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.

(2021). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings [journal article - articolo]. In SMALL BUSINESS ECONOMICS. Retrieved from http://hdl.handle.net/10446/172540

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

Groh, Alexander;Vanacker, Tom;Vismara, Silvio
2021-01-01

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.
articolo
2021
Block, Joern H.; Groh, Alexander Peter; Hornuf, Lars; Vanacker, Tom Roger; Vismara, Silvio
(2021). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings [journal article - articolo]. In SMALL BUSINESS ECONOMICS. Retrieved from http://hdl.handle.net/10446/172540
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