Business angels: a research review and new agenda

Success drivers of online equity crowdfunding campaigns

“…Although at market level, the equity crowdfunding field is growing in relevance and may have significant implications to new venture financing (White and Dumay, 2017), the activity has limited centrality from investors' point of view, with most investors describing the sums they invest via equity crowdfunding as "small" and as representing a small part of their overall investment portfolios (Estrin et al, 2018).…”

“…While several similarities exist between the different forms of early-stage equity financing, the various differences between the forms highlight the unique nature of each form in general, and equity crowdfunding in particular. Equity crowdfunding investors have been described in literature as having strong similarities with small business angels or micro funders (White and Dumay, 2017). In several respects, equity crowdfunding investors do bear resemblance to traditional providers of early-stage equity financing, micro funders in particular.…”

“…Equity crowdfunding is a novel form of entrepreneurial finance in which a venture sells equity shares to a large number of small investors through an open call on an online platform (Ahlers et al, 2015). It provides opportunities for an increasing number of people to invest in the equity of unlisted companies (White and Dumay, 2017).…”

Venture Capital 20 years on: reflections on the evolution of a field

“…These papers serve two purposes: they offer overviews of research to date in particular topic domains, both wellestablished (e.g., venture capital, business angels, private equity) and more recent (e.g., crowdfunding, policy analysis), and they provide suggestions as to how the research agenda in each of these topic areas might evolve. As such they are complementary to other recent and more conventional literature reviews of the entrepreneurial finance field (Wallmeroth, Wirtz, and Groh 2018;Edelman, Manolova, and Brush 2017;White and Dumay 2017;Drover et al 2017).…”

Managing Economic Innovations – Ideas and Institutions

“…The value of business angels for the local economies and entrepreneurship is also supported by national policy initiatives like the National Innovation and Science Agenda in Australia aiming to grow the angel and microfinancing sector. This is followed by regulations introduced by some countries like laws that enable access to crowdsourced equity funding schemes in Australia, Financial Conduct Authority in United Kingdom, Financial Markets Conduct Act in New Zealand or the JOBS Act in the United States (White, Dumay, 2017).…”