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Signaling Effects of Crowdfunding on Venture Investors‘ Decision Making

Af: Michael Modl Engelsk Paperback

Signaling Effects of Crowdfunding on Venture Investors‘ Decision Making

Af: Michael Modl Engelsk Paperback
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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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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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Produktdetaljer
Sprog: Engelsk
Sider: 192
ISBN-13: 9783658315894
Indbinding: Paperback
Udgave:
ISBN-10: 365831589X
Kategori: Entreprenørskab
Udg. Dato: 1 sep 2020
Længde: 0mm
Bredde: 148mm
Højde: 210mm
Forlag: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Oplagsdato: 1 sep 2020
Forfatter(e): Michael Modl
Forfatter(e) Michael Modl

Kategori Entreprenørskab

ISBN-13 9783658315894

Sprog Engelsk

Indbinding Paperback

Sider 192

Udgave

Længde 0mm

Bredde 148mm

Højde 210mm

Udg. Dato 1 sep 2020

Oplagsdato 1 sep 2020

Forlag Springer-Verlag Berlin and Heidelberg GmbH & Co. KG