ABSTRACT
As a rapidly expanding alternative finance model, equity crowdfunding democratizes global access to startup investment. Emerging markets like Türkiye offer a novel, structured pathway for a large, underserved population eager to participate in venture ownership. Equity crowdfunding in this context provides an institutional framework that enables investors to engage directly with entrepreneurs, fundamentally reshaping the landscape of early-stage finance. Although the equity crowdfunding literature has expanded in recent years, research examining the phenomenon from a comprehensive investor perspective in the Turkish context remains limited. By focusing on investors’ experiences, this study seeks to address this gap. This study critically investigates the motivations, perceptions, experiences, identities, and future expectations of investors participating in equity-based crowdfunding in Türkiye. Adopting a qualitative methodology with a phenomenological research design, the study aims to achieve a deep and nuanced understanding of investor perspectives. Data were collected through semi-structured interviews with 42 participants. This study reveals that Turkish equity crowdfunding investors are primarily motivated by the potential for high returns, evaluating projects based on the team’s quality, growth potential, and adherence to Islamic finance principles. Despite having a high risk tolerance, they are concerned about company failure, moral hazard, and the trustworthiness of enterprises. Investors build trust in platforms through quality projects and strong oversight, while being significantly influenced by a “herd mentality.” Overall, there is widespread optimism for the ecosystem’s future, with participants emphasizing the need for greater investor education, promotion, and a track record of successful projects to drive further growth.
