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Equity Crowdfunding: a New Phenomena$
Journal of Business Venturing Insights 5 (2016) 37–49 Contents lists available at ScienceDirect Journal of Business Venturing Insights journal homepage: www.elsevier.com/locate/jbvi Equity crowdfunding: A new phenomena$ Nir Vulkan a,n, Thomas Åstebro b, Manuel Fernandez Sierra c a Said Business School Oxford University, United Kingdom b HEC Paris, France c Economics department Oxford University, United Kingdom article info abstract Article history: Crowdfunding has recently become available for entrepreneurs. Most academic studies Received 1 December 2015 analyse data from rewards-based (pre-selling) campaigns. In contrast, in this paper we Received in revised form analyse 636 campaigns, encompassing 17,188 investors and 64,831 investments between 30 January 2016 2012 and 2015, from one of the leading European equity crowdfunding platforms. We Accepted 4 February 2016 provide descriptive statistics and carry out cross-campaign regression analysis. The de- Available online 4 March 2016 scriptive statistics address its size, growth and geographic distributions in the UK. The Keywords: regressions analyse which factors are associated with the probability of a successful Equity crowdfunding campaign. We find some similarities and some interesting dissimilarities when comparing UK the descriptive statistics and regression results to research on rewards-based crowding. Campaign success The data show that equity crowdfunding will likely pose great challenges to VC and business angel financiers in the near future. We discuss some research challenges and opportunities with these kind of data. & 2016 Elsevier Inc. All rights reserved. 1. Introduction In recent years crowdfunding has emerged as a viable and popular alternative channel for entrepreneurs to fund their early stage businesses. -
CEP Discussion Paper No 1498 September 2017 Equity
ISSN 2042-2695 CEP Discussion Paper No 1498 September 2017 Equity Crowdfunding and Early Stage Entrepreneurial Finance: Damaging or Disruptive? Saul Estrin Daniel Gozman Susanna Khavul Abstract Equity crowdfunding (ECF) offers founders of new ventures an online social media marketplace where they can access a large number of investors who, in exchange for an ownership stake, provide finance for business opportunities that they find attractive. In this paper, we first quantify the evolution of the ECF market in the UK, the world leader, as well as the benign regulatory environment. ECF already represents more than 15% of British early stage entrepreneurial finance. We then use qualitative methods to explore three research questions. First, do these large financial flows via ECF platforms supplement or merely divert more traditional forms of funding for entrepreneurs? Second, do investors understand and appropriately evaluate the risks that they are bearing by investing in this new asset class? Finally, does ECF finance bring with it the spillovers, e.g. advice and guidance critical to entrepreneurial success, associated with other sources of funding such as Venture Capital? Our study is based on extensive interviews with investors, entrepreneurs (including some who chose not to use ECF in favour of traditional funding sources) and regulators. We conclude that ECF provides real additionality to the sources of entrepreneurial finance while not bringing major new risks for investors. This suggests other jurisdictions might consider implementing the British “principles based” regulatory framework. Keywords: equity crowdfunding, early stage entrepreneurial finance, financial regulation, investor choices JEL: G3; G21; L26; M21 This paper was produced as part of the Centre’s Growth Programme. -
