“…The use of Crunchbase for reputable academic research has been increasing since the platform's creation in 2007. For instance, it was used by researchers investigating equity crowdfunding (Yu et al, 2017;Signori and Vismara, 2018;Thies et al, 2018;Kaminski et al, 2019), business angels (Croce et al, 2018;Cumming et al, 2016;Morales-Alonso et al, 2019), accelerators/incubators (Bereitschaft, 2019;Cumming et al, 2017), a combination of venture capital and other types of funding (Wang et al, 2016;Herck Giaquinto and Bortoluzzo, 2020;Block and Sandner, 2009;Yang and Berger, 2017;Ferrati and Muffatto, 2021;Caviggioli et al, 2020), or predictors of start-up success (Ross et al, 2021;Futagami et al, 2021;Żbikowski and Antosiuk, 2021;Kwon et al, 2018;Ter Wal et al, 2016;Pisoni and Onetti, 2018). 9 ChiNext is a board of the Shenzhen Stock Exchange, opened in 2009, similar to the American NASDAQ and aiming to attract fast growing or high-tech companies.…”