Skip to main content

2018 | OriginalPaper | Buchkapitel

2. Crowdfunding as a New Financing Tool

verfasst von : Gaël Leboeuf, Armin Schwienbacher

Erschienen in: The Economics of Crowdfunding

Verlag: Springer International Publishing

Aktivieren Sie unsere intelligente Suche um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

This chapter discusses how crowdfunding fits into the traditional financing cycle of small businesses. It further raises the question as to whether crowdfunding resolves a funding gap, a necessary condition to justify crowdfunding as a viable source of entrepreneurial finance. Finally, the chapter elaborates on the types of entrepreneurial activities and entrepreneurs who are more likely to benefit from crowdfunding.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
Zurück zum Zitat ———. 2015. Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions. Journal of Economics & Management Strategy 24: 253–274.CrossRef ———. 2015. Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions. Journal of Economics & Management Strategy 24: 253–274.CrossRef
Zurück zum Zitat Ahlers, Gerrit K.C., Douglas J. Cumming, Christina Gunther, and Denis Schweizer. 2015. Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice 39: 955–980.CrossRef Ahlers, Gerrit K.C., Douglas J. Cumming, Christina Gunther, and Denis Schweizer. 2015. Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice 39: 955–980.CrossRef
Zurück zum Zitat Bandura, Albert. 1982. Self-Efficacy Mechanism in Human Agency. American Psychologist 37: 122–147.CrossRef Bandura, Albert. 1982. Self-Efficacy Mechanism in Human Agency. American Psychologist 37: 122–147.CrossRef
Zurück zum Zitat Belleflamme, Paul, Thomas Lambert, and Armin Schwienbacher. 2014. Crowdfunding: Tapping the Right Crowd. Journal of Business Venturing 29: 585–609.CrossRef Belleflamme, Paul, Thomas Lambert, and Armin Schwienbacher. 2014. Crowdfunding: Tapping the Right Crowd. Journal of Business Venturing 29: 585–609.CrossRef
Zurück zum Zitat Belleflamme, Paul, Nessrine Omrani, and Martin Peitz. 2015. The Economics of Crowdfunding Platforms. Information Economics and Policy 33: 11–28.CrossRef Belleflamme, Paul, Nessrine Omrani, and Martin Peitz. 2015. The Economics of Crowdfunding Platforms. Information Economics and Policy 33: 11–28.CrossRef
Zurück zum Zitat Berger, Allen N., and Gregory F. Udell. 1998. The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance 22: 613–673.CrossRef Berger, Allen N., and Gregory F. Udell. 1998. The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance 22: 613–673.CrossRef
Zurück zum Zitat Block, Jörn, Lars Hornuf, and Alexandra Moritz. 2017. Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation? Small Business Economics. Forthcoming. Block, Jörn, Lars Hornuf, and Alexandra Moritz. 2017. Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation? Small Business Economics. Forthcoming.
Zurück zum Zitat Bretschneider, Ulrich, Katharina Knaub, and Enrico Wieck. 2014. Motivations for Crowdfunding: What Drives the Crowd to Invest in Start-ups? Paper presented at European Conference on Information Systems (ECIS), Tel Aviv, Israel, June 9–11. Bretschneider, Ulrich, Katharina Knaub, and Enrico Wieck. 2014. Motivations for Crowdfunding: What Drives the Crowd to Invest in Start-ups? Paper presented at European Conference on Information Systems (ECIS), Tel Aviv, Israel, June 9–11.
Zurück zum Zitat Carpenter, Robert E., and Bruce C. Petersen. 2002. Is the Growth of Small Firms Constrained by Internal Finance? Review of Economics and Statistics 84: 298–309.CrossRef Carpenter, Robert E., and Bruce C. Petersen. 2002. Is the Growth of Small Firms Constrained by Internal Finance? Review of Economics and Statistics 84: 298–309.CrossRef
Zurück zum Zitat Cholakova, Magdalena, and Bart Clarysse. 2015. Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward-Based Investments? Entrepreneurship Theory and Practice 39: 145–172.CrossRef Cholakova, Magdalena, and Bart Clarysse. 2015. Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward-Based Investments? Entrepreneurship Theory and Practice 39: 145–172.CrossRef