East Africa Crowdfunding Landscape Study
REPORT | OCTOBER 2016 East Africa Crowdfunding Landscape Study REDUCING POVERTY THROUGH FINANCIAL SECTOR DEVELOPMENT Seven Things We Learned 1 2 3 4 East African East Africa’s Crowdfunding There’s appetite to crowdfunding platforms report risks and the do business and to markets are on promising regulatory learn more from the move. progress. environment. across East Africa. Crowdfunding platforms Since 2012 M-Changa In Kenya, for example, Over 65 participants at- (donation, rewards, debt has raised $900,000 Section 12A of the Capi- tended the Indaba & and equity) raised $37.2 through 46,000 tal Markets Act provides a Marketplace from all cor- million in 2015 in Kenya, donations to 6,129 safe space for innovations ners of the East African Rwanda, Tanzania and fundraisers. Pesa Zetu to grow before being sub- market. Uganda. By the end of Q1 and LelaFund are also ject to the full regulatory 2016, this figure reached opening access to their regime. $17.8 million – a 170% deals on the platform. year-on-year increase. 5 6 7 East Africa’s MSMEs ex- There are both commercial Global crowdfunding press a demand for alterna- and development oppor- markets are growing tive finance, but they’re not tunities for crowdfunding fast but also evolving. always investment-ready or platforms in East Africa. Finance raised by crowdfunding able to locate financiers. Crowdfunding platforms have the platforms worldwide increased from 45% of Kenyan start-ups sampled re- potential to mobilise and allocate $2.7 billion in 2012 to an estimated quire between $10,000 and $50,000 capital more cheaply and quickly $34 billion in 2015. -
Equity Crowd Funding Report Pdf 275.1 KB
Equity CrowdFunding Resource 2 Equity CrowdFunding has established itself as a real complement and alternative to traditional equity funding sources for High Growth Potential Start-Up and Growth Stage businesses in the UK and Ireland in recent years. Disclaimer: This Resource should not be considered in any way as a recommendation for companies to use/access Equity CrowdFunding platforms. Any companies considering taking such a route to raise capital do so at their own risk. While the promoters of the case studies profiled here have all said they would be prepared to undertake an Equity CrowdFunding campaign again, this assertion should not be considered an explicit recommendation by those companies or InterTradeIreland of Equity CrowdFunding per se, or the actual platform used by that company. This Resource should not be considered in any way as a recommendation to any investors considering investing via such a platform. Such investors do so at their own risk. This Resource does not deal with other CrowdFunding platform models used by start-up or growth stage companies – such as loan based (eg. FundingCircle, LinkedFinance etc) or donation/pre-sales platforms (eg. KickStarter etc). 3 Contents 1 Introduction 04 1.1 Equity CrowdFunding 04 1.2 Why The Resource? 05 2 Is Equity CrowdFunding very different than usual sources of Start-Up Funding? 08 3 Some things to consider 10 4 Case Studies 12 i. HouseMyDog 12 ii. See.Sense 14 iii. Flender 16 iv. Re-Vana Therapeutics 18 5 Current Active Players – Snapshot 20 4 Equity CrowdFunding Resource 1. Introduction 1.1 Equity CrowdFunding Equity CrowdFunding has established itself as a real SyndicateRoom defines Equity CrowdFunding complement and alternative to traditional equity funding on their website as follows: sources for High Growth Potential Start-Up and Growth Stage businesses in the UK and Ireland in recent years. -
Charitable Crowdfunding: Who Gives, to What, and Why?
