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The Financing Process of Equity-Based Crowdfunding: An Empirical Analysis

In: Crowdfunding in Europe

Author

Listed:
  • Anja Hagedorn

    (HHL Leipzig Graduate School of Management)

  • Andreas Pinkwart

    (HHL Leipzig Graduate School of Management)

Abstract

Equity-based crowdfunding is a relatively new method to obtain capital for start-ups. Hereby ventures use special Internet platforms to issue shares of different sorts to the public. However, a great variety of platforms exist, which leads us to the question of whether there is a general crowdfunding process enabling founders to finance their business or not. If we knew of a general model, we could give recommendations to founders, service providers and investors. Therefore, in this article, we analyse the process of equity-based crowdfunding from the perspective of a capital seeker and ask how the process of equity-based crowdfunding is structured in practice. We answer this question by conducting an explorative analysis consisting of an iterative examination of the 16 different platforms existing in Germany. By doing so, we aim to identify commonalities and differences and derive a general model. The findings will be used for further discussion and provide information for stakeholders in order to optimize the process.

Suggested Citation

  • Anja Hagedorn & Andreas Pinkwart, 2016. "The Financing Process of Equity-Based Crowdfunding: An Empirical Analysis," FGF Studies in Small Business and Entrepreneurship, in: Dennis Brüntje & Oliver Gajda (ed.), Crowdfunding in Europe, edition 1, pages 71-85, Springer.
    • Handle: RePEc:spr:fgfchp:978-3-319-18017-5_5
    DOI: 10.1007/978-3-319-18017-5_5
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    Citations

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    Cited by:

    1. Andreas Wald & Merete Holmesland & Kalanit Efrat, 2019. "It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 28(2), pages 270-294, September.
    2. Bi, Gongbing & Lv, Jiancheng, 2023. "Can an early exit mechanism attract more pledges in equity-based crowdfunding? Evidence from China," Finance Research Letters, Elsevier, vol. 56(C).
    3. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
    4. Santautė Venslavienė & Jelena Stankevičienė & Agnė Vaiciukevičiūtė, 2021. "Assessment of Successful Drivers of Crowdfunding Projects Based on Visual Analogue Scale Matrix for Criteria Weighting Method," Mathematics, MDPI, vol. 9(14), pages 1-18, July.

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