Signaling effects of crowdfunding on venture investors' decision making / by Michael Mödl.
Michael Mödl examines the impact and signaling effects of crowd-based start-up financing on subsequent venture capital funding rounds. The digital era has substantially expanded the entrepreneurial financing landscape and crowdfunding is emerging as a novel way for young innovative firms to secure s...
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| Format: | Ebook |
| Language: | English |
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Wiesbaden :
Springer Gabler,
[2020]
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| Series: | Gabler edition Wissenschaft. Innovation und Entrepreneurship.
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| Subjects: | |
| Online Access: | Springer eBooks |
| Summary: | Michael Mödl examines the impact and signaling effects of crowd-based start-up financing on subsequent venture capital funding rounds. The digital era has substantially expanded the entrepreneurial financing landscape and crowdfunding is emerging as a novel way for young innovative firms to secure scarce early-stage funding. As the evaluations of venture capitalists and business angels remain to be consequential for securing critical resources in later stages, questions on the interactions between new and traditional forms of venture financing arise. Drawing on choice experimental research designs the author provides causal empirical evidence that while "the crowd" is generally seen as a negative signal, it can generate certain positive signals which increase the likelihood of professional venture investors to consider crowdfunded start-ups for investment. The presented findings yield important implications for capital-seeking entrepreneurs, investors and public policy. Dr. Michael Maximilian Mödl completed his dissertation under supervision of Prof. Dietmar Harhoff, Ph.D. at Ludwig-Maximilians-Universität München and at the Max Planck Institute for Innovation and Competition. |
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| Physical Description: | 1 online resource. |
| Bibliography: | Includes bibliographical references. |
| ISBN: | 365831589X 9783658315894 3658315903 9783658315900 |