APRIL 2021 Charitable Crowdfunding: Who Gives, to What, and Why? RESEARCHED AND WRITTEN BY Indiana University Lilly Family School of Philanthropy RESEARCHED AND WRITTEN BY — Indiana University Lilly Family School of Philanthropy The Indiana University Lilly Family School of Philanthropy is dedicated to improving philanthropy to improve the world by training and empowering students and professionals to be innovators and leaders who create positive and lasting change. The school offers a comprehensive approach to philanthropy through its academic, research and international programs, and through The Fund Raising School, Lake Institute on Faith & Giving, Mays Family Institute on Diverse Philanthropy, and Women’s Philanthropy Institute. Learn more at www.philanthropy.iupui.edu INDIANA UNIVERSITY LILLY FAMILY SCHOOL OF PHILANTHROPY PROJECT TEAM — Una O. Osili, PhD Associate Dean for Research and International Programs Jonathan Bergdoll, MA Applied Statistician Andrea Pactor, MA Project Consultant Jacqueline Ackerman, MPA Associate Director of Research, Women’s Philanthropy Institute Peter Houston, MBA Visiting Research Associate With special thanks to Dr. Wendy Chen, Dr. Debra Mesch, and Dr. Pamala Wiepking for reviewing the survey questionnaire. The survey was fielded by AmeriSpeak at NORC. The report was designed by Luke Galambos at Galambos + Associates. This research was completed with funding from Facebook. The findings and conclusions contained within are those of the authors and do not necessarily reflect official positions or policies of Facebook. INDIANA UNIVERSITY LILLY FAMILY SCHOOL OF PHILANTHROPY — 301 University Boulevard, Suite 3000, Indianapolis, IN 46202 317.278.8902 / [email protected] / @IUPhilanthropy / www.philanthropy.iupui.edu Contents Introduction ................................................... 02 Key Findings ................................................. 02 Background ................................................... 05 What is Crowdfunding? ...................................... -
And Supporter-Based Campaign Networks on Crowdfunding Campaign Success
University of Texas Rio Grande Valley ScholarWorks @ UTRGV Information Systems Faculty Publications and Robert C. Vackar College of Business & Presentations Entrepreneurship 1-2017 Effects of Donor- and Supporter-Based Campaign Networks on Crowdfunding Campaign Success Bin Wang The University of Texas Rio Grande Valley Babajide Osatuyi The University of Texas Rio Grande Valley Wanrong Hou The University of Texas Rio Grande Valley Follow this and additional works at: https://scholarworks.utrgv.edu/is_fac Part of the Business Commons Recommended Citation Wang, Bin, et al. “Effects of Donor- and Supporter-Based Campaign Networks on Crowdfunding Campaign Success.” Proceedings of the 50th Hawaii International Conference on System Sciences | 2017, 2017, doi:10.24251/HICSS.2017.674. This Conference Proceeding is brought to you for free and open access by the Robert C. Vackar College of Business & Entrepreneurship at ScholarWorks @ UTRGV. It has been accepted for inclusion in Information Systems Faculty Publications and Presentations by an authorized administrator of ScholarWorks @ UTRGV. For more information, please contact [email protected], [email protected]. Proceedings of the 50th Hawaii International Conference on System Sciences | 2017 Effects of Donor- and Supporter-Based Campaign Networks on Crowdfunding Campaign Success Bin Wang Babajide Osatuyi Wanrong Hou University of Texas University of Texas University of Texas Rio Grande Valley Rio Grande Valley Rio Grande Valley [email protected] [email protected] [email protected] Abstract studies, several have revealed the importance of social capital accrued internally on the crowdfunding Driven by the increasing popularity of crowdfunding, platform and externally through the borrower’s and academic researchers have examined the impacts of lender’s friend networks on lending behavior and internal social capital accumulated on crowdfunding campaign success [e.g., 6, 7-9]. -
Corporate Venturing Report 2019
