The equity crowdfunding choice: A demand-side perspective

Löhe , Jonas
A icle — Published Ve sion
The equi y c owd unding choice: A demand-side
pe spec i e
Jou nal o Business Economics
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Löhe , Jonas (2024) : The equi y c owd unding choice: A demand-side
pe spec i e, Jou nal o Business Economics, ISSN 1861-8928, Sp inge , Be lin, Heidelbe g, Vol. 95,
Iss. 4, pp. 527-551,
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Jou nal o Business Economics (2025) 95:527–551
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ORIGINAL PAPER
The equi y c owd unding choice: Ademand‑side
pe spec i e
JonasLöhe 1
Accep ed: 22 Sep embe 2024 / Published online: 28 Oc obe 2024
© The Au ho (s) 2024
Abs ac
In ecen yea s, equi y c owd unding has become inc easingly popula o capi al-seek-
ing s a -ups. A widely held assump ion is ha hese en u es ha e no o he isk capi al
op ions and see i as hei “las eso ” o ob ain unding. Howe e , no much is known
abou hei na ow and b oade mo i a ional backg ounds. Based on case s udies o en
c owd unded en u es, his s udy un eils he mo i es o use equi y c owd unding and
links hem wi h o ganisa ional cha ac e is ics. The analysis shows ha en u es’ isk
capi al choices in his se ing a e mo i a ed by c owd unding-speci ic in es men con-
di ions, alue-add ea u es, and hei i wi h ongoing o ganisa ional challenges. Thus,
I p o ide a de ailed pic u e o he speci ic ole ha equi y c owd unding is in ended
o play in hese i ms. Based on he analysis, a heo e ical model o ou mo i a ional
ypes is de eloped ha could s imula e u u e esea ch. I a gue ha ins ead o ocusing
exclusi ely on cos and con ol a gumen s, esea ch abou in es o decisions in equi y
c owd unding should also conside di e en o ms o esou ce ulness.
Keywo ds C owd unding· En ep eneu ial inance· In es o choice· Risk capi al·
C owd unding mo i a ion
JEL Classi ica ion G23· L26· M13
1 In oduc ion
The ea ly-s age inancing landscape changed subs an ially du ing he las yea s.
The inancial c isis, echnological changes, and nume ous policy in e en ions led
o he eme gence o mul iple new esou ce p o ide s o capi al-seeking en u es
(Block e al. 2018). This ecen inc ease in di e si y o e s en ep eneu s mo e
ways o cus omise and ime hei und aising s a egies acco ding o hei needs
(Bella i is e al. 2017). Gi en he esou ce-sca ce wo ld o young en u es and
* Jonas Löhe
[email p o ec ed]
1 Ins i u ü Mi els ands o schung (I M) Bonn, Maximilians aße 20, 53111Bonn, Ge many
528
J.Löhe
he need o apid g ow h in many sec o s, hese ac o s o en need o inance hei
businesses wi h pa ne s ha o e mo e han jus inancing. Ra he he decision
o he app op ia e in es o is o en c i ical o un old he en i e g ow h po en ial
o he i m.
Despi e i s p ac ical impo ance, no much is known abou how en ep eneu s
choose hei in es o s (Schwienbache 2013). Du ing he las decades, mos esea ch
in en ep eneu ial inance had a supply-side ocus, analysing how inancie s selec
hese i ms (Rasmussen and Sø heim 2012). The pe spec i e on ea ly-s age en-
u es’ capi al acquisi ion was mainly de ici -o ien ed, p onouncing he hu dles hese
i ms ha e in a ac ing ex e nal isk capi al. Ne e heless, he bes en u es can
o en selec be ween al e na i es (Smi h 2001). Consequen ly, ou knowledge abou
demand-side mo i a ions and he in ended ole o es ablished and new isk capi al
p o ide s is a he limi ed. Howe e , o success ully ma ch ounde s and unde s,
bo h sides need o unde s and each o he ’s in e es s in mo e de ail (Polzin e al.
2018).
An eme ging isk capi al sou ce ha ecen ly en iched he en u e inance land-
scape is equi y c owd unding, in which unde s ecei e equi y o equi y-like sha es
in e u n o hei commi men . In ecen yea s, i has become a p ospe ing way o
inance many young and inno a i e o -p o i businesses (B ad o d 2012; Vulkan
e al. 2016). Howe e , despi e i s g owing popula i y in esea ch and p ac ice, i is
no ye clea wha d i es en ep eneu s o use equi y c owd unding o e o he inan-
cial sou ces (e.g., Ahle s e al. 2015; Pollack e al. 2021). On he one hand, li e a u e
s esses i s mul iple non-mone a y bene i s ha a e o en seen as he mo i a ing ac-
o s o ini ia e c owd unding campaigns in gene al (e.g., Belle lamme e al. 2014;
Ge be e al. 2012; Junge e al. 2022). On he o he hand, i is a gued ha equi y
c owd unding sys ema ically a ac s businesses ha see i as hei las eso ins ead
o hei i s choice (Blaseg e al. 2021; Ib ahim 2015; Tomboc 2013; Wal ho -
Bo m e al. 2018).
Howe e , so a , esea ch has ailed o de elop a di e en ia ed unde s anding o
he di e en mo i a ional backg ounds. S udies ha sys ema ically analyse en u es’
decisions o use equi y c owd unding, conside ing hei pa icula con ex , a e a e.
Based on quali a i e da a om en Ge man cases, he s udy esponds o he ques ion:
Why do en ep eneu s use equi y c owd unding ins ead o o he equi y in es o s?
The analysis links en u es’ backg ounds wi h hei decision o use c owd unding.
Thus, I compa e en u es ega ding (1) hei epo ed mo i a ions, (2) hei access o
al e na i e means o isk capi al and (3) hei b oade o ganisa ional con ex .
Responding o he esea ch ques ion is c i ical o a ious easons: Fo in es o s,
i p o ides insigh s in o whe he equi y c owd unding solely suppo s campaigns o
en u es ha see i as hei las chance o ecei e unding, which migh be a nega-
i e signal abou he quali y o hese i ms (lemons ma ke isk). En ep eneu s, who
cu en ly seek unding, ecei e insigh s abou he decision-making con ex s o o he
isk-capi al-seeking en u es and a be e pic u e unde which ci cums ances equi y
c owd unding i s hei inancing s a egy. Fu he mo e, o en ep eneu ial inance
and especially c owd unding esea ch, i is c i ical o ge a much mo e di e en i-
a ed unde s anding o en u es’ mo i es o unde s and how demand and supply o
capi al ind each o he in his se ing. The esea ch ocus in he pas was mainly on
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The equi y c owd unding choice: Ademand-side pe spec i e
campaign success ac o s—howe e , essen ial elemen s abou he con ex in which
he analysed campaigns ake place a e no well unde s ood.
