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Equity crowdfunding: anything to celebrate?

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  • Armin Schwienbacher

Abstract

The development of equity crowdfunding over the last 10 years has been accompanied by many successes and achievements, but also failures. At the same time, it still faces many challenges if it wants to become mainstream in entrepreneurial finance. These challenges are particularly severe in Continental Europe. This article reviews achievements made the last 10 years and discusses important challenges that remain to be solved such as delivering appropriate risk-adjusted returns to investors, enhancing platforms’ own profitability and enabling exit of investors from startups.

Suggested Citation

  • Armin Schwienbacher, 2019. "Equity crowdfunding: anything to celebrate?," Venture Capital, Taylor & Francis Journals, vol. 21(1), pages 65-74, January.
    • Handle: RePEc:taf:veecee:v:21:y:2019:i:1:p:65-74
    DOI: 10.1080/13691066.2018.1559010
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    Cited by:

    1. Deri Maria Grazia & D’Acunto David & Lemmi Enrica, 2023. "Crowdfunding in the accommodation realm and pandemic times: The resilient case of CleanBnB," European Journal of Tourism, Hospitality and Recreation, Sciendo, vol. 13(1), pages 80-96, December.
    2. Adam P. Balcerzak & Ilona Pietryka (ed.), 2023. "Contemporary Issues in Economy. Proceedings of the International Conference on Applied Economics: Finance," Books, Institute of Economic Research, edition 1, volume 12, number 31, June.
    3. Lars Hornuf & Johannes Voshaar, 2024. "What Is an Effective Signal in Crowdfunding? Evidence from Expert Researchers and a Meta-Study," CESifo Working Paper Series 11501, CESifo.
    4. Mustafa Raza Rabbani & Abu Bashar & Iqbal Thonse Hawaldar & Muneer Shaik & Mohammed Selim, 2022. "What Do We Know about Crowdfunding and P2P Lending Research? A Bibliometric Review and Meta-Analysis," JRFM, MDPI, vol. 15(10), pages 1-23, October.
    5. Amina Rizwan & Faisal Mustafa, 2022. "Fintech Attaining Sustainable Development: An Investor Perspective of Crowdfunding Platforms in a Developing Country," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    6. Salvador Cruz Rambaud & Joaquín López Pascual & Roberto Moro-Visconti & Emilio M. Santandreu, 2022. "Should gender be a determinant factor for granting crowdfunded microloans?," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-13, December.
    7. Rama, Ali & Jiang, Chunxia & Johan, Sofia & Liu, Hong & Mai, Yong, 2022. "Religious and social narratives and crowdfunding success," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    8. Douglas Cumming & Robert S. Reardon, 2023. "COVID-19 and entrepreneurial processes in US equity crowdfunding," Journal of Small Business Management, Taylor & Francis Journals, vol. 61(5), pages 2326-2349, September.
    9. Camilla Civardi & Andrea Moro & Joakim Winborg, 2024. "“All that glitters is not gold!”: The (Unexplored) Determinants of Equity Crowdfunding," Small Business Economics, Springer, vol. 63(1), pages 299-324, June.
    10. Wulf Kaal, 2023. "Reputation as Capital—How Decentralized Autonomous Organizations Address Shortcomings in the Venture Capital Market," JRFM, MDPI, vol. 16(5), pages 1-14, May.
    11. Kaimuk Panitkulpong & Amnuay Saengnoree & Thapong Teerawatananond, 2024. "Financial Innovation and Crowdfunding: Influencing Investment Decisions in Tech Startups," IJFS, MDPI, vol. 12(4), pages 1-17, October.
    12. Righi, Riccardo & Pedrazzoli, Alessia & Righi, Simone & Venturelli, Valeria, 2024. "The clientele effects in equity crowdfunding: A complex network analysis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 42(C).
    13. Lukkarinen, Anna & Schwienbacher, Armin, 2023. "Secondary market listings in equity crowdfunding: The missing link?," Research Policy, Elsevier, vol. 52(1).
    14. Kukk, Mari-Liis, 2022. "Predicting business failure after crowdfunding success: Are platforms the unsung heroes?," Journal of Business Venturing Insights, Elsevier, vol. 17(C).

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