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How Should Crowdfunding Research Evolve? A Survey of the Entrepreneurship Theory and Practice Editorial Board

Published on Mar 1, 2017in Entrepreneurship Theory and Practice
· DOI :10.1111/etap.12269
Aaron F. McKenny15
Estimated H-index: 15
,
Thomas H. Allison10
Estimated H-index: 10
+ 2 AuthorsR. Duane Ireland62
Estimated H-index: 62
Sources
Abstract
The explosion of crowdfunding within entrepreneurial circles is attracting increased academic interest in the nature of crowdfunding, its antecedents, and its consequences. In an effort to help res...
  • References (38)
  • Citations (35)
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References38
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#1Matthew JosefyH-Index: 5
#2Thomas J. DeanH-Index: 20
Last. Markus FitzaH-Index: 9
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Despite increased interest in examining the factors that influence crowdfunding success, the effects of community context have been relatively unexamined. We address this void by examining the role of cultural context in crowdfunding success. Our unique data set of crowdfunding projects to “save the local theater” are homogenous in their goal, allowing us to test whether crowdfunding campaigns in certain communities lead to better funding outcomes than others. Theoretically, our results suggest ...
28 CitationsSource
We investigate the effect of innovativeness on crowdfunding outcomes. Because crowdfunding campaigns characterized by greater incremental innovativeness are more comprehensible and generate more user value for typical crowdfunders, incremental innovativeness may result in more favorable funding outcomes. By comparison, campaigns that feature greater radical innovativeness are riskier to develop, harder for crowdfunders to understand and result in less favorable funding outcomes. This negative ef...
36 CitationsSource
#1Vincenzo ButticèH-Index: 3
#2Massimo G. ColomboH-Index: 42
Last. Mike WrightH-Index: 103
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In this paper, we focus attention on serial crowdfunders, that is, entrepreneurs who repeatedly turn to crowdfunding to finance their projects. We argue that serial crowdfunders take advantage of the social contacts with those that backed their previous campaigns. This internal social capital developed within the platform, which is not available to “normal” serial entrepreneurs, makes serial crowdfunders’ campaigns more successful than those launched by novice crowdfunders. However, this type of...
56 CitationsSource
#1Vitaly SkirnevskiyH-Index: 1
#2David BendigH-Index: 6
Last. Malte BrettelH-Index: 31
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Interactions between project creators and backers on the crowdfunding platform represent the linchpin of every campaign. However, the resulting internal social capital has received little academic attention. To address this topic, we frame how internal social capital can develop through project track record and how internal social capital can spill over to external online communities. Focusing on the long-term implications of these manifestations of social capital, we empirically assess whether ...
41 CitationsSource
#1Goran Calic (McMaster University)H-Index: 4
#2Elaine Mosakowski (UTAS: University of Tasmania)H-Index: 19
Research generally suggests that, relative to commercial entrepreneurs, social entrepreneurs stand at a disadvantage at acquiring resources through traditional financial institutions. Yet interest in social entrepreneurship appears to be at an all-time high. The current paper advances the argument that an innovative institutional form – crowdfunding – has emerged to address the needs of social entrepreneurs and other entrepreneurs with limited access to traditional sources of capital. To examine...
71 CitationsSource
#1Robert C. Ford (College of Business Administration)H-Index: 25
#2Brendan Richard (College of Business Administration)H-Index: 5
Last. Michael P. Ciuchta (University of Massachusetts Lowell)H-Index: 8
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Interest in and enthusiasm for crowdsourcing is growing tremendously. But should organizations contemplating the use of crowdsourcing view it as simply another means of outsourcing to non-employees, or as something unique that has special requirements for success? This article addresses that issue. After reviewing the various ways organizations employ non-employees to overcome human resource limitations, we suggest areas in which they are similar and areas in which they are different. We then fo...
26 CitationsSource
#1Gerrit K.C. Ahlers (A.T. Kearney)H-Index: 1
#2Douglas J. Cumming (York University)H-Index: 47
Last. Denis Schweizer (WHU - Otto Beisheim School of Management)H-Index: 14
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This paper presents an initial empirical examination of which start-up signals will induce small investors to commit financial resources in an equity crowdfunding context. We examine the impact of firms’ financial roadmaps (e.g., preplanned exit strategies such as IPOs or acquisitions), external certification (awards, government grants and patents), internal governance (such as board structure), and risk factors (such as amount of equity offered and the presence of disclaimers) on fundraising su...
393 CitationsSource
Microloans garnered from crowdfunding provide an important source of financial capital for nascent entrepreneurs. Drawing on cognitive evaluation theory, we assess how linguistic cues known to affect underlying motivation can frame entrepreneurial narratives either as a business opportunity or as an opportunity to help others. We examine how this framing affects fundraising outcomes in the context of prosocial lending and conduct our analysis on a sample of microloans made to over 36,000 entrepr...
