Financing by and for the Masses: An introduction to the special issue on crowdfunding

California Management Review

Volumn 58, Issue 2, 2016, Pages 5-19

  Fleming, Lee ^a   Sorenson, Olav ^b  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b YALE SCHOOL OF MANAGEMENT   (United States)

Author keywords

Crowdsourcing; Entrepreneurship; Finance; Internet

Indexed keywords

EID: 84961967547     PISSN: 00081256     EISSN: 21628564     Source Type: Journal    
DOI: 10.1525/cmr.2016.58.2.5     Document Type: Review

References (31)

1. As of September 23, 2015, http://www.kickstarter.com reports having raised more than $2 billion in pledges from 9.5 million people to support 92,800 projects.
2. On the same date, http://www.crowdsourcing.org included 2,914 listings in its directory of sites.
3. Massolution, 2015 CF: The Crowd funding Industry Report, 2015.
4. For a more complete story behind the Pebble and its founders, see Anthony W. Kosner, "Who Needs Venture Capital? Pebble Smart Watch Raises over $5 Million on Kickstarter," Forbes, April 19, 2012.
5. Entrepreneurial finance in the form of venture capital has been found to have large stimulating effects on the communities in which it has funded startups. See Sampsa Samila and Olav Sorenson, "Venture Capital, Entrepreneurship, and Economic Growth," The Review of Economics and Statistics, 93/1 (February 2011): 338-349.
6. Richard Gulliarati, "Australian Dealmaker: John Cornell; The Man Who Sold Hollywood on 'Crocodile Dundee,'" The New York Times, August 21, 1988.
7. Lee Knight and Ray Knight, "What Happened to Limited Partnerships?" Journal of Accountancy, July 1, 1997.
8. "The Statue of Liberty and America's Crowd funding Pioneer," BBC News Magazine, April 25, 2013.
9. Jason Best, Sherwood Neiss, Steven Stralser, and Lee Fleming, "How Big Will the Debt and Equity Crowd funding Investment Market Be? Comparisons, Assumptions, and Estimates," Coleman Fung Institute ofEngineering Leadership Technical Report, November 2013.
10. Thomson Reuters, 2015 National Venture Capital Association Yearbook, 2015.
11. Based on the geographic distribution of platforms as of 2012 listed in the http://crowdsourcing. org directory (accessed September 26, 2015).
12. Timothy Bates and William Bradford, "Factors Affecting New Firm Success and Their Use in Venture Capital Financing," Journal of Small Business Finance, 2/1 (1992): 23-38
13. Patricia G. Greene, Candida G. Brush, Myra M. Hart and Patrick Saparito, "Patterns of Venture Capital Funding: Is Gender a Factor?" Venture Capital: An International Journal ofEntrepreneurial Finance, 3/1 (2001): 63-83
14. Paula E. Stephan and Asmaa El-Ganainy, "The Entrepreneurial Puzzle: Explaining the Gender Gap," Journal ofTechnology Transfer, 32/5 (October 2007): 475-487
15. Christopher I. Rider, "How Employees' Prior Affiliations Constrain Organizational Network Change," Administrative Science Quarterly, 57/3 (September 2012): 453-483.
16. Andrew L. Zacharakis and G. Dale Meyer, "A Lack of Insight: Do Venture Capitalists Really Understand Their Own Decision Process?" Journal of Business Venturing, 13/1 (January 1998): 57-76
17. Olav Sorenson and Toby E. Stuart, "Syndication Networks and the Spatial Distribution of Venture Capital Investments," American Journal of Sociology, 106/6 (May 2001): 1546-1590
18. Scott Shane and Toby E. Stuart, "Organizational Endowments and the Performance of University Startups," Management Science, 48/1 (2002): 154-171;Rider, op. cit.
19. Jorge Guzman and Scott Stern, "Where is Silicon Valley?" Science, 347/6222 (February 6, 2015): 606-609.
20. Based on the Cambridge Associates U.S. Venture Capital Index. See also Andrew Metrick and Ayako Yasuda, Venture Capital and the Finance of Innovation, 2nd Edition (New York, NY: John Wiley & Sons, 2010).
21. Kate Litvak, "Venture Capital Limited Partnership Agreements: Understanding Compensation Arrangements," University of Chicago Law Review, 76/1 (Winter 2009): 161-218.
22. For a history of securities legislation, see Elisabeth Keller, "Introductory Comment: A Historical Introduction to the Securities Act of 1933 and the Securities Exchange Act of 1934," Ohio State Law Journal, 49 (1988): 329-352.
23. Joshua D. Coval and Tobias J. Moskowitz, "Home Bias at Home: Local Equity Preference in Domestic Portfolios," Journal of Finance, 54/6 (December 1999): 2045-2073
24. Mitchell A. Petersen and Raghuram G. Rajan, "Does Distance Still Matter? The Information Revolution in Small Business Lending," Journal ofFinance, 57/6 (December 2002): 2533-2570
25. Norman Strong and Xinzhong Xu, "Understanding the Equity Home Bias: Evidence from Survey Data," Review ofEconomics and Statistics, 85/2 (May 2003): 307-312.
26. Mingfeng Lin and Siva Viswanathan, "Home Bias in Online Investments: An Empirical Study of an Online Crowd funding Market," Management Science (forthcoming).
27. John O'Connor and Edmund F. Robertson, "Longitude and the Academie Royale," MacTutor History ofMathematics, 1997.
28. Eric von Hippel, Jeroen P.J. de Jong, and Stephen Flowers, "Comparing Business and Household Sector Innovation in Consumer Products: Findings from a Representative Survey in the UK," Management Science, 58/9 (2012): 1669-1681.
29. John H. Cochrane, "The Risk and Return of Venture Capital," Journal ofFinancial Economics, 75/1 (January 2005): 3-52.
30. Barton H. Hamilton, "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal ofPolitical Economy, 108/3 (June 2000): 604-631.
31. M. Diane Burton, Michael S. Dahl, Olav Sorenson, and Rodrigo Canales, "The Career Consequences of Working for a Startup," working paper, Cornell University, 2015.