenges is accessing stable financial resources to expand their activities. Traditional methods like financing through bank loans or government support face some limitations most of the time, which hinder the process of growth in such enterprises. Therefore, crowdfunding can be an effective substitute for financing these enterprises as an innovative and participatory approach. The current study has made an attempt to analyze participation patterns in the growth of Iranian knowledge-based enterprises based on the crowdfunding models using thematic analysis and a qualitative approach. The data was gathered using the analysis of the contents of documents and scientific resources, and the key themes were extracted using the three-step coding (open, axial, selective). The results of the study indicate that the effective financial participation pattern in these companies is based on three main pillars: retail investors, the supportive role of governmental and policy-making entities, and the effective mediation of intermediary financial institutions. Alongside these factors, obstacles like legal, cultural, and fundamental challenges were recognized as disincentive factors in the successful implementation of crowdfunding models. Findings of the study can provide a basis for developing policies and strategies to strengthen the financing ecosystem of knowledge-based enterprises. In the end, the study emphasizes the need for raising public awareness, reforming legal foundations, and developing specialized crowdfunding infrastructures.