|Appears in Collections:||Management, Work and Organisation Working Papers|
|Peer Review Status:||Unrefereed|
|Title:||Harnessing the Crowd: The Demand-Side Dynamics of Equity Crowdfunding in Nascent Entrepreneurial Ventures|
|Citation:||Brown R, Mawson S, Rowe A & Mason C (2015) Harnessing the Crowd: The Demand-Side Dynamics of Equity Crowdfunding in Nascent Entrepreneurial Ventures. Working papers in responsible banking and finance, 15-009. University of St Andrews.|
|Publisher:||University of St Andrews|
|Series/Report no.:||Working papers in responsible banking and finance, 15-009|
|Abstract:||Equity crowdfunding has rapidly established itself as an important part of the funding landscape for entrepreneurial ventures. However, little is known about the ‘demand’ for equity crowdfunding. This paper reports on a large-scale study of UK equity crowdfunded firms. The study found strong demand for equity crowdfunding from entrepreneurs in consumer-focused, early stage firms. Many were ‘discouraged borrowers’, attracted by the ability to obtain finance quickly with little diminution in their equity or autonomy. Crowdfunding also seems to confer important intangible benefits to investee companies, in terms of firm valuation and product validation. Implications for theory and future research are outlined.|
|Type:||Working or Discussion Paper|
|Rights:||The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.|
|Affiliation:||University of St Andrews|
Management Work and Organisation
University of St Andrews
University of Glasgow
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