Small Bus Econ https://doi.org/10.1007/s11187-020-00330-2 The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings Joern H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara Accepted: 19 January 2020 # The Author(s) 2020 Abstract Entrepreneurial finance markets are in a development of the markets. We conclude with sug- dynamic state. New market niches and players have gestions for future ICO and CF research. developed and continue to emerge. The rules of the game and the methods for receiving financial back- Keywords Entrepreneurial finance . SME financing . ing have changed in many ways. This editorial and Crowdfunding . Initial coin offering . ICOs . Blockchain the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings JEL classifications L26 . G23 . G24 . G30 (ICOs), which are two distinct but important entre- preneurial finance market segments of the future. Although the two market segments initially appear 1Introduction to be similar, we identify differences between them. Our comparison focuses on the stakeholders, micro- Technological development and regulation and the rise structures, regulatory environments, and of social media had tremendous effects on the J. H. Block (*) L. Hornuf Department of Management, Fachbereich IV, Universität Trier, CESifo, Munich, Germany Universitätsring 15a, 54296 Trier, Germany e-mail:
[email protected] T. Vanacker : S. Vismara Ghent University, Ghent, Belgium J. H. Block Universität Witten/Herdecke, Witten, Germany T. Vanacker J. H. Block e-mail:
[email protected] Erasmus University Rotterdam, Rotterdam, Netherlands S. Vismara A. Groh e-mail:
[email protected] EMLYON Business School, Ecully, France e-mail:
[email protected] T.