I show ha en u es a e no solely pushed o his o m o inancing because hey
lack al e na i es. Ra he hei mo i a ion is conside ably in luenced by mul iple
aspec s ela ed o in es men condi ions and speci ic alue-add ea u es. The case
analysis discusses he speci ic mo i a ional backg ounds o each case and de elops
a heo e ical amewo k o ou di e en mo i a ional ypes. In his way, he indings
con ibu e o mul iple heo e ical discussions: Besides p o iding speci ic de e mi-
nan s o isk capi al choices in he pa icula con ex o equi y c owd unding, he
amewo k builds he ounda ion o u he esea ch o mo i a ional backg ounds
in o he ea ly-s age inancing con ex s. Fu he mo e, he pape calls o a mo e ine-
lined discussion o young i ms’ in es o choices. Thus, while some en u es make
use o wha is a ailable o seem o ollow cos and con ol mo i a ions when hey
app oach ex e nal in es o s, o he s seem o ollow a mo e goal-o ien ed esou ce
acquisi ion and he e o e pu sue an op imising s a egy.
The pape is s uc u ed as ollows: Sec ion wo p o ides a li e a u e e iew. Sec-
ion h ee explains he me hodology and desc ibes he analysis. Sec ion ou p e-
sen s he indings. The las sec ion discusses he esul s and b ings up u u e esea ch
ques ions.
2 Backg ound
2.1 In es o decisions o ea ly‑s age en u es
Du ing he las decades, en ep eneu ial inance esea ch de eloped a de ailed unde -
s anding o he e alua ion p ocesses and selec ion c i e ia o di e en isk capi al
p o ide s (e.g., F ied and His ich 1994; Mason and S a k 2004; Tyebjee and B uno
1984). Nowadays, business angels, and especially en u e capi al unds, a e known
o hei highly selec i e sc eening p ocesses, in which mos en u es a e so ed ou
(Baum and Sil e man 2004; Mason and Ha ison 2002). Ou knowledge abou he
demand side in his espec is compa ably limi ed and agmen ed as i ails o sys-
ema ically disen angle he di e en ac o s ha de e mine a en u e´s choice o an
in es o . Wha we know abou he decision-making con ex is ha inno a i e new
en u es gene ally ace se e e p oblems in a ac ing ex e nal in es o s due o he
huge unce ain ies abou he la e success o he business model (Cassa 2004; Cosh
e al. 2009). As he company g ows, hese unce ain ies and hus, in o ma ion asym-
me ies be ween en u es and di e en kinds o capi al p o ide s dec ease, gi -
ing en u es mo e al e na i es o inance hei business (Be ge and Udell 1998).
To pa ne wi h a speci ic in es o a ha s age a basic equi emen is ha en u es
decide o can a leas imagine using ex e nal equi y inancing (Eckha d e al. 2006;
Mason and Ha ison 2001). Fu he mo e, while i may be di icul o many compa-
nies o con ince e en a single in es o , he mos p omising companies may ecei e
o e s om se e al sides (Smi h 2001).
While some esea che s s ess cos and con ol a gumen s o capi al s uc u e
and in es o choice, o he s also conside he alue-add in es o s b ing o he i m.
530
J.Löhe
The pecking o de heo y se ed as a cen al amewo k o he o me ones. The
heo y assumes ha inancing cos s ise wi h inc easing in o ma ion asymme ies.
Thus, i ms ollow a pecking o de in hei inancing decision and p e e in e nal
o e ex e nal inancial means. They p e e deb o equi y i ex e nal inancing is
equi ed (Mye s and Majlu 1984). Al hough he heo y was de eloped in he con-
ex o la ge i ms, he pecking o de was pa ly suppo ed in he con ex o small
and high-g ow h businesses (Achlei ne e al. 2011; Be gg en e al. 2000; Cassa
2004; Vanacke and Maniga 2010). The indings sugges ha en u es gene ally
seek inancial means wi h li le dilu ion o owne ship and au ho i y (e.g., Vallie e
and Pe e son 2007). Some esea che s e en a gue o a di e ed pecking o de in he
con ex o echnology-based i ms. They s a e ha hese i ms p e e equi y o deb
when ex e nal inancing is equi ed (Ga maise 2001; Minola e al. 2013), because
VCs a e e.g., mo e capable o assessing he isks a hese ea ly s ages.
In con as , some esea che s s ess he impo ance o speci ic alue-adding ea-
u es o en u es’ decision-making (e.g., Zheng 2011). Thus, ea ly-s age in es-
o s di e conside ably in hei cha ac e is ics and, mo e p ecisely, he added alue
hey b ing o he i m. They equen ly p o ide coaching and manage ial suppo
o access o hei ex ensi e ne wo k esou ces o cus ome s, supplie s, in es o s o
employees o hei po olio companies (Rosenbusch e al. 2013). Consequen ly,
isk capi al in es o s o en play a mul i- ace ed ole in de eloping hei in es ees a
beyond he sole p o ide o inancial means (Kaplan and S ömbe g 2004; Sapienza
e al. 1996). The e o e, some esea che s a gue ha in o ma ion asymme ies exis
on bo h sides o he ma ke . Thus, Glücksman (2020) showed how en ep eneu s
deal wi h hese asymme ies as hey engage in iming, ma ching, p epa ing and
us -building e o s when making hei in es o choice. Fai child (2011) de eloped
a game- heo e ic model in which en ep eneu s need o decide be ween he highe
alue-c ea ing abili ies o he VC (Ven u e Capi alis ) and he close , mo e empa-
he ic and us ing ela ionship wi h he BA (Business Angel). He concludes ha ,
based on he high empa hy, en ep eneu s may choose he BA, e en hough he VC
migh p o ide g ea e alue-add capabili ies. Schwienbache (2013) mo e b oadly
dis inguished be ween specialis and gene alis in es o s. He a gues ha specialis s
ou pe o m gene alis s as hey a e mo e likely o pe o m alue-adding se ices in
ea ly inancing ounds. Fu he mo e, VCs’ epu a ion o pas success and hei e hi-
cal beha iou ha e been shown o in luence in es o choice beyond cos , con ol and
alue-add (D o e e al. 2014; Zheng 2011).
