<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1659-3359</journal-id>
<journal-title><![CDATA[Tec Empresarial]]></journal-title>
<abbrev-journal-title><![CDATA[Tec Empre.]]></abbrev-journal-title>
<issn>1659-3359</issn>
<publisher>
<publisher-name><![CDATA[Instituto Tecnológico de Costa Rica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1659-33592025000300076</article-id>
<article-id pub-id-type="doi">10.18845/te.v19i3.8140</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Factors influencing alternative financing of entrepreneurship through crowdfunding]]></article-title>
<article-title xml:lang="es"><![CDATA[Factores que influyen en la financiación alternativa del emprendimiento mediante crowdfunding]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Manso-Laso]]></surname>
<given-names><![CDATA[Javier]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Moya-Clemente]]></surname>
<given-names><![CDATA[Ismael]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ribes-Giner]]></surname>
<given-names><![CDATA[Gabriela]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universitat Politècnica de València  ]]></institution>
<addr-line><![CDATA[Valencia ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universitat Politècnica de València  ]]></institution>
<addr-line><![CDATA[Valencia ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universitat Politècnica de València  ]]></institution>
<addr-line><![CDATA[Valencia ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>19</volume>
<numero>3</numero>
<fpage>76</fpage>
<lpage>96</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_arttext&amp;pid=S1659-33592025000300076&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_abstract&amp;pid=S1659-33592025000300076&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.sa.cr/scielo.php?script=sci_pdf&amp;pid=S1659-33592025000300076&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT: Access to finance is one of the main challenges faced by innovative SMEs, particularly in the early stages of their development. This study analyzes the factors influencing access to alternative finance, with a particular focus on crowdfunding as a viable solution to alleviate the limitations of traditional financing. Using data from the SAFE survey conducted by the European Central Bank for September 2022, key variables related to the firm&#8217;s profile are examined to determine their impact on the choice of funding sources. The findings reveal that innovative companies face greater challenges in securing bank loans due to the perceived risk and uncertainty associated with their projects. In this context, crowdfunding emerges as an effective alternative, particularly for startups and younger firms, which find in this model a flexible and accessible way to obtain capital. Unlike bank financing, access to crowdfunding is not determined by the sector in which a company operates but rather by its capacity for innovation and growth potential. This study underscores the importance of promoting alternative financing mechanisms to strengthen the entrepreneurial ecosystem. Diversifying funding sources, along with public policies that encourage investment in innovation, can contribute to the sustainable development of innovative SMEs by facilitating their access to financial resources and enhancing their economic impact.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN: El acceso a la financiación representa uno de los principales desafíos para las PyMEs innovadoras, especialmente en sus primeras etapas de desarrollo. Este estudio analiza los factores que influyen en la obtención de financiación alternativa, con un enfoque en el crowdfunding como una solución viable para mitigar las restricciones impuestas por la financiación tradicional. Utilizando datos de la encuesta SAFE del Banco Central Europeo para el 2022, se analizan varias variables asociadas al perfil de la empresa para determinar su impacto en las fuentes de financiación disponibles. Los resultados revelan que las empresas innovadoras tienen mayores dificultades para acceder a préstamos bancarios debido a la percepción de riesgo e incertidumbre en sus proyectos. El crowdfunding se presenta como una alternativa eficaz, especialmente para startups y empresas más jóvenes, que encuentran en esta modalidad una vía flexible para obtener capital. A diferencia de la financiación bancaria, el acceso al crowdfunding no está determinado por la actividad económica de la empresa, sino por su capacidad de innovación y su proyección de crecimiento. El estudio destaca la importancia de fomentar mecanismos de financiación alternativa para fortalecer el ecosistema emprendedor. La diversificación de fuentes de financiación, junto con políticas públicas que promuevan la inversión en innovación, puede contribuir a facilitar el acceso a recursos financieros en las PyMEs así como a su desarrollo sostenible, potenciando su impacto económico.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Innovation]]></kwd>
<kwd lng="en"><![CDATA[financing]]></kwd>
<kwd lng="en"><![CDATA[crowdfunding]]></kwd>
<kwd lng="en"><![CDATA[entrepreneurship]]></kwd>
<kwd lng="en"><![CDATA[peer-to-peer platforms]]></kwd>
<kwd lng="es"><![CDATA[Innovación]]></kwd>
<kwd lng="es"><![CDATA[financiación]]></kwd>
<kwd lng="es"><![CDATA[crowdfunding]]></kwd>
<kwd lng="es"><![CDATA[emprendimiento]]></kwd>
<kwd lng="es"><![CDATA[plataformas peer-to-peer]]></kwd>
</kwd-group>
</article-meta>
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