An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process

Cummings, Michael; Rawhouser, Hans; Vismara, Silvio; Hamilton, Erin L.

doi:10.1007/s11187-018-00134-5

Cited by 77 publications

(47 citation statements)

References 120 publications

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“…This is partly due to regulatory effects. Although the Jumpstart Our Business Startups (JOBS) Act, which was signed into law on April 5, 2012, introduced CF as a means for entrepreneurs to raise equity financing in the USA, these markets were ultimately regulated by the SEC starting in 2015 and became effective on May 16, 2016 (Cummings et al 2019). By contrast, CF developed in Europe in 2012.…”

Section: Introductionmentioning

confidence: 99%

The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

et al. 2020

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Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, micros t r u c t u r e s , r e g u l a t o r y e n v i r o n m e n t s , a n d development of the markets. We conclude with suggestions for future ICO and CF research.

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Section: Introductionmentioning

confidence: 99%

The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

et al. 2020

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“…According to Vulkan et al (2016), ECF is based on a shared investment agreement, where the advantage and differential is the possibility for small investors to have the opportunity to choose and participate in businesses that will be invested in with their funds (Cummings, Rawhouser, Vismara, & Hamilton, 2019b). ECF financing operations primarily occur on online platforms (Vismara, 2016a).…”

Section: Ecfmentioning

confidence: 99%

Determinants of the success of equity crowdfunding campaigns

Felipe

Ferreira

2020

Rev. contab. finanç.

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Given that equity crowdfunding has grown significantly in Brazil and that this market has been frequently sought by startups as an alternative to scarce credit, this study investigated the elements that determine the success of their financing campaigns. The article fills the gap related to the absence of studies analyzing the probability and time of success of startup financing. In Brazil, the research on this is still in its infancy and there has been little discussion regarding what can determine the success of this type of financing. The findings presented here provide managerial contributions for different stakeholders, ranging from platform managers and entrepreneurs to the ordinary citizen, who ultimately acts as an inducer of change in society, without the need for financial intermediaries. The discussion around the elements that influence the success of startup financing has revealed that the characteristics of the venture profile have been able to determine the success of the financing. This information applied to the dynamic of resource allocation in this market can generate more financial efficiency for private agents as an investment performance parameter and, for public agents, as an input for monitoring. The logistic regression with marginal effects and a dummy for time fixed effects were used. The time of success analysis was carried out via survival models. The sample covers 99 startup financing campaigns from 2014 to 2017. The study identified that the financial goal, the venture category, advisor participation, the campaign duration, and the type of equity offered to the investor positively affect both the probability and speed of success of the startup financing. Its contribution lies in the use of these findings to formulate strategies geared toward estimating success, which enable an appropriate allocation of financial resources.

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“…These microprojects assigned to a skilled on-demand workforce provide many business opportunities, but can also deliver interesting research questions. Crowdfunding, on the other hand, is a unique form of entrepreneurial finance that combines elements of private and public equity (Cummings et al 2019). It taps into the power of the crowd to acquire financial support.…”

Section: Applying Data Science To Entrepreneurship Researchmentioning

confidence: 99%

Data science for entrepreneurship research: studying demand dynamics for entrepreneurial skills in the Netherlands

Prüfer

2019

Small Bus Econ

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The recent rise of big data and artificial intelligence (AI) is changing markets, politics, organizations, and societies. It also affects the domain of research. Supported by new statistical methods that rely on computational power and computer science-data science methods-we are now able to analyze data sets that can be huge, multidimensional, and unstructured and are diversely sourced. In this paper, we describe the most prominent data science methods suitable for entrepreneurship research and provide links to literature and Internet resources for self-starters. We survey how data science methods have been applied in the entrepreneurship research literature. As a showcase of data science techniques, based on a dataset of 95% of all job vacancies in the Netherlands over a 6-year period with 7.7 million data points, we provide an original analysis of the demand dynamics for entrepreneurial skills in the Netherlands. We show which entrepreneurial skills are particularly important for which type of profession. Moreover, we find that demand for both entrepreneurial and digital skills has increased for managerial positions, but not for others. We also find that entrepreneurial skills were significantly more demanded than digital skills over the entire period 2012-2017 and that the absolute importance of entrepreneurial skills has even increased more than digital skills for managers, despite the impact of datafication on the labor market. We conclude that further studies of entrepreneurial skills in the general population-outside the domain of entrepreneurs-is a rewarding subject for future research.

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An equity crowdfunding research agenda: evidence from stakeholder participation in the rulemaking process

Cited by 77 publications

References 120 publications

The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

Determinants of the success of equity crowdfunding campaigns

Data science for entrepreneurship research: studying demand dynamics for entrepreneurial skills in the Netherlands

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