2.2 Mo i es o  en u es ouse equi y c owd unding
Agains his backg ound, he capi al supply side, and hus, en u es’ access o inan-
cial al e na i es, unde wen signi ican changes. Mul iple new playe s en e ed he
scene y, including incuba o s and c owd unding (Block e al. 2018; B u on e al.
2015). Consequen ly, en ep eneu s, who adi ionally had ew unding sou ces
a ailable, ha e nowadays mo e powe o selec , nego ia e and manage ela ionships
wi h in es o s (D o e e  al. 2017). One o hese new sou ces is c owd unding,
which is de ined as an open call o e he in e ne o inancial means o speci ic

531
The equi y c owd unding choice: Ademand-side pe spec i e
pu poses (e.g., Belle lamme e al. 2014). Ea ly esea ch in his new se ing ocused
almos exclusi ely on i s success d i e s (see e.g., Ahle s e al. 2015; Kleine e al.
2020; Visma a 2018). Howe e , so a esea ch ailed o explain i s g owing popu-
la i y o capi al-seeking en u es (Cumming e al. 2019; Sho e al. 2017).
Fi s explo a o y s udies imply ha campaign c ea o s use, e.g., ewa d-based
c owd unding o aise unds, es ablish ela ionships, ecei e alida ion, eplica e
he success ul expe iences o o he s and expand awa eness h ough social media
(Ge be e al. 2012). Ne e heless, mo i a ions o pa icipa e o campaign ini ia-
o s and unde s p esumably di e ge be ween he di e en c owd unding ypes (see
e.g., Cholako a and Cla ysse 2015). Especially equi y c owd unding di e s in many
espec s. Depending on he con ac ual condi ions o he in e media ing pla o m,
capi al-seeking en ep eneu s sha e owne ship, u u e p o i o some o he o m o
he i m’s upside po en ial wi h nume ous in es o s. This kind o a angemen is di -
e en om, e.g., ewa d- o dona ion-based c owd unding, p esumably in luencing
mo i a ions on bo h sides o he ma ke . Resea ch should he e o e clea ly a icula e
which ype i is analysing and in e p e ing.
In an equi y c owd unding con ex , Wal ho -Bo m e  al. (2018) showed ha
i ms ha a e lis ed on c owd unding po als lack in e nal unds and addi ional deb
capaci y. Hence, hei indings suppo he pecking o de heo y in his speci ic con-
ex . Fu he mo e, hey conclude ha en ep eneu s use equi y c owd unding as a
las eso . Howe e , hei esul s do no e eal how en ep eneu s choose be ween
equi y c owd unding and adi ional sou ces o ex e nal equi y o hese i ms.
B own e al. (2018) showed ha en ep eneu s use his o m o inancing o access
inancial means quickly and wi h li le dilu ion o equi y and au onomy. Es in e al.
(2018) ga e a mo e di e en ia ed pic u e. They a gue ha en ep eneu s ha e mixed
mo i es o use equi y c owd unding. While i is o some s ic inancial exchange,
o he s use i o es hei p oduc s, de elop hei b and and cus ome base and u n
cus ome s in o in es o s. In a simila manne , S e enson e al. (2022) a gue ha
equi y c owd unding o e s speci ic non- inancial alues, such as alue c ea ion du -
ing he campaign. They de eloped a con ingency-based model o unding i .
Al hough hese p elimina y indings gi e i s insigh s in o di e en mo i a ional
d i e s, i is again no clea wha de e mines en u es’ in es o choice unde di e -
en ci cums ances. The e is a need o disen angle he o ganisa ional backg ounds o
c owd unded en u es u he and ela e hem o mo i a ional aspec s, which is he
aim o his pape .
3 Me hodology
3.1 Resea ch app oach
As add essed in he li e a u e e iew, esea ch abou en u es’ mo i a ions o
use equi y c owd unding is in i s in ancy. The e o e, an explo a o y and quali a-
i e esea ch design was used o gain i s insigh s on ha opic. I was decided o
use mul iple case s udies as hey allow o iden i y key beha iou al pa e ns ac oss
cases (Eisenha d and G aebne 2007). Fu he mo e, hei de ail, ichness and case
532
J.Löhe
a iance help o unde s and he ela ion be ween ou come (mo i a ional aspec s) and
di e en causes (con ex ual condi ions o he en u e) (Fly bje g 2006). In addi ion,
he selec ion o mul iple cases ins ead o a single case builds a s onge base o
he subsequen de elopmen o a model, based on eplica ion logic (Eisenha d and
G aebne 2007). Th ee main ac i i ies we e conduc ed o ga he da a om di e en
sou ces o la e analysis: Fi s , a da abase wi h de ailed in o ma ion o all en u es
ha made use o equi y c owd unding in Ge many since i s eme gence in 2011 was
buil . Subsequen ly, in e iews wi h a selec ed subsample o hese en u es we e
conduc ed and inally, da abase in o ma ion, media co e age and addi ional sou ces
we e sc eened o alida e esponden s’ na a i es and o ecei e u he in o ma ion
abou he selec ed cases. In his way, da a was iangula ed om di e en sou ces o
inc ease alidi y and s eng hen he subs an ia ion o cons uc s (Eisenha d 1989).
3.2 Da abase andsampling
The esea ch was embedded in o a bigge esea ch p ojec ha analysed he Ge man
equi y c owd unding ma ke . The da a collec ion was he e o e discussed wi h di -
e en senio esea che s and suppo ed by wo esea ch assis an s. To ob ain a com-
p ehensi e o e iew o he nascen ma ke we i s buil a da abase wi h key in o -
ma ion abou all 163 campaigns made by 145 en u es on ou majo Ge man equi y
c owd unding po als (Seedma ch, Companis o, Inno es men , Funds e s) be ween
Augus 2011 and Ma ch 2015. Eigh een o hese campaigns ha e been ollow-on
unding ounds, in which a en u e ga he ed capi al ia equi y c owd unding o
he second ime. 89% o all campaigns we e success ul in eaching hei minimum
in es men a ge . To con ince po en ial in es o s, capi al-seeking en u es c ea e
an online p o ile on one o he analysed po als. Besides a sho ideo, his p o ile
p o ides isi o s wi h key in o ma ion abou he business model and i s p ospec s.
To build ou da abase, we sc eened hese company p o iles o gene al in o ma-
ion abou each campaign (e.g., collec ed amoun , numbe o in es o s, campaign
du a ion) and speci ic in o ma ion abou he business (e.g., ounding eam, p e ious
in es o s, alua ion). We collec ed he same in o ma ion o each campaign o ena-
ble la e compa isons and o delinea e he main endencies in he ma ke . Fu he -
mo e, he de ailed in o ma ion in ou comp ehensi e da abase se ed as he main
ounda ion o ou in e iew sampling s a egy wi h campaign ini ia o s.
