Crowdfunding. Overview of the industry, regulation and role of crowdfunding in the venture startup

Inhaltsverzeichnis (Table of Contents)

• Introduction
• Part I
• What is Crowdfunding?
• Position of Crowdfunding inside the Entrepreneurial Equity "Food" Chain and How Crowdfunding Differs from Angel/VC Funding.
• Main Actors in Crowdfunding Space
• Crowdfunding Taxonomy and Crowdfund Investing Ecosystem
• Literature Review and Principal Research Streams
• General Exploratory Research
• Who Gets Crowdfunded?
• Regulation and Policy
• Dynamics of the Crowdfunding Process
• The Geography of Crowdfunding
• Common Points and Research Gaps
• Five Forces That Shape the Crowdfunding Industry
• Market Overview and SWOT Analysis of Crowdfunding
• Part II
• USA
• Criticism
• Italy
• Is the Italian Approach Truly in Line with Expectations of Market Participants and the General Public?
• Other European Countries and the Future of Pan-European Regulation
• Policymaker Suggestions on Crowdfunding Issues
• Part III
• Theoretical Framework and Grounding
• Research Questions
• Research Method and Design
• Data Collection and Empirical Setting
• Quantitative Findings
• Descriptive Results
• Empirical Patterns and Relationships
• Evidence in Consensus Analysis
• Qualitative Findings
• Qualitative Findings Obtained from Questionnaires
• Expert Interviews
• Business Angels and Equity Crowdfunding (Cases)

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis aims to synthesize and organize existing knowledge on crowdfunding, providing a comprehensive overview of the industry, its regulatory landscape, and advancing insights into the role of crowdfunding in the startup lifecycle. The research utilizes an exploratory and phenomenon-based approach, combining survey and interview methodologies to assess the opinions and real-world behaviors of stakeholders within the crowdfunding marketplace. The study aims to identify gaps requiring further academic consideration, grounded in limited theories surrounding crowdfunding and related fields like early-stage, informal, and angel investment.

• Overview of the Crowdfunding Industry
• Regulatory Framework and Policy Implications
• Role of Crowdfunding in the Startup Lifecycle
• Empirical Analysis of Crowdfunding Practices and Stakeholder Perspectives
• Identification of Research Gaps and Future Research Directions

Zusammenfassung der Kapitel (Chapter Summaries)

The first part of the thesis provides a comprehensive definition of crowdfunding, its position within the entrepreneurial equity “food” chain, and an overview of the key elements of the crowdfunding ecosystem. Different models of crowdfunding are discussed in detail, along with a comprehensive literature review of existing academic work in this field. Intermediaries, such as crowdfunding portals, are briefly analyzed alongside preliminary observations on biases, conflicts of interest, and liability issues. Recent data on the size of the crowdfunding market and its major players are presented, accompanied by a SWOT and Porter analysis of the industry.

The second part explores the risks associated with crowdfunding and examines the current regulatory framework in major economies like the USA, EEA, and Italy. The aim is to critically analyze current legislation and arrive at conclusions that serve as a foundation for policymaker recommendations presented in Part III.

The third part begins with general observations about the VC industry and traditional funding sources, placing crowdfunding within this perspective and arguing how and why crowdfunding can be either complementary or a substitute for more traditional investors. The main research question, whether crowdfunding can serve as a pillar in venture startup, is introduced alongside the description and reasoning behind the methodologies used. Case studies are presented together with the results of a custom-made survey and expert interviews. Findings are then discussed, including policymaker suggestions and managerial implications that emerged during the research.

Schlüsselwörter (Keywords)

The key focus topics and concepts explored in this thesis include crowdfunding, industry overview, regulation, its role in the startup lifecycle, and dynamics of the crowdfunding process. The research investigates empirical findings, examines policy implications, and analyzes the potential of crowdfunding as a significant force in venture capital and startup development.