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Access denied: How equity crowdfunding platforms use quality signals to select new ventures

  • Among the new ventures actively seeking funds through equity crowdfunding, only a lucky few seemingly survive the rigorous selection process imposed by equity crowdfunding platforms (ECFPs). With a conjoint experiment involving decision-makers from 50 platforms in 22 countries, this study provides first quantitative evidence regarding how ECFPs actually use quality signals to select new ventures to start fundraising campaigns. The ECFPs interpret signals differently, depending on whether they impose a co-investment requirement or generate revenues from new ventures’ long-term performance. The effectiveness of the signals also is contingent on the applicant’s industry background and the signals’ accessibility in the country where the ECFP operates.

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Metadaten
Author: Simon KleinertORCiD, Julian BaferaORCiD, Diemo UrbigORCiD, Christine Volkmann
DOI:https://doi.org/10.1177/10422587211011945
ISSN:1042-2587
Title of the source (English):Entrepreneurship, Theory & Practice
Document Type:Scientific journal article peer-reviewed
Language:English
Year of publication:2021
Tag:Entrepreneurship; entrepreneurial finance; equity crowdfunding; signaling
Volume/Year:46 (2022)
Issue number:6
First Page:1626
Last Page:1657
Faculty/Chair:Fakultät 5 Wirtschaft, Recht und Gesellschaft / FG ABWL, insbesondere empirische Unternehmensforschung und Transformation
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