Crowdfunding as a tool for resilience and adaptation post-covid-19: an empirical study of spamish SMEs and startups in affected sectors

Abstract

The COVID-19 pandemic has posed an unprecedented challenge for the Spanish business fabric, especially for SMEs and startups operating in vulnerable sectors such as tourism, culture, and retail. Faced with a sharp drop in revenues and operational restrictions, many SMEs and startups sought alternative financing mechanisms to adapt and continue their activities. In this context, this study analyzes the use of crowdfunding as a tool for resilience and financial adaptation. The research adopts a mixed-methods approach, integrating a quantitative analysis through surveys of 25 SMEs and startups with semi-structured interviews with a selected sample, with the aim of examining the motivations, types of crowdfunding models employed, and the perceived impacts of the campaigns developed between 2020 and 2023. The results indicate that crowdfunding not only facilitates the continuity of operations in critical periods, but also contributes to strengthening intangible assets such as reputation, online community, and the capacity for innovation in products and services. In addition, an improvement in customer relationships and increased brand visibility was observed. The findings highlight the potential of crowdfunding as a viable financing strategy in times of crisis, especially when combined with community engagement and sustainability-oriented approaches. This study offers relevant perspectives for the design of public policies and business strategies aimed at enhancing the resilience of the entrepreneurial ecosystem in environments of uncertainty.