Purpose: The purpose of the study is to determine the motivations of two companies in the food sector to successfully implement blockchain technology in their value chain, or as the core of their business model. The study, focused on relatively small companies, analyses technical motivations such as traceability, transparency and security, as well as sustainable and social variables. The aim is to analyse specifically the role of the latter in the decision-making process regarding blockchain technology by small and medium-sized companies. Design/methodology/approach: A qualitative study of two successful cases of blockchain technology application in the food sector has been carried out. To this end, in-depth interviews were conducted with senior executives from both companies, who occupy different positions in the sector’s value chain. The interviews were recorded and processed with specific software, transcribed and coded. Findings: The findings of the study highlight the relevance of blockchain technology for ensuring traceability and process quality in the food industry, as well as the social and sustainable motivation of companies when making decisions regarding blockchain technology adoption. These results suggest that there are differences in motivations between small and large companies, as well as an increase in perceived value on the consumer side. Originality/value: The study addresses a research gap in the investigation of the application of blockchain technology in the food industry, exploring the determining variables for the adoption of the technology in agri-food SMEs. The research brings a global and multidimensional view to the research question, focusing on its ability to drive innovation, sustainability and generate new business models. © 2025 Elsevier B.V., All rights reserved.

Initial coin offerings (ICOs) have emerged as a modern alternative financing instrument capable of connecting economic agents, entrepreneurs, and investors from all over the world. The benefits of blockchain technology in terms of privacy, security, and immutability make these financing tools particularly attractive. In this article, we analyze ICOs through the world’s largest global database of ICOs. The analysis has been carried out through fsQCA methodology to a sample of 75 projects funded through this funding tool and aims to answer what are the possible ways to achieve success in fundraising in an ICO. The results shed light on the importance of financial factors, such as the risk of the operation, but also related to communication and user communities for the success or failure of these campaigns. The aim of this article is to provide entrepreneurs with a tool to help them plan their ICOs, develop them in a suitable way to attract the largest amount of funds, and mobilize investors’ resources, achieving a synergy between the entrepreneur and the investor, with impactful, innovative, and profitable projects. It is also intended to contribute to the academic development of the subject with comparative qualitative studies. © 2024 Elsevier B.V., All rights reserved.