Crowdfunding and industrial diversification

Nicola Cortinovis

No 2607, Papers in Evolutionary Economic Geography (PEEG) from Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography

Abstract: Crowdfunding (CF) has emerged as a novel source of entrepreneurial finance, yet its role in shaping regional industrial dynamics remains poorly understood. Adopting an evolutionary economic geography perspective and exploiting a newly developed database, this paper examines the relationship between crowdfunding activity and the emergence of new local industrial specializations. The analysis shows that industries receiving funds through CF are more likely to become part of local specialization patterns, especially when they are related to the existing industrial structure. Moreover, these associations are stronger in counties characterized by higher levels of credit insecurity.

Keywords: Crowdfunding; industrial diversification; relatedness; credit insecurity; US (search for similar items in EconPapers)
JEL-codes: O14 O31 (search for similar items in EconPapers)
Date: 2026-05, Revised 2026-05
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Persistent link: https://EconPapers.repec.org/RePEc:egu:wpaper:2607

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