Crowdfunding unveiled: Identifying research patterns and trends in crowdfunding through topic modelling

Over the past decade, crowdfunding has become an important alternative financing mechanism for businesses, particularly small and medium-sized enterprises, by leveraging digital platforms and emerging technologies. Despite the rapid growth of interdisciplinary research on crowdfunding, its evolution within the business and management literature remains insufficiently understood. This study addresses this gap by systematically mapping the crowdfunding literature through topic modelling, a machine learning technique that uncovers latent thematic structures within large collections of scientific publications. The analysis identifies 20 major research themes and shows a progressive shift from early studies on funding mechanisms and entrepreneurial finance to more diversified topics, including campaign success factors, platform dynamics, investor behaviour, digital innovation, and sustainability-related issues. By combining quantitative text analysis with an in-depth examination of these topics, this study synthesizes the existing literature, highlights major research trends, and identifies promising directions for future research. The findings contribute to a deeper understanding of the evolution of crowdfunding research and provide a valuable reference for scholars seeking to advance knowledge in this field.