Reward-based crowdfunding is a source of funds for innovative start-ups. However, prior literature paid little attention to how this phenomenon occurs when such micro-firms market products and services within the context of the so-called circular economy (CE) and for more sustainable innovation. We aim to explore the potential of reward-based crowdfunding in designing and orchestrating a circular business model for micro-firms. Drawing on this evidence, the present study performs a multiple case study analysis of selected best practices by sustainable projects funded on the Kickstarter platform. Results show that reward-based crowdfunding shapes circular business models (CBM) in informational mechanisms, collaborative innovation networks, and marketing aspects. Furthermore, reward-based crowdfunding reduces risks connected to the CBM, such as uncertainty and the long-range perspective for campaign creators and customers.
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