Tilburg University 2019 Corporate Venturing Report Eckblad, Joshua; Gutmann, Tobias; Lindener, Christian Publication date: 2019 Document Version Publisher's PDF, also known as Version of record Link to publication in Tilburg University Research Portal Citation for published version (APA): Eckblad, J., Gutmann, T., & Lindener, C. (2019). 2019 Corporate Venturing Report. Corporate Venturing Research Group, TiSEM, Tilburg University. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Download date: 24. sep. 2021 Corporate Venturing 2019 Report SUMMIT@RSM All Rights Reserved. Copyright © 2019. Created by Joshua Eckblad, Academic Researcher at TiSEM in The Netherlands. 2 TABLE OF CONTENTS LEAD AUTHORS 03 Forewords Joshua G. Eckblad 06 All Investors In External Startups [email protected] 21 Corporate VC Investors https://www.corporateventuringresearch.org/ 38 Accelerator Investors CentER PhD Candidate, Department of Management 43 2018 Global Startup Fundraising Survey (Our Results) Tilburg School of Economics and Management (TiSEM) Tilburg University, The Netherlands 56 2019 Global Startup Fundraising Survey (Please Distribute) Dr. -
Equity Crowdfunding a New Phenomena
Journal of Business Venturing Insights 5 (2016) 37–49 Contents lists available at ScienceDirect Journal of Business Venturing Insights journal homepage: www.elsevier.com/locate/jbvi Equity crowdfunding: A new phenomena$ Nir Vulkan a,n, Thomas Åstebro b, Manuel Fernandez Sierra c a Said Business School Oxford University, United Kingdom b HEC Paris, France c Economics department Oxford University, United Kingdom article info abstract Article history: Crowdfunding has recently become available for entrepreneurs. Most academic studies Received 1 December 2015 analyse data from rewards-based (pre-selling) campaigns. In contrast, in this paper we Received in revised form analyse 636 campaigns, encompassing 17,188 investors and 64,831 investments between 30 January 2016 2012 and 2015, from one of the leading European equity crowdfunding platforms. We Accepted 4 February 2016 provide descriptive statistics and carry out cross-campaign regression analysis. The de- Available online 4 March 2016 scriptive statistics address its size, growth and geographic distributions in the UK. The Keywords: regressions analyse which factors are associated with the probability of a successful Equity crowdfunding campaign. We find some similarities and some interesting dissimilarities when comparing UK the descriptive statistics and regression results to research on rewards-based crowding. Campaign success The data show that equity crowdfunding will likely pose great challenges to VC and business angel financiers in the near future. We discuss some research challenges and opportunities with these kind of data. & 2016 Elsevier Inc. All rights reserved. 1. Introduction In recent years crowdfunding has emerged as a viable and popular alternative channel for entrepreneurs to fund their early stage businesses. -
Corporate Venturing Report 2019
Corporate Venturing 2019 Report SUMMIT@RSM All Rights Reserved. Copyright © 2019. Created by Joshua Eckblad, Academic Researcher at TiSEM in The Netherlands. 2 TABLE OF CONTENTS LEAD AUTHORS 03 Forewords Joshua G. Eckblad 06 All Investors In External Startups [email protected] 21 Corporate VC Investors https://www.corporateventuringresearch.org/ 38 Accelerator Investors CentER PhD Candidate, Department of Management 43 2018 Global Startup Fundraising Survey (Our Results) Tilburg School of Economics and Management (TiSEM) Tilburg University, The Netherlands 56 2019 Global Startup Fundraising Survey (Please Distribute) Dr. Tobias Gutmann [email protected] https://www.corporateventuringresearch.org/ LEGAL DISCLAIMER Post-Doctoral Researcher Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Digital Entrepreneurship The information contained herein is for the prospects of specific companies. While HHL Leipzig Graduate School of Management, Germany general guidance on matters of interest, and every attempt has been made to ensure that intended for the personal use of the reader the information contained in this report has only. The analyses and conclusions are been obtained and arranged with due care, Christian Lindener based on publicly available information, Wayra is not responsible for any Pitchbook, CBInsights and information inaccuracies, errors or omissions contained [email protected] provided in the course of recent surveys in or relating to, this information. No Managing Director with a sample of startups and corporate information herein may be replicated Wayra Germany firms. without prior consent by Wayra. Wayra Germany GmbH (“Wayra”) accepts no Wayra Germany GmbH liability for any actions taken as response Kaufingerstraße 15 hereto. -
“P2P Lending As an Alternative to Bank Lending in Ukraine”