156 CitationsSource
#1Todd W. MossH-Index: 13
#2Donald O. NeubaumH-Index: 21
Last. Moriah MeyskensH-Index: 9
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The availability of capital for microenterprises has grown rapidly due to microfinancing platforms such as Kiva. The investment decisions of microlenders are challenged due to the limited information about the microenterprises' characteristics and behavioral intentions. Extending signaling theory, we suggest that microenterprises' narratives on microfinancing platforms are an important means to signal valuable characteristics and behavioral intentions to prospective lenders. Results indicate tha...
108 CitationsSource
#1Paul Belleflamme (UCL: Université catholique de Louvain)H-Index: 20
#2Thomas Lambert (UCL: Université catholique de Louvain)H-Index: 7
Last. Armin Schwienbacher (university of lille)H-Index: 25
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The basic idea of crowdfunding is to raise external finance from a large audience (the “crowd”), where each individual provides a very small amount, instead of soliciting a small group of sophisticated investors. The paper develops a model that associates crowdfunding with pre-ordering and price discrimination, and studies the conditions under which crowdfunding is preferred to traditional forms of external funding. Compared to traditional funding, crowdfunding has the advantage of offering an e...
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Cited By35
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#1Vincenzo Butticè (Polytechnic University of Milan)H-Index: 3
#2Paola Rovelli (Free University of Bozen-Bolzano)H-Index: 3
Abstract In this paper, we extend the nascent literature interested in understanding the role of narcissism in determining resource acquisition by entrepreneurs. Using a sample of 59,538 crowdfunding campaigns launched by individual entrepreneurs on the crowdfunding platform Kickstarter and adopting an unobtrusive measure of narcissism derived from the literature, we demonstrate that a negative relation exists between narcissism and crowdfunding success: the greater the entrepreneur's narcissist...
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#1Afsaneh Bagheri (UT: University of Tehran)H-Index: 10
#2Hasti Chitsazan (UT: University of Tehran)H-Index: 2
Last. Sarah Koolaji (UT: University of Tehran)
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Abstract Crowdfunding has been recently suggested as an effective means for tourism business founders to gain financial support. Yet, few business founders in tourism have employed the method to fund their business creation and development. Using the behavioral decision model in complex and uncertain business situations, this qualitative study explored the deterrents to crowdfunding adoption and the factors that shape the perception of the deterrents in tourism business founders. The data collec...
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#1Hadar Gafni (CBS: Copenhagen Business School)H-Index: 1
#2Marek Hudon (ULB: Université libre de Bruxelles)H-Index: 16
Last. Anaïs Perilleux (UCL: Université catholique de Louvain)H-Index: 7
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Crowdfunding has created new opportunities for poor microentrepreneurs. One crucial question is the impact that the purpose of a loan—either business investment or basic necessities—may have on the success of a campaign. Investigating a prosocial crowdfunding platform, we find that loans taken out to meet basic needs are funded faster than business-related loans, especially for small amounts, which can be explained by the prosocial motivation of microlenders. Moreover, female microborrowers are ...
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#1Michael M. Moedl (LMU: Ludwig Maximilian University of Munich)H-Index: 1
Crowd-based means of funding are emerging as a valid novel way of providing scarce seed-finance for entre-preneurial ventures. In recent years, securities-based variants such as equity crowdfunding or initial coin offer-ings (ICOs) are increasingly attracting higher funding amounts than reward-based models, in particular for commercially oriented ventures. However, securities-based crowdfundings also come along with the more com-plex contracts, since they introduce a large set of new shareholder...
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#1Alexander Lewis (UTSA: University of Texas at San Antonio)H-Index: 1
#2Arkangel M. Cordero (UTSA: University of Texas at San Antonio)H-Index: 1
Last. Rachael Xiong (UTSA: University of Texas at San Antonio)
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Institutional change is typically studied at the organizational field level; we leverage political culture to examine how the context in which these fields are embedded influence processes of insti...
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The paper takes stock of accumulated knowledge on factors impacting the success of online crowdfunding (CF) campaigns while suggesting opportunities for future research development.,A Systematic Literature Review of 88 academic papers published between 2010 and 2017. Papers were collected from four academic databases and published in 65 different journals. The review addresses issues related to theory, methods, context, findings and gaps. Overall, the paper presents an analysis of 1,718 associat...
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#1Michael Cummings (UA: University of Arkansas)H-Index: 5
#2Hans Rawhouser (UNLV: University of Nevada, Las Vegas)H-Index: 6
Last. Erin L. Hamilton (UNLV: University of Nevada, Las Vegas)H-Index: 2
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Equity crowdfunding is a unique form of entrepreneurial finance that combines elements of private and public equity. We articulate its distinctive features, then review and qualitatively analyze a large corpus of 540 public comments submitted by stakeholders in response to new US equity crowdfunding regulations. Through a qualitative content analytic approach, we combine actor (issuer, investor, and intermediary) and perspective (relational, behavioral, and technical) dimensions to develop a tax...
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#1Kostas Alexiou (UT: University of Tampa)H-Index: 1
#2Jennifer Wiggins (KSU: Kent State University)H-Index: 3
Last. Stephen B. Preece (WLU: Wilfrid Laurier University)H-Index: 6
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This research examines the relationship between crowdfunding campaigns by nonprofit performing arts organizations and their overall fundraising portfolio. Using a dataset compiled from the CrowdBer...
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