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Grounding on research about the role of sig-nals in the attraction of equity finance, this paper studies the effects of diverse human capital signals on entrepre-neurs' success in equity crowdfunding. We argue that the human capital of an entrepreneur, who launches (alone or with other teammates) an equity crowdfunding campaign to finance her start-up, constitutes a set of signals of the start-up quality. The impact of each human capital signal on entrepreneur's success in equity crowdfunding depends on both signal fit with start-up quality and signal ambiguity. Empirical estimates on 284 entrepreneurs who launched equity crowdfunding campaigns indicate that only entrepreneurs' business education and entrepreneurial experience, two human capital signals that have both a good fit with start-up quality and a low degree of ambiguity, significantly contribute to entrepreneurs' success in equity crowdfunding. of these studies, see Butticè et al. 2017); however, the peculiarities of the equity model limit the generalizability of these re-sults and call for further research that explicitly focuses on entrepreneurs' success in equity crowdfunding.Scholars concur that the high information asymmetries faced by crowdfunding investors are the main obstacle for the entrepreneurs who aim to collect equity finance for their start-ups on the Internet. Crowdfunding investors are usually non-professionals, who interact with entrepreneurs in search for funds only in virtual settings (Drover et al. 2017,p.24),lackprior investing experience (Block et al. 2017) and have to make their investment decisions within a short time window (Courtney et al. 2016). Consequently, these investors encounter severe difficulties in assessing the

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Academic start-ups, New technology-based firms, University research, Growth, L25, M13, O30,

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While the crowdfunding phenomenon has attracted considerable practitioner and scholarly attention, existing research predominantly reflects a U.S.-centric perspective. This article examines crowdfunding platform creation in 15 European countries. Despite the omnipresent reach of the internet, national boundaries shape the evolution of the European crowdfunding industry. Specifically, crowdfunding platform creation varies across countries and distinct national patterns emerge for crowdfunding activity in general. Moreover, econometric analyses suggest that country-level factors influence platform creation in European countries, with interesting variations across four crowdfunding models:

Business schools, Academic entrepreneurship, Spin-offs, N13, O31, O32,