The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

Joern Block, Alexander Groh (), Lars Hornuf (), Tom Vanacker () and Silvio Vismara ()
Additional contact information
Alexander Groh: EMLYON Business School
Lars Hornuf: University of Bremen
Tom Vanacker: Ghent University
Silvio Vismara: Ghent University

Small Business Economics, 2021, vol. 57, issue 2, No 16, 865-882

Abstract: Abstract Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.

Keywords: Entrepreneurial finance; SME financing; Crowdfunding; Initial coin offering; ICOs; Blockchain; L26; G23; G24; G30 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (33)

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DOI: 10.1007/s11187-020-00330-2

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