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

【Author】 Block, Joern H.; Groh, Alexander; Hornuf, Lars; Vanacker, Tom; Vismara, Silvio

【Source】SMALL BUSINESS ECONOMICS

【影响因子】7.096

【Abstract】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, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.

【Keywords】Entrepreneurial finance; SME financing; Crowdfunding; Initial coin offering; ICOs; Blockchain

【发表时间】2020 AUG

【收录时间】2022-01-02

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