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: EM - EMLyon Business School
Lars Hornuf: Universität Bremen [Deutschland] = University of Bremen [Germany] = Université de Brême [Allemagne]
Tom Vanacker: UGENT - Universiteit Gent = Ghent University = Université de Gand, University of Exeter Business School - University of Exeter
Silvio Vismara: UGENT - Universiteit Gent = Ghent University = Université de Gand, UniBg - Università degli Studi di Bergamo = University of Bergamo

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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: Initial Coin Offerings; Initial Token Offerings; Crowdfunding; Entrepreneurial Finance (search for similar items in EconPapers)
Date: 2021-08-01
New Economics Papers: this item is included in nep-ban, nep-cfn, nep-cwa, nep-isf and nep-pay
Note: View the original document on HAL open archive server: https://hal.science/hal-03337456v1
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Citations: View citations in EconPapers (15)

Published in Small Business Economics, 2021, 57 (2), 865-882 p. ⟨10.1007/s11187-020-00330-2⟩

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Journal Article: The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03337456

DOI: 10.1007/s11187-020-00330-2

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