Who invests why? An analysis of investment decisions in b2b or b2c equity crowdfunding projects

Unveröffentlicht / Preprint

Details zur Publikation

Autor(en): Jovanovic T, Brem A, Voigt KI
Jahr der Veröffentlichung: 2019
ISSN: 1476-1297
eISSN: 1741-8054


Crowdfunding is a remarkable phenomenon in the field of financing, as it is evolving in theory and practice. However, most research is focused on non-equity based campaigns. Hence, we shed light on a yet under researched aspect: B2B and B2C-companies reaching for equity-based crowdfunding. We chose an empirical approach and conducted a quantitative study among almost 300 participants to reveal the difference between the funding decisions for startups located in either B2B or B2C-markets. Our results show that differences in investments between B2B and B2C firms do exist, revealing that other success factors are necessary in those cases. Moreover, we find that the involvement of the investor as lead user has relevance for the decision to invest in both cases. We conclude with implications for theory and practice, and give suggestions for future research.

FAU-Autoren / FAU-Herausgeber

Brem, Alexander Prof. Dr.
Lehrstuhl für Technologiemanagement
Jovanovic, Tanja
Lehrstuhl für Betriebswirtschaftslehre, insbesondere Industrielles Management
Voigt, Kai-Ingo Prof. Dr.
Lehrstuhl für Betriebswirtschaftslehre, insbesondere Industrielles Management

Zuletzt aktualisiert 2019-31-03 um 22:23