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Trends in Venture Capital, Angel Investments, and Crowdfunding across the Fifty Largest U.S. Metropolitan Areas 风险投资、天使投资和众筹趋势在美国50个最大的大都市地区
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-12-01 DOI: 10.2139/SSRN.2881534
Dane Stangler, Inara Tareque, Arnobio Morelix
{"title":"Trends in Venture Capital, Angel Investments, and Crowdfunding across the Fifty Largest U.S. Metropolitan Areas","authors":"Dane Stangler, Inara Tareque, Arnobio Morelix","doi":"10.2139/SSRN.2881534","DOIUrl":"https://doi.org/10.2139/SSRN.2881534","url":null,"abstract":"According to data from the Annual Survey of Entrepreneurs, the primary sources of initial financing for new businesses in the United States are personal and family savings, bank business loans, and personal credit cards. Entrepreneurs also tap other sources of funding along their journeys. These other sources — including venture capital, angel investments, and, more recently, crowdfunding — may not be as prevalent, but they can be disproportionately important for business growth.Using new data from the 2014 Annual Survey of Entrepreneurs (ASE), this data briefing looks across the largest fifty metropolitan statistical areas (MSAs) to see how entrepreneurs have fared in their quests to secure money from venture capitalists, angel investors, and online crowds.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132881250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Scarcity Strategy in Crowdfunding: An Empirical Exploration of Reward Limits 众筹中的稀缺性策略:报酬限制的实证探索
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-06-30 DOI: 10.1287/isre.2020.0934
Lusi Yang, Zhiyi Wang, Jungpil Hahn
{"title":"Scarcity Strategy in Crowdfunding: An Empirical Exploration of Reward Limits","authors":"Lusi Yang, Zhiyi Wang, Jungpil Hahn","doi":"10.1287/isre.2020.0934","DOIUrl":"https://doi.org/10.1287/isre.2020.0934","url":null,"abstract":"Scarcity-based marketing strategy has been prevalently implemented in reward-based crowdfunding in the form of reward limits, whereby campaign creators restrict the number of backers for each reward tier. This study uncovers the effect of reward limits on eventual and concurrent funding performance. Specifically, we performed campaign-level and campaign day–level analyses on a unique data set from a dominant crowdfunding platform. At the campaign level, we determined that setting reward limits at the beginning of a campaign is beneficial, with the number of limited reward tiers exerting an inverted-U-shaped relationship with campaign performance. Further exploration of different forms of reward limits suggests that the scarcity effects largely originate from limited edition and price discount rewards. At the campaign day level, we determined that incorporating new limited edition rewards is helpful for attracting new contributions, whereas depleted price discount rewards will demotivate subsequent contributions. In addition, the goal-directed mechanism in crowdfunding plays an influential role in shaping scarcity effects. Our findings highlight the importance of considering backer-as-consumer needs in crowdfunding campaign design and the dynamics of campaign attribute changes in the fundraising process. Our findings also provide important practical implications for platform operators, campaign creators, and marketers.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128340523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
A Study of Critical Challenges in Startup Management 创业公司管理中的关键挑战研究
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-06-26 DOI: 10.2139/ssrn.3348534
Tanay Kurode, Apoorva Vasani Kurode, Kunal Moitra
{"title":"A Study of Critical Challenges in Startup Management","authors":"Tanay Kurode, Apoorva Vasani Kurode, Kunal Moitra","doi":"10.2139/ssrn.3348534","DOIUrl":"https://doi.org/10.2139/ssrn.3348534","url":null,"abstract":"Start-up is conceptualizing a good business idea into effective business model and implementing the same with the application of entrepreneurial skills. Start-ups are increasingly emerging in and around India since last decade. Startups are always looked having huge growth potential. But besides this, an entrepreneur has to face tremendous challenges to transform that business idea into profit making company. Amongst various challenges, there are few very critical challenges involved in management of startups. These are briefly discussed in this research paper.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123759159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Financing of Entrepreneurial Firms in Canada: An Overview 加拿大创业型企业的融资:综述
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-06-09 DOI: 10.2139/ssrn.2793613
A. Miglo
