RT Journal Article
SR Electronic
T1 Crowdfunding and Venture Capital: <em>Substitutes or Complements?</em>
JF The Journal of Private Equity
FD Institutional Investor Journals
SP 7
OP 20
DO 10.3905/jpe.2016.20.1.007
VO 20
IS 1
A1 Mario D’Ambrosio
A1 Gianfranco Gianfrate
YR 2016
UL https://pm-research.com/content/20/1/7.abstract
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