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Evolving human capital of entrepreneurs in an equity crowdfunding era

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  • JoAnne Yong-Kwan Lim
  • Lowell W. Busenitz

Abstract

With the emergence of equity crowdfunding, understanding the human capital characteristics needed for running new ventures and the signals they send to prospective investors is of central importance. In focusing on this gap, our results reveal the importance and detrimental impact of specific human capital characteristics on funding (from startup experience for previous ventures and management experience with small organizations to startup experience with ongoing ventures). Further, these relationships differ by entrepreneurial team type (lone versus teams of two-plus). Interestingly, management experience with large organizations does not impact funding. This study highlights the importance of probing more deeply into human capital for understanding equity crowdfunding success.

Suggested Citation

  • JoAnne Yong-Kwan Lim & Lowell W. Busenitz, 2020. "Evolving human capital of entrepreneurs in an equity crowdfunding era," Journal of Small Business Management, Taylor & Francis Journals, vol. 58(1), pages 106-129, January.
    • Handle: RePEc:taf:ujbmxx:v:58:y:2020:i:1:p:106-129
    DOI: 10.1080/00472778.2019.1659674
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    Cited by:

    1. Simon Kleinert, 2024. "The Promise of New Ventures’ Growth Ambitions in Early-Stage Funding: On the Crossroads between Cheap Talk and Credible Signals," Entrepreneurship Theory and Practice, , vol. 48(1), pages 274-309, January.
    2. Vincenzo Butticè & Francesca Pietro & Francesca Tenca, 2022. "They do not look alike: what kind of private investors do equity crowdfunded firms attract?," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1707-1736, December.
    3. Julian Bafera & Simon Kleinert, 2023. "Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2419-2464, November.

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