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

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Listed:
  • Joern H. Block

    (Universität Trier
    Universität Witten/Herdecke
    Erasmus University Rotterdam)

  • Alexander Groh

    (EMLYON Business School)

  • Lars Hornuf

    (University of Bremen
    Max Planck Institute for Innovation and Competition
    CESifo)

  • Tom Vanacker

    (Ghent University
    University of Exeter Business School)

  • Silvio Vismara

    (Ghent University
    University of Bergamo)

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.

Suggested Citation

  • Joern H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara, 2021. "The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings," Small Business Economics, Springer, vol. 57(2), pages 865-882, August.
    • Handle: RePEc:kap:sbusec:v:57:y:2021:i:2:d:10.1007_s11187-020-00330-2
    DOI: 10.1007/s11187-020-00330-2
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