@inproceedings{75416471b78b4e0e9417c9bf445bb288,
title = "Navigating the Start-Up Financing Funding Gap: Comparing Business Angels and Crowdfunding",
abstract = "This study presents empirical comparisons of fundraising outcomes for entrepreneurial ventures supported by business angels and crowd investors. Utilizing a comprehensive multi-year dataset derived from repeated annual surveys within the business angel (BA) and equity crowdfunding (ECF) markets in Italy, our findings reveal that, despite investing in comparable start-ups, ECF-backed ventures secure lower capital amounts than BA-backed ones. Moreover, ECF-backed start-ups acquire a smaller proportion of capital. These outcomes imply that equity crowdfunding and business angels are not perfect substitutes but rather function as different financial channels for inherently heterogeneous start-ups characterized by distinct funding requirements.",
author = "Stefano Bonini and Vincenzo Capizzi and Francesca Tenca",
note = "Publisher Copyright: {\textcopyright} The Author(s), under exclusive license to Springer Nature Switzerland AG 2024.; International Conference on Leading and Managing in the Digital Era, LMDE 2023 ; Conference date: 19-06-2023 Through 20-06-2023",
year = "2024",
doi = "10.1007/978-3-031-65782-5\_6",
language = "English",
isbn = "9783031657818",
series = "Lecture Notes in Information Systems and Organisation",
publisher = "Springer Science and Business Media Deutschland GmbH",
pages = "77--88",
editor = "Gregory Prastacos and Nancy Pouloudi",
booktitle = "Leading and Managing in the Digital Era - Shaping the Future of Work and Business Education",
address = "Germany",
}