Does intellectual capital positively affect the success of the equity crowdfunding campaigns? This paper answers this question using an original dataset of 191 equity crowdfunding campaigns, gathered from Italian platforms over the period 2014–2018; special attention is dedicated to patents effect, R&D and team’s education level on funding success, as they may serve as signals of unobservable quality of equity crowdfunding campaigns. Then, following literature on success factors for crowdfunding, the paper analyzes the signaling role of equity share retained by founders and by their social network size. Results suggest that intellectual capital (i.e. patents, R&D, team’s education level), amount of equity retained by projects’ founders and size of their social network have a positive and significant impact on fundraising success and are perceived as quality signals of crowdfunding campaigns by external investors.

智力资本是否对股权众筹活动的成功产生积极影响？本文使用从2014-2018年期间从意大利平台收集的191个股权众筹活动的原始数据集来回答此问题；特别关注专利效果，研发和团队对资金成功的教育程度，因为它们可能表示股权众筹活动质量不可观察。然后，根据关于众筹成功因素的文献，本文分析了创始人保留的股权份额及其社交网络规模的信号作用。结果表明，智力资本（即专利，研发，团队的教育水平），