Introduction: Today, the development of innovation in startup businesses requires access to adequate financial resources. Equity-based crowdfunding, which involves attracting a diverse pool of investors, provides a platform that enables innovative strategies to be implemented. Despite the global growth of this method, in Iran, factors such as legal ambiguities, infrastructural limitations, and low investor confidence have hindered its broader adoption. Greater use of online capacities for enhanced transparency, the establishment of clear legal frameworks, and increased public awareness are considered key advantages of this approach. Accordingly, the present study aims to propose a locally adapted model suited to Iran’s economic and cultural conditions. This research seeks to evaluate the potential of equity-based crowdfunding in the innovative business sector and chart optimal pathways for its sustainable development.

Methodology: This study was conducted using a three-stage Delphi method. In the first step, relevant literature and components of equity-based crowdfunding were identified and initially classified. In the second step, a panel of experts in finance and entrepreneurship evaluated the features and dimensions of each component via a questionnaire. Finally, the third step involved incorporating further feedback and making necessary revisions based on the Delphi process. Expert consensus was confirmed through Kendall’s coefficient of concordance as well as content validity indices (CVR and CVI), ensuring the final model’s validity.

Findings: The study identifies three main equity-based crowdfunding models in Iran. The first model emphasizes direct interaction between investors and the startup, which entails high managerial risk. In the second model, the platform acts as the legal representative of investors, offering more integrated oversight. The third model underscores the need for a lead investor entity (GP), highlighting its role in providing a portion of the capital, managing shares, and issuing periodic reports. Experts deemed this third model the most suitable due to its potential to reduce risk and bolster investor confidence.

Conclusion/Implications: Based on the findings, successfully implementing equity-based crowdfunding in Iran requires clear legal infrastructures, strong institutional oversight, and heightened awareness within the investment community. The lead investor (GP) model, by emphasizing financial participation and the guidance of a specialized entity, reduces managerial risk on one hand and, on the other, attracts retail investors through the presence of a professional stakeholder. Consequently, policymakers are advised to draft transparent executive guidelines and facilitate the creation of secondary markets to ease share transfers. Moreover, mandating continuous reporting by platforms and independent project valuation can significantly enhance transparency. Finally, educating retail investors about opportunities, risks, and exit strategies can increase project success rates and meaningfully contribute to the sustainable development of the nation’s innovative financing ecosystem. Collaboration between the private sector and regulatory bodies can pave the way for the growth of innovative businesses.