摘要：AbstractThis article aims at clarifying the process of crowdfunding and identifying its stakeholders - whom and how value is created in this process. The Content, Context, Linkages and Stakeholders logic is applied for clarification purposes. The article highlights the importance to change organizational stakeholders named as customers and suppliers into users - backers (investors) and businesses (startups) in the case of crowdfunding. Also, a shifting role of financial institutions is identified. The attention is drawn into clearing up the roles of stakeholders as understanding their goals is a basis for value creation.