{"title":"Financing of Entrepreneurial Firms in Canada: An Overview","authors":"A. Miglo","doi":"10.2139/ssrn.2793613","DOIUrl":"https://doi.org/10.2139/ssrn.2793613","url":null,"abstract":"Flexibility theory of capital structure, asymmetric information, credit rationing, life cycle theory and market timing are consistent with many patterns of financing of entrepreneurial or small/medium size enterprises (SME) in Canada. Tax theory of capital structure does not seem to play a significant role for SMEs as opposite to large companies while it may affect the choice of securities by firms that use venture capital. More research is required to explain why the amount of loans to SMEs is growing although it increases slower than other loans and why the ratio of SME loans to all business loans is smaller relative to average ratio in other OCDE countries. Despite the wide variety of government support, Canadian entrepreneurs feel that governmental programs need improvement. The volume of equity financing and government financing for entrepreneurs is not significant although it was a substantial increase in venture capital financing in 2014-2015. New forms of financing such as crowdfunding are on the rise. This article provides an overview of entrepreneurial financing in Canada, discusses its major challenges and makes some suggestions.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123871607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Returns on Investments in Equity Crowdfunding 股权众筹的投资回报
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-04-10 DOI: 10.2139/ssrn.2765488
A. Signori, S. Vismara
{"title":"Returns on Investments in Equity Crowdfunding","authors":"A. Signori, S. Vismara","doi":"10.2139/ssrn.2765488","DOIUrl":"https://doi.org/10.2139/ssrn.2765488","url":null,"abstract":"This paper quantifies for the first time the return on investments in equity crowdfunding. Using an augmented dataset with combined information from Crowdcube, Crunchbase and the Companies House, we study the population of 212 successfully funded initial equity offerings on UK crowdfunding platform Crowdcube from inception (2011) to 2015. We find that 10% of these firms failed, while 30% pursued one or more seasoned equity offerings, either in the form of private equity injection (10%), follow-on offering on the same platform (22%), or as target in a merger or acquisition (1%). The expected annualized return for an initial crowdfunding investor is 8.8%, implying an overall annual value creation of 25 £m. Among the determinants of post-campaign outcomes, the presence of non-executives, patents and tax incentives are associated with seasoned offerings, while none of the companies initially backed by professional investors have subsequently failed.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"3 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132238005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 49
Crowdfunding in Colorado Is Now Available 科罗拉多州现在可以进行众筹了
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-03-30 DOI: 10.2139/SSRN.2642324
Herrick K. Lidstone
{"title":"Crowdfunding in Colorado Is Now Available","authors":"Herrick K. Lidstone","doi":"10.2139/SSRN.2642324","DOIUrl":"https://doi.org/10.2139/SSRN.2642324","url":null,"abstract":"The 2015 Colorado General Assembly adopted the Colorado Crowdfunding Act which created an exemption in the Colorado Securities Act for capital formation through securities-based crowdfunding based on the federal intrastate exemption. This can be accomplished through broker-dealers, sales representatives, or on-line intermediaries to Colorado residents by Colorado businesses under the federal intrastate exemption for the offer and sales of securities. The Securities Commissioner has adopted rules implementing the Colorado Crowdfunding Act. This article discusses crowdfunding in Colorado as defined by statute and the rules. This article also addresses questions which have not been addressed in other articles on crowdfunding, including the obligations of an issuer to its new (and potentially numerous) equity investors and the significant issues regarding transferability of crowdfunded securities.This article also discusses amendments to the Colorado Crowdfunding Act enacted in 2016.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115562909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Contingent Payment Mechanisms and Entrepreneurial Financing Decisions 或有支付机制与企业融资决策
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-03-04 DOI: 10.2139/ssrn.2742214
Miguel Tavares Gärtner, P. Pereira, Elísio Brandão
