How New Is Crowdfunding? The Venture Capital Evolution without Revolution – Discourse on Risk Capital Themes and their Relevance to Poland (Jak nowe jest zjawisko finansowana spolecznosciowego? Ewolucja kapitalu wysokiego ryzyka bez rewolucji – rozwazania o zagadnieniach kapitalu podwyzszonego ryzyka i ich znaczeniu dla Polski)

Denis Frydrych () and Tony Kinder ()
Additional contact information
Denis Frydrych: University of Edinburgh Business School
Tony Kinder: University of Edinburgh Business School

Problemy Zarzadzania, 2015, vol. 13, issue 56, 177-194

Abstract: This conceptual paper discourses the emergence and development of crowdfunding as a step of the broader risk capital evolution. In doing so, we call for a more careful discussion about whether crowdfunding is the next big thing in risk capital mechanisms or a continuity of risk capital instruments, which matches technological regime changes and aligns to economic and social development. Based on a historical overview of types of funding, we elaborate that the risk capital market follows an evolutionary rather than revolutionary progression, where crowdfunding developed as a continuity of business angel, venture capital and microfinance mechanisms. This paper also provides policy implications by discoursing the risk capital evolution and highlights the importance of diversification in risk capital institutions to drive entrepreneurial activity.

Keywords: crowdfunding; risk capital; venture capital; entrepreneurship (search for similar items in EconPapers)
JEL-codes: G23 L26 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://press.wz.uw.edu.pl/ems/vol13/iss56/11 (application/pdf)
http://pz.wz.uw.edu.pl/en (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sgm:pzwzuw:v:13:i:56:y:2015:p:177-194

Access Statistics for this article

More articles in Problemy Zarzadzania from University of Warsaw, Faculty of Management Contact information at EDIRC.
Bibliographic data for series maintained by ().