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

Research output: Contribution to journalResearch articleContributedpeer-review

Contributors

  • Joern H. Block - , Trier University, Witten/Herdecke University, Erasmus University Rotterdam (Author)
  • Alexander Groh - , Emlyon Business School (Author)
  • Lars Hornuf - , University of Bremen, Max Planck Institute for Innovation and Competition, Munich Society for the Promotion of Economic Research - CESifo GmbH (Author)
  • Tom Vanacker - , Ghent University, University of Exeter (Author)
  • Silvio Vismara - , Ghent University, University of Bergamo (Author)

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.

Details

Original languageEnglish
Pages (from-to)865-882
Number of pages18
JournalSmall Business Economics
Volume57
Issue number2
Publication statusPublished - Aug 2021
Peer-reviewedYes
Externally publishedYes

External IDs

WOS 000525297000001
Scopus 85083387133
ORCID /0000-0002-0576-7759/work/142239290

Keywords

Keywords

  • Blockchain, Crowdfunding, Entrepreneurial finance, ICOs, Initial coin offering, SME financing

Library keywords