Abstract
This paper presents the results of a survey of small and medium-sized enterprises (SMEs) in Poland that have benefited from crowdfunding (CF). Based on these results, a new business model was developed. On this basis, the CF equity, reward and donation models were analyzed, and the impact of CF on the way of creating value in the company in the context of sustainable development was determined. The survey results show that the use of CF promotes the sustainable development of SMEs in Poland and significantly impacts their business model. In practical terms, this research has contributed to a better understanding of value creation by these companies. The results of our analysis are useful for consulting companies and CF platforms that help SMEs organize campaigns. In theoretical terms, the study conducted and the methodology used allow the presentation of a new definition of CF and a sustainable business model for a company using CF as well as contribute to the value management theory in SMEs.
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