Muneer M. Alshater, Rim El Khoury, Marah Ferdous, Indri Supriani
Reward-based crowdfunding (RBC) has emerged as a transformative model in entrepreneurial finance, offering an alternative avenue for project funding and engagement. However, systematic exploration is lacking. This study provides a comprehensive examination of RBC through a hybrid review combining bibliometric analysis of 154 articles and a systematic in-depth content analysis of 63 articles. The analysis identified key themes, including “crowdfunding success factors”, “backer motivations and behavior”, “marketing and promotion strategies”, “warards and incentives”, “project outcomes and ecosystem impact,” and “challenges and barriers.” The findings emphasize the critical role of communication, strategic reward design, and social media engagement in campaign success. Additionally, the study highlighted the role of social capital, demographic influences, and the long-term benefits of crowdfunding for future venture capital investments. Practical implications include tailored guidance for entrepreneurs on optimizing campaign design and backer engagement; recommendations for platform developers on enhancing trust, transparency, and user experience; and policy insights that emphasize regulatory alignment, fraud prevention, and inclusive access. Specifically, the study recommends mandatory disclosures, standardized reward delivery guidelines, and streamlined campaign procedures to support a robust and sustainable crowdfunding ecosystem. However, the study’s scope is limited to English-language, peer-reviewed journal articles indexed up to Q1 2023, which may exclude nonindexed or region-specific perspectives. Future research should explore cross-cultural factors, interdisciplinary approaches, and the integration of emerging technologies such as blockchain to further enhance RBC practices. These results contribute to refining RBC practices, supporting entrepreneurs, and shaping robust crowdfunding ecosystems. © The Author(s) 2026.
Department of Islamic Banking, The University of Jordan, Amman, Jordan; Adnan Kassar School of Business, Lebanese American University, Beirut, Lebanon; School of Business Technology, Princess Sumaya University, Amman, Jordan; Department of Economics, Faculty of Economics and Business, Universitas Brawijaya, Malang, Indonesia
