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Crowdfunding and industrial diversification

Author

Listed:
  • Nicola Cortinovis

Abstract

Crowdfunding (CF) has emerged as a novel source of entrepreneurial finance, yet its role in shaping regional industrial dynamics remains poorly understood. Adopting an evolutionary economic geography perspective and exploiting a newly developed database, this paper examines the relationship between crowdfunding activity and the emergence of new local industrial specializations. The analysis shows that industries receiving funds through CF are more likely to become part of local specialization patterns, especially when they are related to the existing industrial structure. Moreover, these associations are stronger in counties characterized by higher levels of credit insecurity.

Suggested Citation

  • Nicola Cortinovis, 2026. "Crowdfunding and industrial diversification," Papers in Evolutionary Economic Geography (PEEG) 2607, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised May 2026.
    • Handle: RePEc:egu:wpaper:2607
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    File URL: http://econ.geo.uu.nl/peeg/peeg2606.pdf
    File Function: Version May 2026
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    Keywords

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    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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