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The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

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Abstract
Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructu res, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.
Keywords
entrepreneurial finance, SME financing, crowdfunding, initial coin offering, ICOs, blockchain

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Please use this url to cite or link to this publication:

MLA
Block, Joern H., et al. “The Entrepreneurial Finance Markets of the Future: A Comparison of Crowdfunding and Initial Coin Offerings.” Small Business Economics, Springer, 2020.
APA
Block, J. H., Groh, A., Hornuf, L., Vanacker, T., & Vismara, S. (2020). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings. Small Business Economics.
Chicago author-date
Block, Joern H., Alexander Groh, Lars Hornuf, Tom Vanacker, and Silvio Vismara. 2020. “The Entrepreneurial Finance Markets of the Future: A Comparison of Crowdfunding and Initial Coin Offerings.” Small Business Economics.
Chicago author-date (all authors)
Block, Joern H., Alexander Groh, Lars Hornuf, Tom Vanacker, and Silvio Vismara. 2020. “The Entrepreneurial Finance Markets of the Future: A Comparison of Crowdfunding and Initial Coin Offerings.” Small Business Economics.
Vancouver
1.
Block JH, Groh A, Hornuf L, Vanacker T, Vismara S. The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings. Small Business Economics. 2020;
IEEE
[1]
J. H. Block, A. Groh, L. Hornuf, T. Vanacker, and S. Vismara, “The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings,” Small Business Economics, 2020.
@article{8659762,
  abstract     = {Entrepreneurial finance markets are in a
dynamic state. New market niches and players have
developed and continue to emerge. The rules of the
game and the methods for receiving financial backing
have changed in many ways. This editorial and
the special issue of Small Business Economics focus
on crowdfunding (CF) and initial coin offerings
(ICOs), which are two distinct but important entrepreneurial
finance market segments of the future.
Although the two market segments initially appear
to be similar, we identify differences between them.
Our comparison focuses on the stakeholders, microstructu
res, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.},
  author       = {Block, Joern H. and Groh, Alexander and Hornuf, Lars and Vanacker, Tom and Vismara, Silvio},
  issn         = {0921-898X},
  journal      = {Small Business Economics},
  keywords     = {entrepreneurial finance,SME financing,crowdfunding,initial coin offering,ICOs,blockchain},
  language     = {eng},
  pages        = {18},
  publisher    = {Springer},
  title        = {The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings},
  url          = {http://dx.doi.org/10.1007/s11187-020-00330-2},
  year         = {2020},
}

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