The Role of Crowdfunding in the Emergence and Sustainability of Start-ups in Morocco: Determinants of Success and Impact on Financial Structure

Abstract

This research investigates the strategic role of crowdfunding, under the regulatory framework of Law No. 15-18, in the emergence and long-term viability of start-ups in Morocco. Adopting a rigorous quantitative methodology based on secondary platform data and a primary survey of 148 young ventures, the study employs a dual econometric modeling approach using IBM SPSS Statistics. First, a binary logistic regression (Logit model) reveals that campaign success is primarily driven by the realistic calibration of the funding target, the quality of the communication strategy (such as pitch videos), and the early mobilization of initial social capital (Family, Friends and Fools). Second, an ordinary least squares (OLS) multiple linear regression demonstrates that a successful campaign generates a positive post-funding structural impact, significantly optimizing working capital requirements (WCR) and acting as a market signal (Signaling Theory) that facilitates subsequent access to traditional bank credit. The findings offer practical implications for entrepreneurs and institutional insights for regulators.