Multifaceted and Interdisciplinary Perspectives on Small Business and Entrepreneurship Research: Introducing the FGF Studies i...	6
	Preface	10
	Contents	14
	Introduction	16
	Reference	19
	Part I: Status Quo of an Emerging Research Field	20
	Crowdfunding: Outlining the New Era of Fundraising	21
	1 Introduction	21
	2 The Crowdfunding Market	23
	3 A Classification of Crowdfunding	24
	3.1 Crowdfunding Principles	24
	3.1.1 Project Initiators and Backers	24
	3.1.2 Crowdfunding Platform	25
	3.2 Crowdfunding Types	27
	4 Potentials and Challenges of Crowdfunding	28
	4.1 Potentials	28
	4.2 Challenges	30
	5 Future Research Directions	30
	5.1 Backers’ Motivation	31
	5.2 Project Initiators’ Motivation	31
	5.3 Risk in Crowdfunding	32
	5.4 Crowdfunding for Small and Medium Enterprises	33
	6 Conclusion	33
	References	34
	Crowdfunding: A Literature Review and Research Directions	38
	1 Introduction and Motivation	38
	2 Review of the Scientific Literature on Crowdfunding	39
	2.1 Literature Research and Selection Criteria	39
	2.2 Development of Scientific Research in Crowdfunding	40
	2.3 Crowdfunding Literature with a Focus on Capital Seekers	41
	2.3.1 Motivations of Companies for Crowdfunding	41
	2.3.2 Determining Factors for Successful Crowdfunding	45
	2.3.3 Legal Framework	46
	2.4 Crowdfunding Literature with a Focus on Capital Providers	47
	2.4.1 Motivations of Capital Providers	47
	2.4.2 Importance of Social Networks	51
	2.4.3 Signals in Crowdfunding Transactions	52
	2.5 Crowdfunding Literature with a Focus on the Intermediary	53
	3 Summary and Open Research Questions	55
	References	58
	Crowd and Society: Outlining a Research Programme on the Societal Relevance and the Potential of Crowdfunding	67
	1 Introducing the Topic: Financial Crisis, Societal Challenges-Assignments for Crowdfunding?	67
	2 Theoretical Background	69
	3 Objectives, Scope and Core Questions of the Research Programme	71
	4 Method	74
	5 Outlook	75
	References	76
	Part II: Regional Examinations on Crowdfunding	80
	The Financing Process of Equity-Based Crowdfunding: An Empirical Analysis	81
	1 Introduction	81
	2 Current Literature	82
	3 Methodology	84
	4 Functionality of Equity-Based Crowdfunding	84
	4.1 Application, Screening and Selection Phase	85
	4.2 Contracting Phase	85
	4.3 Roadshow Phase	87
	4.4 Subscription Phase	89
	4.5 Holding Phase	90
	4.6 Exit Phase	91
	5 Implications for Entrepreneurship Research	92
	References	93
	The Emerging Crowdfunding Market in Italy: Are ``the Crowd´´ Friends of Mine?	96
	1 Introduction	96
	2 The Literature on ``Crowdfunders´´	97
	3 Data and Empirical Strategy	99
	4 Conclusions	104
	References	104
	Crowdfunding and Employment: An Analysis of the Employment Effects of Crowdfunding in Spain	106
	1 Introduction	107
	2 The ICTs-Employment Nexus	108
	2.1 Crowdfunding	109
	3 Methodology	111
	4 Financial Crisis: Spain as a Case Study	114
	5 Crowdfunding and Employment in Spain: Key Figures January 2012-January 2013	116
	5.1 Key Figures January 2013-January 2014	118
	6 Conclusions	120
	References	122
	Non-equity Crowdfunding as a National Phenomenon in a Global Industry: The Case of Russia	124
	1 Introduction	124
	2 Russian Crowdfunding Development and Comparison with International Platforms	125
	3 Global Trends on Russian National Platforms	128
	4 Future of Russian Non-equity Crowdfunding	129
	5 Conclusion	131
	References	131
	Institutions Influencing the Evolution of Crowdfunding in China: A Review of the World Bank Report on Crowdfunding´s Potential...	133
	1 WBRC´s Key Variables for Crowdfunding Engagement	134
	2 Mistakes and Contradictions Within the WBRC	135
	3 Institutions Influencing the Evolution of Crowdfunding in China	136
	4 Conclusion	138
	References	138
	Part III: Analysis of Specific Application Areas in Crowdfunding	140