Due o he ac , ha ou da abase con ained all equi y c owd unding campaigns
ha ha e been conduc ed on majo pla o ms in Ge many a ha da e, we we e
able o pu pose ully selec ou sample, based on di e en c i e ia. Fo hese in e -
iews, we made use o pu pose ul a ia ion-based sampling o iden i y key hemes
ac oss he e ogeneous cases (Pa on 1990). We saw he dange ha he in e iew da a
migh be in luenced by hindsigh bias. Thus, solely ques ioning en ep eneu s e o-
spec i ely migh no always lead o an app op ia e econs uc ion o he e en . As
men ioned abo e, we iangula ed da a om di e en sou ces o mi iga e ha isk.
Fu he mo e, o make su e ha esponden s s ill possess de ailed in o ma ion abou
he en i e backg ound o hei campaign we solely conside ed businesses ha had
ealised one success ul campaign wi hin he las wel e mon hs. In a i s s ep, we
533
The equi y c owd unding choice: Ademand-side pe spec i e
iden i ied 52 en u es om ou da abase ha me his ime c i e ion. In a second
s ep, we pu pose ully selec ed and con ac ed key decision make s o 15 en u es ou
o hese 52 en u es ha had he e ogeneous cha ac e is ics ega ding he pla o m
hey had used (a leas one o e e y pla o m), he amoun o capi al hey had aised
( anging om compa ably smalle unding eques s o la ge unding eques s), he
numbe o unde s o hei campaign and hei o al numbe o conduc ed equi y
c owd unding ounds. Thus, some o he c owd unded en u es had al eady con-
duc ed a second c owd unding ound. In addi ion, we con ac ed he CEO o a en-
u e ha ini ia ed a campaign on a i h pla o m ( ha was no in ou da abase) bu
had di e ging cha ac e is ics ega ding ou equi emen s. Finally, ele en key deci-
sion make s o en en u es ag eed on an in e iew (Table1).
In o al, he en en u es hey speak o had ealised wel e c owd unding ounds
on i e di e en Ge man equi y c owd unding po als. On a e age, each o hese
en u es aised 569,481 eu os in o al (median: 350,000 eu os) and 474,567 eu os
pe unding campaign (median: 300,000 eu os) om 609 in es o s. The en en u es
we e ounded be ween Decembe 2010 and July 2013. Thei campaigns ha e been
conduc ed be ween Janua y 2013 and June 2014. Ven u es six and nine conduc ed
wo equi y c owd unding ounds. Howe e , hei e y las campaign was wi hin he
las wel e mon hs be o e he in e iew o mee ou sampling c i e ia. A hei cam-
paign s a hese en u es we e be ween h ee mon hs and h ee yea s old.
3.3 Da a collec ion o selec ed cases
The semi-s uc u ed in e iews we e conduc ed be ween Decembe 2014 and Feb u-
a y 2015. The in e iews we e made by phone (8) and in pe son (2) and las ed on
a e age 52min. The semi-s uc u ed guideline included h ee main blocks o ques-
ions abou (1) he in e iewee and his business, (2) he c owd unding p ocess, and
(3) gene al assessmen s abou ecen de elopmen s in he ma ke . Especially he i s
block con ained de ailed ques ions abou mo i a ional aspec s, including he deci-
sion-making p ocess, inancing his o y and p io in es o s, mo i a ion o use c owd-
unding and he a ailabili y o al e na i e inancing op ions. Especially o en u es
ha conduc ed mul iple unding ounds, i was made su e ha esponden s alked
abou hei en i e inancing backg ound and in es o his o y o unde s and he con-
ex o hei decision-making o bo h campaigns. The i s e sion o he in e iew
guideline was in luenced by li e a u e and ex ended o e ime when esponden s
b ough up ele an opics.
The in e iews we e eco ded o la e ansc ip ion. To alida e he espond-
en s’ na a i es addi ional da a o each o he en cases was ga he ed. I he e o e
sc eened hei po als p o ile in o ma ion in much mo e de ail. In addi ion, each case
was in es iga ed using he DAFNE and MARKUS da abases by Bu eau an Dijk o
ecei e mo e de ailed in o ma ion abou he o en imes changing owne ship s uc-
u es. Fu he mo e, di e en online media such as en ep eneu ship newsle e s,
p ess eleases, c owd unding po als, en u es websi es and social media p o iles
we e in ensi ely sc eened o ob ain addi ional in o ma ion abou e en s ha hap-
pened be o e and especially a e he in e iews (e.g., ollow-up unding ounds,
534
J.Löhe
Table 1 O e iew o he sample
Case Indus y/Business Model Responden s ole Amoun s aised (in
eu os)
No. o
in es o s
Po al used
1 Po al o language ips Managing Di ec o s & Co-Founde s (2) 101-200k 1–100 A
2 Online lo e y
b oke
Managing Di ec o & Co-Founde 401-500k 501–750 B
3 Sea ch engine o apps Managing Di ec o & Co-Founde 201-300k 751–1000 C
4 E-book la a e p o ide Ma ke ing & Sales Manage , Co-Founde 401-500k 1001–1500 C
5 Elec ic mo o bikes p oduce Sha eholde & Founde 51-100k 1–100 D
6 Mobile paymen sys em p o ide Managing Di ec o & Founde 301-400k 501–750 B
7 Re aile o homewa es CEO & Co-Founde 2000-3000k 1001–1500 E
8 P oduce o wooden li es yle p oduc s Managing Di ec o & Co-Founde 51-100k 101–200 A
9 Toy en al
se ice
Managing Di ec o & Co-Founde 401-500k 1001–1500 C
10 Fe ili y
diagnos ics
Managing Di ec o & Co-Founde 201-300k 301–400 B
541
The equi y c owd unding choice: Ademand-side pe spec i e
4.4 Type 3: Con ac ual op imise
Di e en om he o me wo ypes, he con ac ual op imise can choose be ween di -
e en isk capi al op ions. Thei decision o use equi y c owd unding is de e mined by
he in es men condi ions, while non- inancial aspec s play a neglec able ole. Thei
aim is he e o e o secu e access o inancial means wi h he bes con ac ual condi ions.
