PT - JOURNAL ARTICLE AU - Mario D’Ambrosio AU - Gianfranco Gianfrate TI - Crowdfunding and Venture Capital: <em>Substitutes or Complements?</em> AID - 10.3905/jpe.2016.20.1.007 DP - 2016 Nov 30 TA - The Journal of Private Equity PG - 7--20 VI - 20 IP - 1 4099 - https://pm-research.com/content/20/1/7.short 4100 - https://pm-research.com/content/20/1/7.full AB - 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