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Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review


  • Wallmeroth, Johannes
  • Wirtz, Peter
  • Groh, Alexander Peter


Venture capital, angel financing, and crowdfunding have evolved and matured in the entrepreneurial finance market. These market developments have also been accompanied by a growing body of research. In this monograph, we provide an overview of a vast body of literature in the field of entrepreneurial equity finance, presenting the current state of research and succinctly identifying its subcategories. We also provide insight into major research trends and research gaps and examine the growing research field of cognition in entrepreneurial equity finance. Our review is structured using a theoretical framework that aims to link venture capital, angels, and crowdfunding whilst considering the significant differences exhibited between each investment stage.

Suggested Citation

  • Wallmeroth, Johannes & Wirtz, Peter & Groh, Alexander Peter, 2018. "Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 14(1), pages 1-129, February.
  • Handle: RePEc:now:fntent:0300000066

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    References listed on IDEAS

    1. Wright, Mike & Lockett, Andy & Pruthi, Sarika, 2002. "Internationalization of Western Venture Capitalists into Emerging Markets: Risk Assessment and Information in India," Small Business Economics, Springer, vol. 19(1), pages 13-29, August.
    2. Zacharakis, Andrew L. & Shepherd, Dean A., 2001. "The nature of information and overconfidence on venture capitalists' decision making," Journal of Business Venturing, Elsevier, vol. 16(4), pages 311-332, July.
    3. Wright, Mike & Robbie, Ken & Ennew, Christine, 1997. "Venture capitalists and serial entrepreneurs," Journal of Business Venturing, Elsevier, vol. 12(3), pages 227-249, May.
    4. Jochen Christian Werth & Patrick Boeert, 2013. "Co-investment networks of business angels and the performance of their start-up investments," International Journal of Entrepreneurial Venturing, Inderscience Enterprises Ltd, vol. 5(3), pages 240-256.
    5. Silvio Vismara, 2016. "Equity retention and social network theory in equity crowdfunding," Small Business Economics, Springer, vol. 46(4), pages 579-590, April.
    6. Wiltbank, Robert & Read, Stuart & Dew, Nicholas & Sarasvathy, Saras D., 2009. "Prediction and control under uncertainty: Outcomes in angel investing," Journal of Business Venturing, Elsevier, vol. 24(2), pages 116-133, March.
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    1. repec:eee:corfin:v:50:y:2018:i:c:p:538-555 is not listed on IDEAS

    More about this item


    Business Angel; Business Angel Networks; Seed Financing; Institutional Seed Financing; Venture Capital; Crowdfunding; Equity Crowdfunding;

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage


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