Search results for "Crowdfunding"
showing 10 items of 68 documents
La Financiación en Masa de las PYMES (Equity Crowdfunding). Contribución al Estudio de su Regimen Jurídico
2019
El objeto primordial de la tesis es el estudio de una nueva forma de financiación de las PYMES o startups, consistente en sumar las aportaciones, de cuantía en general modesta, de una masa de ahorradores (crowd), muchas veces no acreditados o carentes de conocimientos financieros, a fin de proporcionar los recursos necesarios de capital que permitan la puesta en práctica de proyectos empresariales, en muchos casos de naturaleza innovadora. El crowdfunding de inversión ha adquirido un fuerte auge en el mundo, sobre todo a raíz de las graves dificultades financieras, en especial de las pequeñas y medianas empresas, registradas a consecuencia de la Gran Recesión iniciada en el 2008. La utiliza…
Environmental Sustainability Orientation, Reward-Based Crowdfunding, and Venture Capital: The Mediating Role of Crowdfunding Performance for New Tech…
2021
Extant literature has investigated the effects of new ventures’ environmental sustainability orientation (ESO) on the crowdfunding (CF) performance and on the ability to secure venture capital, separately and with mixed results. In this article, we address the study of these relationships simultaneously. Specifically, we examine how the presence of ESO features influences new technology-based ventures’ ability to secure funding in reward-based CF campaigns and how the CF performance mediates the effect of such features on attracting subsequent venture capital. Using a sample of new hardware ventures that have launched a CF campaign on Kickstarter, we document a negative effect of the presen…
It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding
2019
Equity crowdfunding allows entrepreneurs to directly access financing from a large number of investors via Internet platforms. Recent research has started to examine additional, non-financial benefits of crowdfunding campaigns. This article connects to this emerging research stream by investigating these additional benefits while discussing their potential to contribute to the success of equity crowdfunding projects. Building on interviews with entrepreneurs and investors from Norway and Israel, we find that the benefits offered by investors to entrepreneurs can be divided into two categories: inward benefits and outward benefits. The latter are aimed at increasing public exposure and adva…
Crowdfunding performance, market performance, and the moderating roles of product innovativeness and experts' judgment: Evidence from the movie indus…
2023
Reward-based crowdfunding (CF) has emerged as a method to solicit funds for innovative projects. Yet, little is still known about the ability of reward-based CF to act as a signal in the eyes of future consumers, and thus boost the future market performance of new products that innovators intend to commercialize using the campaign funds. In addition, scant research has clarified the boundary conditions that can magnify or weaken the efficacy of this CF signal. Given the relevance of reward-based CF for supporting innovation, understanding when the CF campaign performance works as an effective signal is of great interest, especially in business settings characterized by high product quality …
Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding
2020
International audience; Digitization has enabled “testing-the-waters” in entrepreneurial finance whereby investors can make nonbinding commitments in equity crowdfunding prior to an actual campaign to ascertain interest in the project. We consider whether these nonbinding equity investment commitments are informative about actual investments during the campaign and, thus, ultimate startup funding success. The data indicate that only 18% of nonbinding commitments are, in fact, invested. The evidence is consistent with hypothetical bias. Hypothetical bias is significantly less pronounced among women and among investors living in higher income areas or in areas with higher levels of education.…
Does crowdfunding make the world go round?
2017
International audience
Availability of alternative financial resources for SMES as a critical part of the entrepreneurial eco-system: Latvia and Italy
2015
Abstract The importance of non-traditional alternative/innovative financing is gaining recognition in both developed and emerging economies throughout the world (OECD, 2012; EC, 2013; ECB, 2013; ECB, 2014). SME financing in Europe remains primarily bank based, in spite of the many policies proposed to develop alternative financing instruments (e.g. adopting directives on venture capital, improving the transparency and visibility of SMEs on capital markets, etc.) The paper aims at understanding the availability of alternative resources for SMEs by analyzing them rigorously, understanding the obstacles for the development of non-bank finance and developing recommendations to overcome them. Th…
Determinants of Individual Investment Decisions in Investment-Based Crowdfunding
2017
We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding, using a novel investment-, investor- and campaign-level database. We find that this market is a man's world, with nearly 93% of investments made by men. Consistent with behavioral and finance theories, we find that women invest less in the riskiest investments but more in safer ones. Further analyses show that these findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Investors located in an area considered more "sociable" (socially friendly) also invest more, but only if the investor is a woman. Overall, the findin…
Borgo Vecchio Factory
2016
ADI Design Index è la selezione annuale del miglior design italiano ed è parte integrante del sistema di selezione del Premio Compasso d’Oro ADI: ogni anno, grazie all’Osservatorio Permanente del Design ADI – un gruppo di lavoro costituito da oltre cento esperti, anche esterni all’associazione – prende in esame su tutto il territorio italiano il design dei nuovi prodotti messi in produzione. Dopo una strutturata selezione (commissioni territoriali, tematiche e comitato di selezione finale), i migliori prodotti di design vengono presentati, con un commento critico che evidenzia i motivi della scelta, su ADI Design Index. I volumi diventano la base su cui lavora la giuria internazionale del C…
ICO Crowdfunding: Incentives, Pricing Strategy, Token Strategy and Crowd Involvement
2020
AbstractBlockchain technologies provide means to develop services that are secure, transparent and efficient by nature. Unsurprisingly, the emerging business opportunities has gained a lot of interest that is realized in form of successful Initial Coin Offerings (ICOs) that are able to raise billions of USD through crowdfunding campaign. In this exploratory research we study 91 ICOs through content analysis in order to investigate the special characteristics of ICO crowdfunding as business models towards the possible investors. We found that ICOs can be described through (1) the model for providing incentives for investment, (2) the pricing strategy, (3) the token strategy and (4) the activ…