	The Perfect Regulation of Crowdfunding: What Should the European Regulator Do?	141
	1 Introduction to Crowdfunding	141
	2 What Is Crowdfunding?	142
	3 Crowdfunding Offerings Under (European) Securities Laws	143
	4 Pitfalls for Crowdfunding Offerings: National Company Laws	145
	4.1 Public Offering Limitations by National Company Laws	145
	4.2 Formalities Imposed by National Company Laws	146
	5 Crowdfunding Platforms Under (European) Securities Laws	146
	5.1 Accepting Reclaimable Funds (CRD IV, E-Money Directive)	148
	5.2 Continued Ownership (UCITSD, AIFMD, VC-Regulation, EU-SEF-Regulation)	149
	5.3 MiFID Regulated Activities	150
	6 Towards a European Regulatory Proposal	152
	6.1 The Lack of Investor Information, Exit, Voice and Loyalty	152
	6.2 A European Legislative Proposal	154
	6.2.1 Restrictions on the Offering	156
	6.2.1.1 Disclosure	157
	6.2.1.2 Maximum Cap per Project and Participation	158
	6.2.1.3 Self-Certification	159
	6.2.1.4 Proposal?	162
	6.2.2 Light Company Law Structures	163
	6.2.3 Restrictions on Crowdfunding Sites	164
	6.2.3.1 Licensing/Registration Requirements	164
	6.2.3.2 Business Organisation	167
	6.2.3.3 Towards a Cross-Border Dimension for (Equity) Crowdfunding Platforms	168
	7 Conclusion	170
	References	170
	Impact of Debt Crowdfunding for Civic Projects on the Optimal Portfolio of a Socially Responsible Investor	172
	1 Introduction	172
	2 Methodology	173
	3 Optimal Portfolio Without Crowdfunding	174
	4 Optimal Portfolio with Crowdfunding	175
	5 Discussion of the Results	176
	6 Conclusion	177
	References	178
	What Makes Crowdfunding Projects Successful `Before´ and `During´ the Campaign?	179
	1 Introduction	180
	2 Research Question	181
	3 Database and Sampling	181
	4 Variables	182
	4.1 Campaign Descriptive Variables	182
	4.2 Product Related Variables	182
	4.3 Offer Related Variables	185
	4.4 Entrepreneur Related Variables	186
	4.5 Networking Variables	187
	5 The Analysis	187
	5.1 First Step: Logistic Regression on Ex-Ante Variables	187
	5.2 Second Step: Mediation Model on Ex-Ante Variables	190
	6 Conclusions	194
	References	195
	Limitless Crowdfunding? The Effect of Scarcity Management	197
	1 Introduction	197
	2 The Theoretical Effect	198
	3 The Empirical Effect	200
	3.1 Sample Description	200
	3.2 Analysis	201
	3.3 Results	201
	4 Conclusions	202
	References	203
	Equity Crowdfunding: Beyond Financial Innovation	204
	1 Introduction	204
	2 Other Patterns Involved in Equity Crowdfunding	206
	3 Conclusion	209
	References	210
	Part IV: Selected Case Studies on Crowdfunding Practice	212
	The Crowdpower 2.0 Concept: An Integrated Approach to Innovation That Goes Beyond Crowdfunding	213
	1 Introduction	213
	2 Crowd Innovation Basics	214
	3 The Crowdpower 2.0 Concept	215
	4 Crowdpower 2.0 in Practice	216
	4.1 An Example of a Crowdsourcing Platform Supporting the Crowdcreativity Phase	217
	4.2 An Example of an Austrian Crowdfunding Initiative	218
	5 Crowdpower 2.0: Best Practices	221
	References	223
	Crowdfunding of a Social Enterprise: The GloW Project as a Case Study	224
	1 Introduction	225
	1.1 Definitions, Models and Facts	225
	1.2 Crowdfunding and Traditional Financing	226
	1.3 Crowdfunding: A New Hope for Social Enterprises	227
	1.4 Regulations of CF Industry Favourable for SEs	228
	2 The GloW Project and Crowdfunding	229
	2.1 The GloW Project	229
	2.2 Crowdfunding of the GloW Project	230
	2.3 Analysis of the Crowdfunding Campaign	233
	3 Conclusions	238
	References	239
	The Ten Commandments of Crowdfunding	241
	1 How to Determine if Crowdfunding Matches Potential Project Leaders´ Interests	241
	2 The Self-Assessment Approach of The Ten Commandments of Crowdfunding	243
	3 The Decision to Use Crowdfunding	247
	References	248
	About the Editorial Board and the Editors	249
	Editorial Board	249
	Editors	251