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Equity crowdfunding: Forecasting market development, platform evolution, and regulation

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  • Victor Tiberius
  • Raoul Hauptmeijer

Abstract

In this study, we explore the development of equity crowdfunding (ECF) over the next 5 to 10 years by conducting an international Delphi study. Our results indicate that the ECF market is expected to grow significantly. However, it is unlikely to disrupt other forms of financing and will not cover all SME financing needs. ECF will remain a funding technique for SMEs and small investors; it is unlikely to attract large corporations or institutional investors. Platforms will impose stricter requirements for capital raisers, expand their services, and innovate their business models. National governments will probably partly liberalize the ECF market.

Suggested Citation

  • Victor Tiberius & Raoul Hauptmeijer, 2021. "Equity crowdfunding: Forecasting market development, platform evolution, and regulation," Journal of Small Business Management, Taylor & Francis Journals, vol. 59(2), pages 337-369, March.
    • Handle: RePEc:taf:ujbmxx:v:59:y:2021:i:2:p:337-369
    DOI: 10.1080/00472778.2020.1849714
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    Cited by:

    1. Alexandra Mora-Cruz & Pedro R. Palos-Sanchez, 2023. "Crowdfunding platforms: a systematic literature review and a bibliometric analysis," International Entrepreneurship and Management Journal, Springer, vol. 19(3), pages 1257-1288, September.
    2. Gallucci, Carmen & Giakoumelou, Anastasia & Santulli, Rosalia & Tipaldi, Riccardo, 2023. "How financial literacy moderates the relationship between qualitative business information and the success of an equity crowdfunding campaign: Evidence from Mediterranean and Gulf Cooperation Council ," Technology in Society, Elsevier, vol. 75(C).

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