An example o his ype is case 2 (online lo e y se ice p o ide ). Be o e he
en u e ini ia ed an open call o unding, i was inanced by he inancial means o
he ounde s (50 – 100k eu os), di e en angel in es o s and a VC. Fu he mo e, he
eam was in deep and long-las ing nego ia ions wi h ano he VC, ha la e in es ed
in he i m. The CEO s a ed ha c owd unding o e ed he oppo uni y o access
inancial means quicke han o he op ions. Besides, he a gued ha he was no sa is-
ied wi h he gene al in es men condi ions ha o he in es o s o e ed.
‘I u ned ou ha mos business angels in Ge many a e o me ounde s
ha made millions somehow and seek la ge sha es o small money (…). O
cou se, he alua ion was impo an .’
Besides, he speed o he inancing p ocess and alua ion he ounding eam was
inspi ed by a la ge amoun o capi al ha a en u e ou o hei local ne wo k aised
on he same pla o m.
The en u e p o ides an online se ice, and hei business has, he e o e, a echno-
logical backg ound ha a ge s a mass ma ke . The se ice was al eady unc ioning, and
hey gene a ed he i s u no e . Consequen ly, he en u e planned o spend a conside -
able pa o he c owd unding capi al on ac i i ies o pene a e he ma ke .
This is also he case o en u e 9 ( oy en al se ice). Like en u e 2, he young
company p o ided an online se ice. The en u e also had a inalised p oduc and
planned o spend pa o he c owd unding capi al on ma ke ing ac i i ies o launch
hei p oduc and pene a e he ma ke . The de elopmen s ages o hese en u es a e
he e o e simila o ype 2. Howe e , aspec s ela ed o in es o s did no play a ole
o hei po al choice. While he po en ial in es men olume was decisi e o en-
u e 2, en u e 9 s essed he impo ance o a eliable legal cons uc . Fu he mo e,
bo h en u es had al eady expe iences wi h di e en isk capi al in es o s ha p e i-
ously in es ed in he i m.
4.5 Type 4: Value‑add op imise
Ven u es ha belong o he las ca ego y also ha e di e en isk capi al op ions
a ailable. Howe e , unlike he o me g oup, hey conside he alue-adding ea-
u es as decisi e o hei c owd unding choice. Thus, con ac ual aspec s play a ole
o hese en u es, bu hey a e mo e aken o g an ed. Consequen ly, hey seek o
secu e access o inancial means wi h he bes mix o (accep able) con ac ual condi-
ions and alue-adding ea u es.
An example o his ype is en u e 4, a la - a e e-book p o ide . Be o e
he campaign, he en u e was mainly inanced by an incuba o . Be o e hei

542
J.Löhe
campaign ini ia ion, he company had a conc e e o e om an angel in es o bu
decided o use equi y c owd unding ins ead.
‘I hink we would ha e had p obably simila inancial condi ions wi h he
business angel, bu hen we said c owdin es ing gi es us added alues ha
he angel could no gi e us.’
Mo e speci ically, he esponden s essed he impo ance o di e en added
alues, including ma ke and p oduc es ing o aising awa eness in he a ge
g oup. A he campaign launch, he en u e had a inished p o o ype, and he
capi al was needed o u he p oduc de elopmen , ad e ising sys em de elop-
men , expansion o he book ca alogue and se ice ma ke ing. Thei explici deci-
sion o use he speci ic po al was in luenced by aspec s ela ed o i s audiences,
such as he numbe o in es o s and sec o ocus.
Ano he example is en u e 7, an online e aile o homewa es. Be o e he
campaign, he company had al eady conduc ed mul iple inancing ounds wi h
di e en BAs and VCs. The easons why he en u e decided o use equi y c owd-
unding we e mainly ela ed o ma ke ing aspec s, including b and awa eness,
i al and social media suppo . The ounde s essed hese aspec s mul iple imes.
‘So he co e a gumen o me was always he ma ke ing side, (…) he big
challenge ha we ha e is o c ea e b and awa eness (…). So I ound he idea
ascina ing (…) o say we build some hing g ea , people who like his b and,
who a e con inced o he business, come along on his ip and sc eam i ou
in o he wo ld. This also includes componen s such as social media, o gen-
e ally e e al ma ke ing. These we e e y cen al a gumen s why we ied i
ou . Toge he wi h he so ma ke ing side.’
The en u e was al eady a a s age, whe e i ecei ed inancing ounds, ha we e
o en in se en-digi dimensions. I was he e o e also decisi e ha he inancing ound
was inancially wo h he e o and ha he con ac ual a angemen allowed ollow-on
inancing ounds. The en u e had al eady signi ican u no e , and he eques ed capi-
al was in ended o o ce ma ke pene a ion and expansion.
Consequen ly, en u es o his ype app oach huge ma ke s wi h scalable busi-
ness models. All en u es had a inalised p oduc and we e a leas close o hei
i s u no e . The ga he ed capi al was used o ei he launch he p oduc o se -
ice o expand in o new ma ke s. Fac o s ela ed o he in es o s also in luenced
pla o m decisions. Thus, besides a eliable legal cons uc and pe cei ed compe-
ence, aspec s like he numbe o in es o s and he sec o ocus we e conside ed
as impo an . Howe e , di e en o con ac ual op imise s, p io isk capi al expe-
ience o he alue-add op imise s subs an ially a ies.
