1. The entrepreneurial finance markets of the future : a comparison of crowdfunding and initial coin offerings
- Author
-
Alexander Peter Groh, Jorn H. Block, Silvio Vismara, Lars Hornuf, Tom Vanacker, emlyon business school, and business school, emlyon
- Subjects
OWNERSHIP ,Entrepreneurship ,Economics and Econometrics ,Initial coin offering ,LOYALTY ,Entrepreneurial finance ,SME financing ,Crowdfunding ,ICOs ,Blockchain ,INNOVATION ,media_common.quotation_subject ,Management and Accounting ,Business and Economics ,Settore SECS-P/09 - Finanza Aziendale ,Market segmentation ,0502 economics and business ,Loyalty ,DEVELOPMENT SPILLOVERS ,Initial Token Offerings ,050207 economics ,[SHS.ECO] Humanities and Social Sciences/Economics and Finance ,Initial Coin Offerings ,Industrial organization ,media_common ,ECONOMICS ,business.industry ,General Business ,05 social sciences ,Small business ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,General Business, Management and Accounting ,Entrepreneurial Finance ,FIRM ,[SHS.GESTION]Humanities and Social Sciences/Business administration ,Business ,[SHS.GESTION] Humanities and Social Sciences/Business administration ,050203 business & management ,COSTS - 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.
- Published
- 2021