“P2P lending as an alternative to bank lending in Ukraine” AUTHORS Alexander Lavryk Alexander Lavryk (2016). P2P lending as an alternative to bank lending in ARTICLE INFO Ukraine . Banks and Bank Systems, 11(4), 20-30. doi:10.21511/bbs.11(4).2016.02 DOI http://dx.doi.org/10.21511/bbs.11(4).2016.02 RELEASED ON Friday, 09 December 2016 JOURNAL "Banks and Bank Systems" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Banks and Bank Systems, Volume 11, Issue 4, 2016 Alexander Lavryk (Ukraine) P2P lending as an alternative to bank lending in Ukraine Abstract The goal of the article is to consider peer-to-peer lending and its interaction with bank lending that creates an aggregate hybrid lending. The article’s objective is the research of development of P2P lending on the financial market and beyond, which is particularly relevant today. This goal is achieved by using the methods of evaluation and comparative analysis of different principles, which makes it possible to structure the general scientific understanding of P2P lending with the help of statistical methods. The study of the dynamics and structure of peer-to-peer lending in various coun- tries for the period 2005-2016 led to the conclusion that in Ukraine, there is a decline in the share of bank lending in favor of peer-to-peer lending in the total amount of loans with an increasing role of non-bank and hybrid forms of len- ding in ensuring economic growth. -
Summary of Provisional Findings
ANTICIPATED ACQUISITION BY CROWDCUBE LIMITED OF SEEDRS LIMITED Summary of provisional findings Notified: 24 March 2021 Overview 1. The Competition and Markets Authority (CMA) has provisionally found that the proposed merger (the Merger) between Crowdcube Limited (Crowdcube) and Seedrs Limited (Seedrs) (together, the Parties or Party where appropriate) may be expected to result in a substantial lessening of competition (SLC) within the supply of equity crowdfunding (ECF) platforms to SMEs and investors in the UK. 2. We invite submissions from any interested parties on these provisional findings by 5pm on Wednesday 14 April 2021. 3. As we have provisionally found an SLC, we are also setting out our provisional views on possible remedies and we invite submissions on our notice of remedies by 5pm on Wednesday 7 April 2021. At this stage, our view is that the only effective remedy is likely to be prohibition of the Merger. Conduct of the inquiry 4. In reaching this provisional decision, we have considered submissions from the Parties. We have also considered a wide range of evidence including: market share estimates; data from the Parties on lost business opportunities; the Parties’ internal documents; questionnaire evidence from customers of the Parties (both SMEs and investors) as well as from competitors and other providers of equity finance supplemented with calls with customers and competitors; and information in relation to the appropriate counterfactual. We held formal hearings with the Parties and received separate presentations from both Parties in lieu of in-person ‘site visits’. 1 Jurisdiction 5. We have provisionally found that the Merger, if carried into effect, will result in the creation of a relevant merger situation on the basis of the share of supply test as the Parties have a combined share in the supply of ECF platforms to SMEs and investors in the UK of [90–100%], with an increment arising from the Merger of [40–50%]. -
Crowdfunding+Best+Practices+-+
Disclaimer and Book Information All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. Email: [email protected] CONTENTS 5 Crowdfunding: The 59 What’s a Great Picture? Big Picture 63 What About Perks 10 Pre-Game Plan and Gifts What to do before the 67 Launch Day campaign begins? What to do the first 24 14 Messaging is Key to hours? the Campaign 73 Running the Campaign Cultivate a Community Media Telling Your Story Updates and 22 Team: Recruit Your Engagement Team and Lock in Timeline Beginning Donations Offline Fundraising Share Connections Efforts to Create Your Advice and Feedback Peripheral Team 84 The Final Push to the 31 Write an Awesome Campaign Goal Crowdfunding Email 89 Appendix 37 Phone Calls are Important 92 Acknowledgements 40 Goal Setting for Fundraising 95 About the author 44 How to Make a Great Crowdfunding Video Crowdfunding: The Big Picture Crowdfunding Best Practices 5 CROWDFUNDING: THE BIG PICTURE What is crowdfunding? As the larger dollar donations, usually name suggests, crowdfunding from a few philanthropic involves asking a crowd of individuals or investors. people to donate money to an Crowdfunding individual project or campaign. allows for small Crowdfunding is another type of donations fundraising, but this fundraising is from many done online. individuals anywhere Crowdfunding works because a around the large number of people donate world.