Many crowdfunding campaigns tend to remain unsuccessful.

We develop an understanding of the success drivers underlying equity crowdfunding campaigns.

We find that the criteria used by VCs or business angels are not of prime importance for success in equity crowdfunding.

Success is instead related to pre-selected crowdfunding campaign features and the utilization of private and public networks.

The findings can support the decision making of entrepreneurs and crowdfunding platforms, as both aim for campaign success.