Zurück zum Zitat Colombo, Massimo G., Chiara Franzoni, and Cristina Rossi-Lamastra. 2015. Internal Social Capital and the Attraction of Early Contributions in Crowdfunding. Entrepreneurship Theory and Practice 39: 75–100.CrossRef Colombo, Massimo G., Chiara Franzoni, and Cristina Rossi-Lamastra. 2015. Internal Social Capital and the Attraction of Early Contributions in Crowdfunding. Entrepreneurship Theory and Practice 39: 75–100.CrossRef
Zurück zum Zitat Cosh, Andy, Douglas J. Cumming, and Alan Hughes. 2009. Outside Entrepreneurial Capital. Economic Journal 119: 1494–1533.CrossRef Cosh, Andy, Douglas J. Cumming, and Alan Hughes. 2009. Outside Entrepreneurial Capital. Economic Journal 119: 1494–1533.CrossRef
Zurück zum Zitat Cressy, Robert. 2002. Funding Gaps: A Symposium. Economic Journal 112: F1–F16.CrossRef Cressy, Robert. 2002. Funding Gaps: A Symposium. Economic Journal 112: F1–F16.CrossRef
Zurück zum Zitat Cumming, Douglas J., and Sofia A. Johan. 2013. Demand Driven Securities Regulation: Evidence from Crowdfunding. Venture Capital: An International Journal of Entrepreneurial Finance 15: 361–379.CrossRef Cumming, Douglas J., and Sofia A. Johan. 2013. Demand Driven Securities Regulation: Evidence from Crowdfunding. Venture Capital: An International Journal of Entrepreneurial Finance 15: 361–379.CrossRef
Zurück zum Zitat Gerber, Elizabeth, Julie Hui, and Pei-Yi Kuo. 2012. Crowdfunding: Why People are Motivated to Post and Fund Projects on Crowdfunding Platforms. Paper presented at ACM Conference on Computer Supported Cooperative Work, February 11–15. Gerber, Elizabeth, Julie Hui, and Pei-Yi Kuo. 2012. Crowdfunding: Why People are Motivated to Post and Fund Projects on Crowdfunding Platforms. Paper presented at ACM Conference on Computer Supported Cooperative Work, February 11–15.
Zurück zum Zitat Griffin, Zachary J. 2013. Crowdfunding: Fleecing the American Masses. Case W. Reserve Journal of Law, Technology & the Internet 4: 375. Griffin, Zachary J. 2013. Crowdfunding: Fleecing the American Masses. Case W. Reserve Journal of Law, Technology & the Internet 4: 375.
Zurück zum Zitat Hayward, Mathew L.A., William R. Forster, Saras D. Sarasvathy, and Barbara L. Fredrickson. 2010. Beyond Hubris: How Highly Confident Entrepreneurs Rebound to Venture Again. Journal of Business Venturing 25: 569–578.CrossRef Hayward, Mathew L.A., William R. Forster, Saras D. Sarasvathy, and Barbara L. Fredrickson. 2010. Beyond Hubris: How Highly Confident Entrepreneurs Rebound to Venture Again. Journal of Business Venturing 25: 569–578.CrossRef
Zurück zum Zitat Hazen, Thomas L. 2012. Crowdfunding or Fraudfunding? Social Networks and the Securities Laws—Why the Specially Tailored Exemption Must Be Conditioned on Meaningful Disclosure. North Carolina Law Review 90: 1735–1807. Hazen, Thomas L. 2012. Crowdfunding or Fraudfunding? Social Networks and the Securities Laws—Why the Specially Tailored Exemption Must Be Conditioned on Meaningful Disclosure. North Carolina Law Review 90: 1735–1807.
Zurück zum Zitat Hildebrand, Thomas, Manju Puri, and Jörg Rocholl. 2016. Adverse Incentives in Crowdfunding. Management Science 63: 587–608.CrossRef Hildebrand, Thomas, Manju Puri, and Jörg Rocholl. 2016. Adverse Incentives in Crowdfunding. Management Science 63: 587–608.CrossRef
Zurück zum Zitat Hornuf, Lars, and Matthias Schmitt. 2016. Does a Local Bias Exist in Equity Crowdfunding? The Impact of Investor Types and Portal Design. Max Planck Institute for Innovation & Competition Research Paper No. 16-07. Hornuf, Lars, and Matthias Schmitt. 2016. Does a Local Bias Exist in Equity Crowdfunding? The Impact of Investor Types and Portal Design. Max Planck Institute for Innovation & Competition Research Paper No. 16-07.
Zurück zum Zitat Hornuf, Lars, and Armin Schwienbacher. 2016. Crowdinvesting—Angel Investing for the Masses? In Handbook of Research on Venture Capital: Volume 3. Business Angels, ed. Hans Landström and Colin Mason, 381–397. Cheltenham, UK: Edward Elgar.CrossRef Hornuf, Lars, and Armin Schwienbacher. 2016. Crowdinvesting—Angel Investing for the Masses? In Handbook of Research on Venture Capital: Volume 3. Business Angels, ed. Hans Landström and Colin Mason, 381–397. Cheltenham, UK: Edward Elgar.CrossRef
Zurück zum Zitat ———. 2017. Should Securities Regulation Promote Equity Crowdfunding? Small Business Economics 49: 579–593. ———. 2017. Should Securities Regulation Promote Equity Crowdfunding? Small Business Economics 49: 579–593.
