Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.

Additional Metadata
Keywords Blockchain, Crowdfunding, Entrepreneurial finance, ICOs, Initial coin offering, SME financing
Persistent URL dx.doi.org/10.1007/s11187-020-00330-2, hdl.handle.net/1765/126310
Journal Small Business Economics: an entrepreneurship journal
Citation
Block, J.H, Groh, A. (Alexander), Hornuf, L. (Lars), Vanacker, T. (Tom), & Vismara, S. (Silvio). (2020). The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings. Small Business Economics: an entrepreneurship journal. doi:10.1007/s11187-020-00330-2