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Crowdfunding as a New Phenomenon: Origins, Features and Literature Review

In: Crowdfunding for SMEs

Author

Listed:
  • Flavio Pichler

    (University of Verona)

  • Ilaria Tezza

    (University of Verona)

Abstract

Crowdfunding is a relatively new funding practice that is undergoing strong growth based on the predominance of such Web 2.0 technologies as social media in the past few years and the opening created by the credit squeeze that has continued since the global financial crisis that broke out in the summer of 2007. To gain an understanding of the role crowdfunding can play within the financial system, this chapter starts with its origins, highlights its main characteristics and draws attention to the associated risks and financial return crowdfunding in particular. Due to its novelty, literature on crowdfunding is quite scarce, but the chapter reviews the most important studies on success factors for crowdfunding campaigns and suggests paths for future research.

Suggested Citation

  • Flavio Pichler & Ilaria Tezza, 2016. "Crowdfunding as a New Phenomenon: Origins, Features and Literature Review," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Roberto Bottiglia & Flavio Pichler (ed.), Crowdfunding for SMEs, chapter 2, pages 5-43, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-56021-6_2
    DOI: 10.1057/978-1-137-56021-6_2
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    Citations

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    Cited by:

    1. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
    2. Barbi, Massimiliano & Mattioli, Sara, 2019. "Human capital, investor trust, and equity crowdfunding," Research in International Business and Finance, Elsevier, vol. 49(C), pages 1-12.
    3. Felix Reichenbach & Martin Walther, 2021. "Signals in equity-based crowdfunding and risk of failure," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-30, December.
    4. Hossain Mokter & Oparaocha Gospel Onyema, 2017. "Crowdfunding: Motives, Definitions, Typology and Ethical Challenges," Entrepreneurship Research Journal, De Gruyter, vol. 7(2), pages 1-14, April.
    5. Ramzi Benkraiem & Mondher Bouattour & Emilios Galariotis & Anthony Miloudi, 2021. "Do investors in SMEs herd? Evidence from French and UK equity markets," Small Business Economics, Springer, vol. 56(4), pages 1619-1637, April.

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