RT Journal Article T1 Value proposition as a framework for value co-creation in crowdfunding ecosystems. A1 Quero-Gervilla, María José A1 Ventura-Fernández, Rafael K1 Crowdfunding K1 Empresas - Finanzas AB The aim of this article is to explore whether the ecosystem approach is required to understand thenew service model of crowdfunding. The value proposition approach offers different interpretations for each of the eight levels of value co-creation as seen in the service ecosystem. A qualitativemultiple case-study approach is used to analyze the two most representative crowdfunding platforms in Spain, Verkami and La´nzanos, in terms of the amounts of funds provided. This articleoffers an analysis of specific cases of crowdfunding in the arts and cultural sector through thebiggest platforms in Spain. The sampling design could be improved by including the experiences ofcrowdfunding projects in other countries in the analysis. The findings could assist service managersand practitioners to improve planning of value cocreation through the value propositionsapproach, with a variety of actors within the service ecosystem. This article is a contribution to thedevelopment of service-dominant (SD) logic in relation to FP 7 and FP 10. Managerial contributionsinclude the development of a crowdfunding service ecosystem model for arts managers, whichoffers not only a method of generating finance or economic value but also opportunities forstrengthening bonds with customers and other stakeholders. This article is unique in that itintegrates value proposition categories in micro-, meso-, and macrocontexts and analyzes thedifferent kinds of cocreation that exist in the crowdfunding context PB SAGE YR 2019 FD 2019 LK https://hdl.handle.net/10630/31371 UL https://hdl.handle.net/10630/31371 LA spa NO Quero, M.J. y Ventura, R. (2019), “Value proposition as a framework for value co-creation in crowdfunding ecosystems”, Marketing Theory, Vol.19 (1), pp. 47 – 63. NO Política de acceso abierto tomada de: https://beta.sherpa.ac.uk/id/publication/9379 DS RIUMA. Repositorio Institucional de la Universidad de Málaga RD 20 ene 2026