Foundations and Trends® in Entrepreneurship > Vol 14 > Issue 1

Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review

Johannes Wallmeroth, Emlyon business school, France, Peter Wirtz, Université de Lyon, France, peter.wirtz.fcs@gmail.com Alexander Peter Groh, Emlyon business school, France, groh@em-lyon.com
 
Suggested Citation
Johannes Wallmeroth, Peter Wirtz and Alexander Peter Groh (2018), "Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review", Foundations and Trends® in Entrepreneurship: Vol. 14: No. 1, pp 1-129. http://dx.doi.org/10.1561/0300000066

Published: 21 Feb 2018
© 2018 J. Wallmeroth, P. Wirtz and A. P. Groh
 
Subjects
Entrepreneurial thinking,  Entrepreneurial cognition,  Psychology of Entrepreneurship,  Business formation,  High technology: Technology-based new firms,  Nascent and start-up entrepreneurs,  New business financing: Business angels,  New business financing: Public equity and IPOs,  New business financing: Venture capital and private equity capital,  New venture creation process
 
Keywords
L26 EntrepreneurshipG20 General Financial InstitutionsG23 Non-bank Financial Institutions, Institutional InvestorsG24 Venture Capital
Business AngelBusiness Angel NetworksSeed FinancingInstitutional Seed FinancingVenture CapitalCrowdfundingEquity Crowdfunding
 

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In this article:
1. Introduction
2. Venture Capital
3. Business Angels
4. Crowdfunding
5. Institutional Seed Investors, Business Angels, and the Crowd Acting Together
6. Conclusion
References

Abstract

Venture capital, angel financing, and crowdfunding have evolved and matured in the entrepreneurial finance market. These market developments have also been accompanied by a growing body of research. In this monograph, we provide an overview of a vast body of literature in the field of entrepreneurial equity finance, presenting the current state of research and succinctly identifying its subcategories. We also provide insight into major research trends and research gaps and examine the growing research field of cognition in entrepreneurial equity finance. Our review is structured using a theoretical framework that aims to link venture capital, angels, and crowdfunding whilst considering the significant differences exhibited between each investment stage.

DOI:10.1561/0300000066
ISBN: 978-1-68083-394-2
140 pp. $95.00
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ISBN: 978-1-68083-395-9
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Table of contents:
1. Introduction
2. Venture Capital
3. Business Angels
4. Crowdfunding
5. Institutional Seed Investors, Business Angels, and the Crowd Acting Together
6. Conclusion
References

Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review

Entrepreneurial finance is defined as a topic that covers several sources of capital, such as angel investors, venture capital, private equity, hedge funds, microfinance, project finance, and more. This monograph focuses on three of these principal components – institutional financing (in the shape of formal venture capital), angel financing, and crowdfunding – in order to identify and analyze the academic literature in entrepreneurial equity finance. Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review provides a connected overview of the academic literature. The authors develop a theoretical framework that not only provides insight into the different sources of entrepreneurial equity finance but also guides the volume’s structure. The cornerstones are presented in an interconnected style rather than individually. This offers the benefit of analyzing the literature that investigates the interplay between these market forces rather than simply investigating each financing technique’s individual contribution, therefore providing a sense of the overall market dynamics.

 
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