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Crowdfunding social ventures: a model and research agenda

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  • Othmar M. Lehner

Abstract

Crowdfunding (CF) in a social entrepreneurship (SE) context is praised in media narrations for its multifaceted potential. From an academic point of view, little has been written about CF as a whole, and enquiries from the SE sphere are mostly concerned with donation-based CF. This paper first reviews extant literature on financing social ventures and CF. Based upon the findings, the author draws up a schema of CF's inner workings and subsequently discusses it in an SE context. From this model, a research agenda consisting of eight themes is derived: types and utility functions; corporate governance; investor relations, reporting and risk; opportunity recognition; networking; legitimacy; financial metrics and legal and regulatory hurdles.

Suggested Citation

  • Othmar M. Lehner, 2013. "Crowdfunding social ventures: a model and research agenda," Venture Capital, Taylor & Francis Journals, vol. 15(4), pages 289-311, October.
    • Handle: RePEc:taf:veecee:v:15:y:2013:i:4:p:289-311
    DOI: 10.1080/13691066.2013.782624
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    References listed on IDEAS

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    1. Torben G. Andersen & Tim Bollerslev & Peter Christoffersen & Francis X. Diebold, 2007. "Practical Volatility and Correlation Modeling for Financial Market Risk Management," NBER Chapters, in: The Risks of Financial Institutions, pages 513-544, National Bureau of Economic Research, Inc.
    2. Jeffrey Robinson, 2006. "Navigating Social and Institutional Barriers to Markets: How Social Entrepreneurs Identify and Evaluate Opportunities," Palgrave Macmillan Books, in: Johanna Mair & Jeffrey Robinson & Kai Hockerts (ed.), Social Entrepreneurship, chapter 7, pages 95-120, Palgrave Macmillan.
    3. Ajay Agrawal & Christian Catalini & Avi Goldfarb, 2010. "Entrepreneurial Finance and the Flat-World Hypothesis: Evidence from Crowd-Funding Entrepreneurs in the Arts," Working Papers 10-08, NET Institute, revised Sep 2010.
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