Table4 summa ises he indings, showing ha he e a e di e ences in en u es
backg ounds be ween ypologies. Ven u es hus ollow di e en in en ions wi h
hei decision. These in en ions a e in luenced by mul iple con ex ual ac o s, ha
a e o en ela ed o he a ailabili y o al e na i es o ac o s associa ed wi h he
use o speci ic added alues in he ongoing o ganisa ional con ex . Fu he mo e,
he indings sugges , ha some en u es see c owd unding as a complemen and
543
The equi y c owd unding choice: Ademand-side pe spec i e
Table 4 Mo i a ional ypology—compa a i e o e iew
Sou ces used: A = in e iews, B = unding p o ile, C = media sc eening, D = websi e sc eening, E = di e en da abases
Type 1 Type 2 Type 3 Type 4
Name Typology Plain capi al seeke Capi al seeke plus Con ac ual op imise Value-add op imise
In en ion o use C owd unding Secu e access o inancial
means
Secu e access o inancial means
and make use o alue-adding
ea u es
Secu e access o inancial
means wi h he bes con ac-
ual condi ions
Secu e access o inancial means
wi h he bes mix o con ac ual
condi ions and alue-adding
ea u es
In es o s’ ole (A) Passi e Ac i e Passi e Ac i e
P oduc /Se ice cha ac e is ics
(A, B, C, D)
Technological ounda ion,
o line li es yle p oduc s wi h
limi ed scalabili y possible,
niche ma ke s possible
Technological and non- ech-
nological, o line-li es yle
p oduc s wi h limi ed scal-
abili y possible, niche ma ke s
possible
Technological ounda ion, only
online se ices wi h high scal-
abili y ha a ge huge mass
ma ke s
Technological ounda ion, only
online o med- ech models wi h
high scalabili y ha a ge huge
mass ma ke s
S a us Seed: inished p o o ype S a -up: inal p oduc /se ice–
i s sales
S a -up: inished p oduc – i s
sales
S a -up–g ow h: inal p oduc –
signi ican sales
Capi al use (A, B) R & D: p oduc de elopmen R & D–expansion: u he p od-
uc de elopmen , ma ke ing,
in e na ionalisa ion
R & D–Ma ke pene a ion:
u he p oduc de elopmen ,
ma ke ing, enla ge p oduc
ange/p oduc ea u es
R & D–expansion: u he p od-
uc de elopmen , ma ke ing,
enla ge p oduc ange, in e na-
ionalisa ion
O ganisa ions isk capi al expe-
ience (A, B, C, E)
Low Low Medium–high Low–high
Pla o m selec ion based on (A) Reliable legal cons uc , pe -
cei ed compe ence
Reliable legal cons uc , pe -
cei ed compe ence, numbe o
in es o s, sec o ocus
Reliable legal cons uc , in es -
men olume
Reliable legal cons uc , pe -
cei ed compe ence, numbe o
in es o s, sec o ocus
En ep eneu s inancial commi -
men (A)
High Medium Medium Low–medium
544
J.Löhe
no as a subs i u e o o he isk capi al sou ces. Thus, du ing he campaign and
ex-pos , hey ealised addi ional unding ounds wi h addi ional equi y in es o s.
5 Discussion
5.1 Theo e ical implica ions
In ecen yea s, equi y c owd unding has become inc easingly popula o many
en ep eneu s. So a esea ch abou hei mo i a ional backg ound has o en
emained supe icial. The p ima y a ge o his s udy is o add ess his oid. The
indings he eby ha e mul iple implica ions o heo y.
Fi s , he s udy con ibu es o esea ch abou mo i a ional d i e s o c owd unded
en u es, de eloping a di e en ia ed pic u e o he ole equi y c owd unding is expec ed
o play in hese i ms. Unlike p e ious s udies, he ela ionship be ween en u es’ deci-
sion-making con ex and mo i a ional ou comes was explo ed. So a , i was mainly sug-
ges ed, ha equi y c owd unding is especially used by en u es, ha ha e no al e na i e
inancing op ions a ailable o ha seek access o inancial means quickly and wi h li -
le dilu ion o equi y and au onomy (B own e al. 2018). Howe e , he indings ex end
esea ch ha calls o a mo e di e en ia ed unde s anding in his con ex (Es in e al.
2018; S e enson e al. 2022). The s udy shows, ha he commonly held assump ion o
necessi y-d i en en u es holds o hose ha we e ei he in ea ly de elopmen s ages,
ha e a non- echnological ounda ion o a ge a e y na ow cus ome segmen . How-
e e , while some o hem seek capi al ( ype 1), o he s conside ed c owd unding-speci ic
ma ke ing and eedback- ela ed aspec s as encou aging o hei isk capi al choice ( ype
2), sugges ing ha hey a e no solely necessi y-d i en.
In con as , pa o he analysed cases had access o al e na i e isk capi al p o-
ide s, bu hey pu pose ully selec ed equi y c owd unding, based on i s speci ic
cha ac e is ics. These en u es ha e a s ong echnological ounda ion, p o ide busi-
ness models wi h huge scalabili y ha a ge B2C-mass ma ke s. Howe e , e en
wi hin his g oup he mo i a ion, and he eby he expec ed ole ha c owd unding
plays di e ge. While some we e mo i a ed by he quick access o capi al, i s po en-
ial amoun and he business alua ion ( ype 3), o he s ied o bene i om c owd-
unding-speci ic alue-add du ing and a e he campaign ( ype 4). In his way, he
s udy e eals a much mo e di e en ia ed unde s anding o en u e mo i a ion o use
c owd unding. Fu he mo e, he indings p o ide insigh s in o he peculia i ies o
how en u es and in es o s ind each o he in his speci ic isk capi al con ex .
Second, he pape con ibu es o he eme ging s eam o li e a u e abou how
en u es gene ally e alua e and selec hei isk capi al in es o s (e.g., D o e e al.
2017; Fai child 2011). The indings sugges ha , besides a gene al openness o
accep o e ings om equi y in es o s (Mason and Ha ison 2002; Mason and Kwok
2010; Mason and S a k 2004), i is c i ical o en ep eneu s’ decision ha he e is a
i be ween o ganisa ional challenges and he cha ac e is ics o a speci ic isk capi al
in es o . P io s udies we e mainly heo e ical and ocused especially on he decision
be ween VC and BA inancing. Howe e , he inancing landscape changed subs an-
ially du ing he las yea s. Mos o hese po en ial pa ne s p o ide en ep eneu s
545
The equi y c owd unding choice: Ademand-side pe spec i e
wi h access o a speci ic se o bene i s and d awbacks. The pe cei ed cha ac e is ics
o hese new ac o s and how hey in luence en u es’ isk capi al choice is no su -
icien ly unde s ood. In his con ex , he indings explo e in es o choice in one o
hese eme ging se ings. They sugges ha en u es wi hou access o isk capi al
al e na i es make use o wha is a ailable o a hand, which is in many espec s in
line wi h he concep o en ep eneu ial b icolage (Bake and Nelson 2005). How-
e e , he mo e al e na i es hey ha e, he mo e hey seem o ollow goal-o ien ed
esou ce acquisi ion and he e o e pu sue an op imising s a egy (Desa and Basu
2013). Hence, some en ep eneu s ha e a clea idea which speci ic ole c owd und-
ing should play in hei inancing mix. The de e minan s o his beha iou a e com-
plex and call o a mo e di e si ied esou ce-based o ien a ion in u u e esea ch.
The e o e, a heo e ical model o ou di e en mo i a ional ypes was de eloped
ha could s imula e u u e esea ch in o he ea ly-s age inancing se ings.