{"title":"Contingent Payment Mechanisms and Entrepreneurial Financing Decisions","authors":"Miguel Tavares Gärtner, P. Pereira, Elísio Brandão","doi":"10.2139/ssrn.2742214","DOIUrl":"https://doi.org/10.2139/ssrn.2742214","url":null,"abstract":"We discuss how Contingent Payment Mechanisms (also known as Contingent Earn-Outs) enable of Entrepreneurial Financing decisions. First, we introduce a taxonomy of contingent payment mechanisms, by combining features regarding their term and amount. Second, we introduce each of these alternative mechanisms on a previously developed real options framework for analyzing Entrepreneurial Financing decisions, in which one wealth constrained Entrepreneur is looking for an external equity provider – taken as a Venture Capitalist – to support a given growth strategy. We conclude that different contingent payment mechanisms are equivalent in obtaining joint support from Entrepreneurs and Venture Capitalists regarding optimum investment timing and, therefore, that the choice on the optimum mechanism to use depends on variables which are exogenous to the model, such as liquidity preferences or constraints, timing requirements, post-deal integration or overall deal terms.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133266336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Research Journey into Entrepreneurial Finance 创业金融研究之旅
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-02-29 DOI: 10.2139/ssrn.2739714
Douglas J. Cumming, S. Vismara
{"title":"A Research Journey into Entrepreneurial Finance","authors":"Douglas J. Cumming, S. Vismara","doi":"10.2139/ssrn.2739714","DOIUrl":"https://doi.org/10.2139/ssrn.2739714","url":null,"abstract":"The aim of this chapter is to discuss entrepreneurial finance in the realm of modern entrepreneurship. We focus in particular on two forms of public entrepreneurial finance: IPOs and crowdfunding. We explain the evolution of IPO research and identify how research on crowdfunding might evolve. Our perspective with regard to crowdfunding is that of a parallel between this equity crowdfunding and IPOs, as research on the former might draw models and intuitions from that on the latter.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129377095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Crowd Funding in India: Issues & Challenges 印度的众筹:问题与挑战
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-02-27 DOI: 10.2139/SSRN.2739008
Abhrajit Sarkar
{"title":"Crowd Funding in India: Issues & Challenges","authors":"Abhrajit Sarkar","doi":"10.2139/SSRN.2739008","DOIUrl":"https://doi.org/10.2139/SSRN.2739008","url":null,"abstract":"Crowd funding, the term itself have a deeper meaning. Crowd funding makes an infant industry grow fast. It provides new investment avenues and provides a new product for portfolio diversification of investors. Crowd funding is a new paradigm for the young individuals to start up a business. The objective of this study has been focused on its issues & challenges, its acceptance in Indian environment & risk involved in the industry itself. The study itself is descriptive in nature. The secondary data have been collected from various research papers, websites & journals. The crowd funding is an application on crowd sourcing. This concept was firstly implemented in the year 2000 and has been growing rapidly all over the world. There are 52 crowd funding platform worldwide. According to SEBI only Accredited investors are allowed to participate in this crowd funding activities. Such investors would include High Net worth individuals. SEBI have emphasized various elements which conceptualized the crowd funding model for INDIA. SEBI have tried to make a balance between investor protection and the role of equity markets in the economic development and growth and to avoid systematic risk being created in the economy.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"368 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116318748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Valuable Choices: Prominent Venture Capitalists' Influence on Startup CEO Replacements 有价值的选择:杰出风险资本家对初创公司CEO更替的影响
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-02-26 DOI: 10.2139/ssrn.2741051
A. Conti, Stuart J. H. Graham
{"title":"Valuable Choices: Prominent Venture Capitalists' Influence on Startup CEO Replacements","authors":"A. Conti, Stuart J. H. Graham","doi":"10.2139/ssrn.2741051","DOIUrl":"https://doi.org/10.2139/ssrn.2741051","url":null,"abstract":"This paper explores how prominent venture capitalists (VCs) affect chief executive officer (CEO) replacement in startups. Defining prominence using eigenvector centrality, we use matching methods and instrumental variables to show that startup CEO replacement occurs more often and faster when prominent VCs participate. We further explore these VCs’ comparative advantage in managing CEO turnover, finding that the prominent VC effects increase as replacement costs rise, such as when incumbent CEOs are entrenched or possess specialized technology know-how, or when startups are in an early stage. When prominent VCs participate, replacement CEOs are disproportionately experienced outsiders—external hires who possess prior startup CEO experience. Our results reveal that CEO turnover is associated with increases in startups’ ex post innovation and survival performance, with experienced outsider CEO replacements showing the strongest survival rates.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133559919","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
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