The study introduces a decision support model for venture capital funds on crowdfunding platforms, enhancing unbiased project evaluation and optimizing investment strategies. Growth of Crowdfunding: Crowdfunding has rapidly emerged as a prominent alternative financing method alongside traditional options like venture capital and business angels. It has gained significant traction across various economies, including less-developed regions. Research Gaps: Current research primarily focuses on individual factors affecting crowdfunding success rather than the interplay of these factors and the decision-making processes. There is a need for a comprehensive understanding of how these factors interact and impact overall decision-making in crowdfunding. Quality of Data and Methodology: The limitations of secondary data in crowdfunding research highlight the importance of using experimental methods, such as observations and in-depth interviews, to better understand decision-making processes. Decision Support Model: The study aims to develop a comprehensive decision support model for evaluating and selecting startup projects on crowdfunding platforms. This model will assist venture capital funds in making informed decisions and reduce financial risks. Model Components: The proposed model includes fuzzy assessments of the start-up's innovative idea, risk evaluation, and team competence. This model will be tested on a specific start-up project to validate its effectiveness. Impact and Applications: The results of the study are expected to improve decision-making for venture capitalists and crowdfunding platforms, enhance financial security, and support national and international competitiveness. The model can also be adapted for evaluating startups outside the European Union.

This study is crucial as it fills gaps in crowdfunding research by presenting a decision-support model for venture capital funds. The model offers a comprehensive and unbiased evaluation of start-up projects, considering factors like innovation , risk , and team competence . It enhances investment strategies, reduces financial risks, and supports both national and international competitiveness in the growing crowdfunding sector.