Thi d, in his way, he indings con ibu e o discussions abou he bo de s o he
pecking o de heo y in he con ex o inno a i e young en u es. In line wi h he heo y
en ep eneu s in he analysed cases in es ed conside able own inancial means (in e nal
inancing) in hei en u e and we e ei he ejec ed o discou aged om bank inanc-
ing (ex e nal deb inancing). The indings, he e o e, con i m he indings o Wal ho -
Bo m e al. (2018), who sugges ed ha c owd unded en u es lack in e nal unds and
addi ional deb capaci y. Howe e , he pecking o de does no speci y a ank o de
be ween di e en ex e nal equi y p o ide s. The indings sugges ha , once en ep e-
neu s decided o access ex e nal equi y inancing, hei p e e ences became much mo e
indi idual. En ep eneu s’ choices inhibi (s a egic) conside a ions ha go beyond he
cos and con ol a gumen s. The s udy shows ha ongoing o ganisa ional challenges
and he pe cei ed added alues ha en u es can ex ac om a unding sou ce also
de e mine hei pa ne ing decision. Consequen ly, he pape calls o a mo e ine-lined
discussion o en u es´ in es o choice in his sca ce esou ce con ex . The “ ank o de ”
ha en u es alloca e o ex e nal equi y p o ide s unde di e en ci cums ances is no
su icien ly unde s ood. I would, he e o e, ecommend o combine he pecking o de
heo y wi h pa icula o ms o esou ce ulness o be e unde s and inancing, o mo e
speci ically, pa ne ing decisions in di e en con ex s.
5.2 P ac ical implica ions
The indings ha e mul iple p ac ical implica ions. Fi s , es ablished isk capi al p o-
ide s gain insigh s in o wha is essen ial o capi al-seeking en u es in his new se -
ing and why some en u es migh inally u n down hei o e ings and ins ead p e-
e equi y c owd unding. Thus, al hough many inno a i e en u es complain abou a
inancing gap, he mos a ac i e en u es p esumably ecei e o e ings om mul iple
sides. Es ablished in es o s can use his knowledge o con ince en ep eneu s and s ess
hei se ices in ela ion o equi y c owd unding. Fu he mo e, hey can make use o
c owd unding o hei po olio companies in ollow-up inancing ounds when hey
pe cei e he expec ed cha ac e is ics as app op ia e o hese i ms. Second, en u es
can be e assess i c owd unding is he app op ia e o m o inancing o hei busi-
ness. The exp essed mo i a ions show ha equi y c owd unding p o ides mo e han
546
J.Löhe
jus inancing. The s udy explo es which o ganisa ional cha ac e is ics all c owd unded
en u es ha e in common. Like wi h es ablished isk capi al sou ces, equi y c owd und-
ing does no seem o be a ui ul g ound o inance ideas o e y ea ly esea ch and
de elopmen s ages. S a -ups s ill need o ely on hei own inancial commi men o
di e en boo s apping mechanisms o e en ewa d-based c owd unding a hese ea ly
s ages, which nea ly all he analysed en u es did be o e hey ini ia ed hei campaign.
The esul s show ha his s ill nascen o m o inancing is pa icula ly used by en-
u es ha seek capi al o hei ma ke en ance o pene a ion o hose ha a e a la e
de elopmen s ages and close o hei ma ke en ance. Thi d, pla o ms ge insigh s
in o wha en u es expec om hei campaign. Consequen ly, hey can wo k on hei
se ice o sa is y en u es’ expec a ions. Thus, hey need o come up wi h echnical
solu ions ha enable he ealisa ion o he expec ed bene i s (e.g. ma ke ing o eedback
ools). Fou h, he backg ound indings a e an impo an s ep o inc ease he p edic a-
bili y o why en u es decided o use equi y c owd unding. Po en ial in es o s he e o e
ge a mo e di e en ia ed pic u e abou en u es mo i es and he oles hey a e expec ed
o play o hei in es ees.
5.3 Limi a ions and u u e esea ch
The s udy is no wi hou limi a ions: Fi s , i ocuses on success ul campaigns, since
Ge many ollows a closed-ma ke app oach in which only a small numbe o p ese-
lec ed en u es ge access o he pla o ms (Löhe 2017). O hose en u es, nowa-
days mo e han 95% ecei e unding. Consequen ly, non-success ul campaigns play
a neglec able ole in his con ex . Howe e , pla o ms in o he coun ies migh ollow
an open-ma ke app oach in which p eselec ion is less es ic i e, leading o nume -
ous unsuccess ul campaigns and in e es ing esea ch a enues abou hei mo i es. Sec-
ond, his pape aims o explo e why en u es use equi y c owd unding. The e o e, i
has a quali a i e design wi h en case s udies. Consequen ly, his analysis can jus be
a i s s ep. To es he de eloped model and o be e unde s and he exac ela ion-
ship be ween en u es’ unding choice and di e en ac o s o hei o ganisa ional
backg ound, la ge-scale quan i a i e esea ch would be o g ea impo ance. Agains
his backg ound he s udy p o ides a ui ul s a ing poin o e.g., conduc la ge-scale
su eys wi h c owd unded en u es. In his way also po en ial biases ha migh de i e
om he sampling size and he sampling p ocedu e migh be esol ed. Thi d, one p ob-
lem can be ha en u es ha e communica ed in in e iews hei desi ed a he han
hei ac ual inancing si ua ion. Fu he mo e, I saw he dange ha en u es ha con-
duc ed mo e han one unding ound mixed up he campaigns hey conduc ed. I ied o
diminish his isk by iangula ing da a om di e en sou ces and by ho oughly ask-
ing ques ions abou hei en i e inancing his o y. Ne e heless, u he esea ch could
apply di e en esea ch designs and da a sou ces o inc ease he alidi y o he esul s.
Fou h, he da a was collec ed en yea s ago a a ime when pla o ms, ounde s and
unde s we e s ill lea ning abou his new inancing al e na i e. Consequen ly, mo i a-
ions migh ha e sligh ly changed du ing his pe iod as he ma ke e ol ed and all he
ac o s became mo e amilia wi h equi y c owd unding. This could ha e led o sligh
changes in en u es’ mo i a ion. Fi h, e en 15 a e yea s since i s eme gence, equi y

547
The equi y c owd unding choice: Ademand-side pe spec i e
c owd unding emains a niche phenomenon in Ge many. In o he coun ies (e.g., he
UK) equi y c owd unding plays a bigge ole in he inancing o young en ep eneu ial
en u es. Consequen ly, he oid and wha equi y c owd unding can o e o hese i ms
migh di e , which limi s he gene alisabili y o he indings.
