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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
Author(s): Brown, Ross
Mawson, Suzanne
Rowe, Alexander
Mason, Colin
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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.
Keywords: Entrepreneurship
Entrepreneurial Finance
Equity Funding
New Ventures
High Growth
Issue Date: 31-Jul-2015
Date Deposited: 14-Jun-2016
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 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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