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Sophie Manigart, Thomas Standaert and Tom Vanacker

Financing innovative, high-growth ventures are difficult given their reliance on intangible knowledge-based assets, high probabilities of failure and asymmetries between entrepreneurs and financiers. Venture capitalists have developed systems over time to cope with this uncertainty and asymmetries in pursuit of high returns with other investors following suit. Unfortunately, returns on very early-stage investments to not seem to provide compensation for the commensurate risk taken and thus creative policy or industry-wide solutions are needed.
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Jürgen Hanssens, Marc Deloof and Tom Vanacker

Theories on the evolution of entrepreneurial financing align with firm maturity; as firms grow, different sources of finance become available. Hanssens, Deloof and Vanacker find, however, that several issues need to be addressed in order to get a full picture of entrepreneurial finance, including the unexpectedly important role of bank debt in early stage ventures, longitudinal evidence on the dynamics of financing policies and how multiple sources of finance relate and potentially interact.
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Tom Vanacker, Silvio Vismara and Xavier Walthoff-Borm

The authors ask the question: What happens after a crowdfunding campaign? They argue that ‘success’ in the crowdfunding context is often defined as raising funds in a crowdfunding campaign, but although this is an important milestone, it only represents a beginning of building a viable business. This chapter reviews what is known about firms and projects after they have successfully raised funds (or failed to raise funds) on crowdfunding platforms.