New developments in entrepreneurial finance: the rise of blockchain-based funding mechanisms

Pierluigi Martino, Christian Fisch and Cristiano Bellavitis

Chapter 7 in Field Guide to Entrepreneurial Finance, 2026, pp 127-151 from Edward Elgar Publishing

Abstract: The emergence of new and powerful technologies has introduced novel players and innovative methods for financing entrepreneurial ventures. Blockchain technology is one example of a transformative technology that has significantly affected entrepreneurial finance in recent years, paving the way for a variety of alternative financial channels centered on digital technology, decentralization, and disintermediation. This chapter provides an overview of the current landscape of blockchain-based funding mechanisms by describing (1) initial coin offerings (ICOs), (2) initial exchange offerings (IEOs), (3) security token offerings (STOs), (4) non-fungible tokens (NFTs), and (5) decentralized autonomous organizations (DAOs). Initial DEX offerings (IDOs), airdrops, and cryptocurrency loans are also explored briefly. This overview aims to expand the academic understanding of the evolving blockchain-based financing landscape, helping researchers and practitioners gain insights into emerging trends, challenges, and opportunities.

Keywords: Entrepreneurial Finance; Blockchain; Crypto; Initial Coin Offerings; ICO; Non-Fungible Token; NFT; Decentralized Autonomous Organizations; DAO; JEL; E22; G11; M13; O16; O33 (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035342495
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