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Full-Text Articles in Law
Public Or Private Venture Capital?, Darian M. Ibrahim
Public Or Private Venture Capital?, Darian M. Ibrahim
Popular Media
No abstract provided.
Female Entrepreneurs And Equity Crowdfunding In The Us: Receiving Less When Asking For More, Seth C. Oranburg, Mark Geiger
Female Entrepreneurs And Equity Crowdfunding In The Us: Receiving Less When Asking For More, Seth C. Oranburg, Mark Geiger
Law Faculty Scholarship
In this paper, we explore the relationship between gender and funding raised through equity crowdfunding. Using data collected from the population of US equity crowdfunding campaigns, we find that campaigns receive significantly less funding when the primary signatory is female. Furthermore, we explore interactions between gender and a campaign's funding target. The results suggest that campaigns raise significantly less funding, as the target amount increases, when the primary signatory is female. These results are the first to suggest a relationship between gender and funding among the population of US equity crowdfunding campaigns. Implications and future directions are discussed.
Crowdfunding Signals, Darian M. Ibrahim
Crowdfunding Signals, Darian M. Ibrahim
Faculty Publications
Entrepreneurs can now “crowdfund,” or sell securities to unaccredited investors over the Internet, to raise capital. But will these companies be able to attract the follow-on investors (angels and venture capitalists) that are necessary for long-term success? Angels and VCs face extreme levels of information asymmetry when deciding whether to fund a company. Signals can reduce this asymmetry. Early commentary argues a company only crowdfunds as a last resort for fear of sending a negative signal about the company’s quality to follow-on investors. This Article argues the inverse. This Article argues a successful crowdfunding campaign can send a positive signal …
The Big Crowd And The Small Enterprise: Intracorporate Disputes In The Close-But-Crowdfunded Firm, Martin Edwards
The Big Crowd And The Small Enterprise: Intracorporate Disputes In The Close-But-Crowdfunded Firm, Martin Edwards
Journal Articles
Equity crowdfunding is a financial innovation that allows small businesses and startups to access capital through soliciting investment over the Internet. The current literature on crowdfunding has focused on its theoretical background and on the development of crowdfunding exemptions from the securities laws permitting the practice. There is less discussion of the impact of crowdfunding on corporate governance. This article fills that gap by outlining the potential for a panoply of intracorporate disputes between and among majority shareholders and “crowd” minority shareholders, placing the discussion within the longstanding—if uneasy—divide in judicial treatment of disputes in public corporations and close corporations. …
The Gatekeepers Of Crowdfunding, Andrew A. Schwartz
The Gatekeepers Of Crowdfunding, Andrew A. Schwartz
Publications
Securities crowdfunding is premised on two core policy goals: inclusivity and efficiency. First, crowdfunding is conceived as an inclusive system where all entrepreneurs are given a chance to pitch their idea to the "crowd." Second, crowdfunding is supposed to be an efficient way to channel funds from public investors to promising startup companies. There is a fundamental tension between these two policy goals, however. A totally inclusive system would ensure that platforms list any and every company that wants to participate. But platforms need to curate and select the companies they list in order to establish a reputation as a …