Keywords
crowdfunding regulación financiación de la innovación, crowdfunding regulation entrepreneurial finance
Crowdfunding: What do we know?
Abstract
Crowdfunding es una nueva forma de financiación de la innovación a través de plataformas en línea en el que toman parte un gran número de financiadores. Debido al potencial del crowdfunding para agregar la información dispersa entre una multitud de potenciales clientes o inversores, muchos consideran el crowdfunding como una revolución en la financiación de nuevas empresas. Al mismo tiempo, se considera que el crowdfunding es un modo de democratizar el acceso a la inversión en empresas de nueva creación, lo que hasta ahora era no era posible para pequeños inversores debido a la regulación. En este artículo estudiamos el papel que puede jugar el crowdfunding como fuente de financiación para el emprendimiento. Para hacerlo revisamos la literatura existente, tanto teórica como empírica, y analizamos las diferencias entre el crowdfunding y otras formas de financiación del emprendimiento como los business angels o el capital riesgo. También investigamos si el crowdfunding complementa o sustituye a estas otras fuentes de financiación. Finalmente, describimos cómo se ha regulado el crowdfunding hasta la fecha e identificamos las principales cuestiones abiertas en el debate regulatorio.
Crowdfunding is a new form of financing that takes place through online platforms and involves the participation of a large number of contributors. Because of crowdfunding s potential to aggregate the information dispersed among many potential consumers or investors, crowdfunding is regarded by many as a revolutionary way of financing new ventures. At the same time, crowdfunding is touted as a way to democratize investment in entrepreneurial firms, which regulation has kept mostly outside the reach of small investors. In this article, we survey the role that crowdfunding may play as a source of financing for entrepreneurial firms. To do so, we review the existing theoretical and empirical work on crowdfunding and discuss the ways in which crowdfunding differs from alternative sources of financing, such as angel investing or venture capital, and whether it may replace or complement these other financing sources. We also describe how crowdfunding has been regulated so far and identify key open questions in the regulatory debate.
Crowdfunding is a new form of financing that takes place through online platforms and involves the participation of a large number of contributors. Because of crowdfunding s potential to aggregate the information dispersed among many potential consumers or investors, crowdfunding is regarded by many as a revolutionary way of financing new ventures. At the same time, crowdfunding is touted as a way to democratize investment in entrepreneurial firms, which regulation has kept mostly outside the reach of small investors. In this article, we survey the role that crowdfunding may play as a source of financing for entrepreneurial firms. To do so, we review the existing theoretical and empirical work on crowdfunding and discuss the ways in which crowdfunding differs from alternative sources of financing, such as angel investing or venture capital, and whether it may replace or complement these other financing sources. We also describe how crowdfunding has been regulated so far and identify key open questions in the regulatory debate.
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