The indings also aise ques ions o u he esea ch: Theo y and p ac ice would
conside ably bene i om a mo e p ecise unde s anding o he speci ic cha ac e is ics o
eme ging isk capi al p o ide s and how hey in luence en u es’ pa ne ing decisions.
The e o e, esea ch should i s del e deepe in o he a ia ion wi hin and ac oss di e -
en inancing sou ces ega ding he inancial and non- inancial bene i s hey inally b ing
o he i m. Based on his unde s anding mo e knowledge is needed abou he ade-o
ha en ep eneu s make be ween hese di e en inancing sou ces unde di e en ci -
cums ances. This is especially impo an gi en hei inc easingly he e ogeneous na u e.
In his con ex , he indings gi e a de ailed o e iew o speci ic mo i a ional d i e s in
equi y c owd unding. Howe e , compa ed o business angel and en u e capi al inanc-
ing he ma ke is s ill young. Thus a , i is no clea how en u es pe cei e c owd unding
and he con ibu ion o he c owd ex-pos . Mo e knowledge abou he eal added alues
and unde which ci cums ances hese can be ealised is needed (e.g. di e en pla o m
s uc u es and en u e beha iou ). Fu he esea ch could also add ess he di e en le -
els o inancial li e acy o capi al-seeking en ep eneu s and hei in luence on pa ne -
ing decisions. Thus, en ep eneu s possess di e en le els o knowledge abou e.g., he
VC ma ke and hei inancing op ions which migh in luence hei pa ne ing decisions.
Based on po als p eselec ion we would assume a highe le el o inancial li e acy in he
analysed con ex . Howe e , his migh no be ans e able o o he con ex s and migh
conside ably in luence en u es’ mo i a ion. Finally, a be e unde s anding o he ela-
ion be ween he di e en mo i a ions and pe o mance is needed. Al hough some o he
en u es did no seem o all in o he classic in es men schemes o es ablished ea ly-
s age in es o s (due o e.g. limi ed g ow h po en ial), hey de eloped in o a p o i able
business uni . Thus, en u es ha ha e no al e na i es a ailable do no necessa ily pe -
o m poo ly (o can au oma ically be conside ed as “lemons”). I migh be ha hei only
op ion is exac ly wha hey need o hei de elopmen . A mo e ine-lined discussion is
necessa y o ma ch in es o s and in es ees be e .
The inancing landscape changed subs an ially du ing he las yea s, gi ing
en ep eneu s nowadays access o a b oade se o isk capi al p o ide s wi h di -
e en cha ac e is ics. Ou knowledge abou he demand-side pe spec i e is limi ed.
Agains his backg ound, he s udy delinea es a de ailed pic u e o en u es’ na ow
and b oade decision-making con ex and he speci ic ole ha an eme ging esou ce
p o ide is in ended o play in hese i ms. The indings and he de eloped model
p o ide a s a ing poin o u he esea ch ha aims o enhance ou unde s anding
o en u es’ in es o choices in di e en se ings.
Appendix
See Table5
548
J.Löhe
Table 5 Explo a o y c oss-case o e iew
Case Cha ac e isa ion S a us a cam-
paign launch
C owd unding
capi al use
Pla o m selec ion based on Mo i a ional d i e s In e ac ion ou comes wi h
al e na i e in es o s
Financing ounds
(ex-an e/ex-pos )
1 Educa ion / Se ice / B2B + B2C
/ Online
1, 2, 3 6, 7 Reliable legal cons uc
Pe cei ed compe ence
In es men amoun s pe in es o
Speed o inancing p ocess
Media co e age
Vi al and e e al ma ke ing
No ied Yes/no
2 Gambling / Se ice / B2C / Online 1, 2, 3 6 Po en ial in es men olume Business alua ion
Possible unding amoun
Speed o inancing p ocess
O e ecei ed Yes/yes
3 So wa e / Se ice / B2C / Online 1, 2 4, 5 Reliable legal cons uc
Numbe o in es o s
Sec o ocus
Con ac ual ea u es
P oduc de elopmen
Vi al and e e al ma ke ing
T ied bu ejec ed No/no
4 Li e a u e / Se ice / B2C / Online 1, 2 4, 5 Numbe o in es o s
Sec o ocus
Ma ke es
P oduc de elopmen
Vi al and e e al ma ke ing
O e ecei ed Yes/yes
5 Li es yle / P oduc / B2C / O line 1 4 Reliable legal cons uc Possible unding amoun T ied bu ejec ed No/yes
6 Finance / Se ice / B2B + B2C
/ Online
1 4 Reliable legal cons uc
Pe cei ed compe ence
Business alua ion
Possible unding amoun
Con ac ual ea u es
T ied bu ejec ed No/no
7 Re ailing / Se ice / B2C / Online 1, 2, 3 6, 7 Reliable legal cons uc
Po en ial in es men olume
Numbe o in es o s
Possible unding amoun
con ac ual ea u es
Vi al and e e al ma ke ing
B and building
O e ecei ed Yes/yes
8 Re ailing / Se ice / B2C / Online 1, 2, 3 5, 6 Pe cei ed compe ence Speed o inancing p ocess
P oduc de elopmen
Ma ke es
Business de elopmen
T ied bu ejec ed No/yes
9 Toys / Se ice / B2C / Online 1, 2 4, 5 Reliable legal cons uc Business alua ion
Possible unding amoun
O e ecei ed Yes/yes
10 MedTech / P oduc / B2C / O line 1, 2 5 Reliable legal cons uc
Po en ial in es men olume
Speed o inancing p ocess
Media co e age
No ied Yes/yes
S a us a campaign launch: 1 = Exis ing p o o ype, 2 = Final p oduc /se ice 3 = Exis ing u no e ; C owd unding capi al use: 4 = R & D, 5 = Ma ke launch, 6 = Ma ke
pene a ion, 7 = Expansion.
549
The equi y c owd unding choice: Ademand-side pe spec i e
Acknowledgemen s The au ho would like o hank especially F iede ike Wel e o he aluable and
in ensi e eedback on nume ous ea lie e sions o he manusc ip and And ea M. He mann o he alu-
able commen s on a la e e sion o he manusc ip .
Funding Open Access unding enabled and o ganized by P ojek DEAL. The au ho has no ele an
inancial o non- inancial in e es s o disclose.
Da a A ailabili y The quan i a i e da ase ha includes he 163 campaigns is publicly accessible upon
eques a ou esea ch ins i u ion. In e iew da a con ains sensi i e in o ma ion o he esponden s and is
he e o e no publicly accessible.
Decla a ions
Con lic o in e es The au ho decla es ha he has no con lic s o in e es s.
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