Zurück zum Zitat Iyer, Rajkamal, Asim I. Khwaja, Erzo F.P. Luttmer, and Kelly Shue. 2015. Screening Peers Softly: Inferring the Quality of Small Borrowers. Management Science 62: 1554–1577.CrossRef Iyer, Rajkamal, Asim I. Khwaja, Erzo F.P. Luttmer, and Kelly Shue. 2015. Screening Peers Softly: Inferring the Quality of Small Borrowers. Management Science 62: 1554–1577.CrossRef
Zurück zum Zitat James, Thomas G. 2013. Far from the Maddening Crowd: Does the Jobs Act Provide Meaningful Redress to Small Investors for Securities Fraud in Connection with Crowdfunding Operations. Boston College Law Review 54: Art.7. James, Thomas G. 2013. Far from the Maddening Crowd: Does the Jobs Act Provide Meaningful Redress to Small Investors for Securities Fraud in Connection with Crowdfunding Operations. Boston College Law Review 54: Art.7.
Zurück zum Zitat Kuppuswamy, Venkat, and Barry L. Bayus. 2017. Does My Contribution to Your Crowdfunding Project Matter? Journal of Business Venturing 32: 72–89.CrossRef Kuppuswamy, Venkat, and Barry L. Bayus. 2017. Does My Contribution to Your Crowdfunding Project Matter? Journal of Business Venturing 32: 72–89.CrossRef
Zurück zum Zitat Lin, Mingfeng, and Siva Viswanathan. 2015. Home Bias in Online Investments: An Empirical Study of an Online Crowdfunding Market. Management Science 62: 1393–1414.CrossRef Lin, Mingfeng, and Siva Viswanathan. 2015. Home Bias in Online Investments: An Empirical Study of an Online Crowdfunding Market. Management Science 62: 1393–1414.CrossRef
Zurück zum Zitat Lin, Yan, Wai F. Boh, and Kim H. Goh. 2014. How Different are Crowdfunders? Examining Archetypes of Crowdfunders and Their Choice of Projects. Academy of Management Proceedings: 1–13309. Lin, Yan, Wai F. Boh, and Kim H. Goh. 2014. How Different are Crowdfunders? Examining Archetypes of Crowdfunders and Their Choice of Projects. Academy of Management Proceedings: 1–13309.
Zurück zum Zitat ———. 2014. The Dynamics of Crowdfunding: An Exploratory Study. Journal of Business Venturing 29: 1–16.CrossRef ———. 2014. The Dynamics of Crowdfunding: An Exploratory Study. Journal of Business Venturing 29: 1–16.CrossRef
Zurück zum Zitat Mollick, Ethan R., and Ramana Nanda. 2015. Wisdom or Madness? Comparing Crowds with Expert Evaluation in Funding the Arts. Management Science 62: 1533–1553.CrossRef Mollick, Ethan R., and Ramana Nanda. 2015. Wisdom or Madness? Comparing Crowds with Expert Evaluation in Funding the Arts. Management Science 62: 1533–1553.CrossRef
Zurück zum Zitat Mollick, Ethan R., and Alicia Robb. 2016. Democratizing Innovation and Capital Access: The Role of Crowdfunding. California Management Review 58: 72–87.CrossRef Mollick, Ethan R., and Alicia Robb. 2016. Democratizing Innovation and Capital Access: The Role of Crowdfunding. California Management Review 58: 72–87.CrossRef
Zurück zum Zitat Parker, Simon C. 2014. Crowdfunding, Cascades and Informed Investors. Economics Letters 125: 432–435.CrossRef Parker, Simon C. 2014. Crowdfunding, Cascades and Informed Investors. Economics Letters 125: 432–435.CrossRef
Zurück zum Zitat Robb, Alicia M., and David T. Robinson. 2014. The Capital Structure Decisions of New Firms. Review of Financial Studies 27: 153–179.CrossRef Robb, Alicia M., and David T. Robinson. 2014. The Capital Structure Decisions of New Firms. Review of Financial Studies 27: 153–179.CrossRef
Zurück zum Zitat Schwienbacher, Armin. 2013. Financing the Business. In The Routledge Companion to Entrepreneurship, ed. Ted Baker and Friederieke Welter, 193–206. Abingdon, Oxon: Routledge. Schwienbacher, Armin. 2013. Financing the Business. In The Routledge Companion to Entrepreneurship, ed. Ted Baker and Friederieke Welter, 193–206. Abingdon, Oxon: Routledge.
Zurück zum Zitat Vismara, Silvio. 2016. Equity Retention and Social Network Theory in Equity Crowdfunding. Small Business Economics 46: 579–590.CrossRef Vismara, Silvio. 2016. Equity Retention and Social Network Theory in Equity Crowdfunding. Small Business Economics 46: 579–590.CrossRef
Metadaten
Titel
Crowdfunding as a New Financing Tool
verfasst von
Gaël Leboeuf
Armin Schwienbacher
Copyright-Jahr
2018
DOI
https://doi.org/10.1007/978-3-319-66119-3_2