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2020 | OriginalPaper | Buchkapitel

Democratising Entrepreneurial Finance: The Impact of Crowdfunding and Initial Coin Offerings (ICOs)

verfasst von : Erik Ackermann, Carolin Bock, Robin Bürger

Erschienen in: Contemporary Developments in Entrepreneurial Finance

Verlag: Springer International Publishing

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Abstract

Our article sheds light on two recent phenomena in the area of entrepreneurial financing, namely, crowdfunding and Initial Coin Offerings (ICOs). We investigate the main characteristics of the two alternative forms of entrepreneurial financing, their differences and coherences, reasons leading to their occurrence, their market relevance and legal aspects. Furthermore, we provide both an overview of the different motivations backers of the two phenomena have to support campaigns as well as the success factors for the campaigns. Due to their newness, both types are not devoid of risks and limitations which are also discussed. We state that crowdfunding and ICOs have many aspects in common and that a combination of both concepts may be optimal in their future development to overcome the current inefficiencies of crowdfunding or the shortcomings of ICOs. In summary, entrepreneurial financing is positively influenced by the two phenomena leading to a democratisation of financial possibilities for both entrepreneurs and backers.

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Vorheriges Kapitel Social Finance in Europe: The Transition from Grants to Follow-Up Financing for Social Enterprises

Nächstes Kapitel Is Crowdfunding Suitable for Financing German Public Research Organization (PRO) Projects?

Initial Coin Offering (ICO) also token sale or token generating event refers to a new form of capital raising for financing entrepreneurial activities. By combining different approaches from the fields of peer-to-peer networks, cryptography and game theory (consensus mechanisms), financiers are enabled to contribute to entrepreneurial projects on a global scale without a central entity (Boreiko and Sahdev 2018).

Crowdfunding is a relatively new form of seed- and early-stage funding for start-ups that collect small amounts from a large group of individuals through the use of online platforms acting as intermediaries (Schwienbacher and Larralde 2010).

Bitcoin with a capital “B” means the peer-to-peer network, the open-source software, the decentralised general ledger (blockchain), the software development platform and the transaction platform. The term bitcoin written with the lowercase letter “b” refers to the unit of the crypto asset (well known as cryptocurrency) (Sixt 2017).

In order to support regulators, entrepreneurs, investors and researchers, the International Token Standardization Association (ITSA) is working on a framework for classifying cryptographic tokens and increased market transparency. The framework allows to correctly identify (International Token Identification Number, ITIN), classify (International Token Classification, ITC) and analyse (International Token Database, TOKENBASE) every major token that exists on the market (International Token Standardization Association 2018).

The term Security Token Offering (STO) has been used increasingly since 2018 and is often referred to as the follow-up to the ICO (Blockchainwelt 2018). An STO could help the entire market to become more stable and mature but does not necessarily have to follow blockchain-based business models. In theory, company shares could also be issued independently of the business model on the basis of a blockchain through an STO.

Distributed ledger technologies (DLTs) can be seen as a generic term for emerging technologies based on decentralised and distributed structures. Instead of a central entity that collects and verifies all data, participants trust the network, which derives its integrity from a specific consensus and validation system (Yates et al. 2018). In addition to blockchain, tangle (e.g. IOTA) or hashgraph should also be mentioned as forms of DLT.

A minimum viable product (MVP) fulfils the basic requirements and properties.

Smart contracts are programmes for automating human interactions in the form of a digital, rule-based transaction log that can independently check and document defined if-then conditions and execute or inhibit transactions accordingly (Swan 2015).

Large-scale investors who have been active in the crypto market since the very beginning (long-term investors). Due to the high concentration of capital on a few whales in the Bitcoin network (4% hold 96% of all bitcoins), market manipulation cannot be ruled out (Preuß et al. 2018a).

Silk Road was an anonymous marketplace for primarily illegal products and services in the so-called darknet with integrated bitcoin payment function (Rosenberger 2018).

These advisors are more engaged in marketing the project and less in consulting. It is not uncommon for those consultants to receive the tokens at an 80–90% discount. Such a market power can allow price manipulation and result in pump and dump schemes (Preuß et al. 2018b).

Reference should be made to the judgement of a Berlin Court of Appeal on 25 September 2018, in which bitcoin is not classified as a financial instrument within the meaning of the KWG. It remains to be seen to what extent this will have consequences for bitcoin trading in Germany (Online and Recht 2018).

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Titel: Democratising Entrepreneurial Finance: The Impact of Crowdfunding and Initial Coin Offerings (ICOs)
verfasst von: Erik Ackermann
Carolin Bock
Robin Bürger
Verlag: Springer International Publishing
Buch: Contemporary Developments in Entrepreneurial Finance
Print ISBN: 978-3-030-17611-2

Electronic ISBN: 978-3-030-17612-9

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-3-030-17612-9_11