The role of sustainability and high-tech sector affiliation in shaping equity crowdfunding success: An AI perspective

Equity crowdfunding (ECF) has emerged as an essential funding tool for sustainability-oriented ventures (SOVs). This study examines the relationship between sustainability orientation, high-tech sector affiliation such as information technology, pharmaceuticals, electronics, and telecommunications, and ECF campaign success in the Italian market. We analyze 140 ECF projects from 2017 to 2023, employing artificial intelligence techniques to classify campaign sustainability orientation. We examine the impact of SOVs on various ECF success metrics, including total funds raised, success ratio, and normalized success. Moreover, we explore the potential moderating role of high-tech sectors on the effect of sustainability orientation on campaign performance. Results reveal that SOVs have a significant positive impact on ECF success across multiple metrics, with the positive contribution of high-tech sector affiliation amplifying this effect.