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Competitive Frontiers in Equity Crowdfunding: The Role of Venture Capitalists and Business Angels in the Early-Stage Financing Industry

In: Crowdfunding for SMEs

Author

Listed:
  • Vincenzo Capizzi

    (University of Verona)

  • Emanuele Maria Carluccio

    (University of Verona)

Abstract

The issue of the stimulation and funding of young or newly created SMEs has been discussed in recent years by professionals, academia, bankers and policymakers, in the context of the capital constraints that have been a part of the economic recession that followed the 2007–2008 global financial crisis. In this environment of constrained lending, it is crucial to shed light on an opaque segment of the capital market industry that is well suited to filling the equity gap. The participants early-stage financing include institutional as well as non-institutional investors, such as technology parks, venture incubators, business accelerators, academic spin-offs and the recently emerged equity crowdfunding platforms. This chapter provides an insight into the roles these different actors can play as a way of investigating whether equity crowdfunding platforms will challenge or complement the existing sources of early-stage financing.

Suggested Citation

  • Vincenzo Capizzi & Emanuele Maria Carluccio, 2016. "Competitive Frontiers in Equity Crowdfunding: The Role of Venture Capitalists and Business Angels in the Early-Stage Financing Industry," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Roberto Bottiglia & Flavio Pichler (ed.), Crowdfunding for SMEs, chapter 6, pages 117-157, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-56021-6_6
    DOI: 10.1057/978-1-137-56021-6_6
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    Citations

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    Cited by:

    1. Johan, Sofia & Zhang, Yelin, 2020. "Quality revealing versus overstating in equity crowdfunding," Journal of Corporate Finance, Elsevier, vol. 65(C).
    2. Kamran Ahmed Siddiqui & Mohammad Emad Al-Shaikh & Ishtiaq Ahmed Bajwa & Omar Alenzi, 2021. "Venture capital challenges in Saudi Arabia," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 291-302, March.
    3. John De Jesús González & Filiberto Enrique Valdés Medina & Maria Luisa Saavedra García, 2021. "Factores de éxito en el financiamiento para Pymes a través del Crowdfunding en México," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 16(2), pages 1-23, Abril - J.
    4. Felix Reichenbach & Martin Walther, 2021. "Signals in equity-based crowdfunding and risk of failure," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-30, December.
    5. Borello, Giuliana & De Crescenzo, Veronica & Pichler, Flavio, 2019. "Factors for success in European crowdinvesting," Journal of Economics and Business, Elsevier, vol. 106(C).

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