TY - JOUR T1 - Crowdfunding and Venture Capital: <em>Substitutes or Complements?</em> JF - The Journal of Private Equity SP - 7 LP - 20 DO - 10.3905/jpe.2016.20.1.007 VL - 20 IS - 1 AU - Mario D’Ambrosio AU - Gianfranco Gianfrate Y1 - 2016/11/30 UR - https://pm-research.com/content/20/1/7.abstract N2 - The authors study the geographical and time series dynamics of crowdfunding and the degree to which it substitutes or it enhances venture capital (VC). Their findings support the argument that crowdfunding is a substitute of traditional VC for seed capital but it complements VC activity for subsequent rounds of financing. Consistently, they also find that crowdfunding activity clusters in the same main centers as venture capital financing.TOPICS: Private equity, legal/regulatory/public policy, in markets, statistical methods ER -