Handbook of Research on Business Angels
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Handbook of Research on Business Angels

Edited by Hans Landström and Colin Mason

This book synthesizes 30 years of research on business angels by charting the significant role they play in the financing of entrepreneurial businesses in both developed and emerging economies. The expert group of contributors examine business angels themselves, the evolution of the market and the role of public policy in influencing angel investment. Finally, the editors provide an agenda for future research on business angels.
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Chapter 15: Crowdinvesting: angel investing for the masses?

Lars Hornuf and Armin Schwienbacher


The chapter reviews knowledge of crowdinvesting (or equity crowdfunding). Crowdfunding has emerged over the past decade as a new and promising means of financing new ventures. Crowdfunding includes a broad range of activities, such as donations, pre-purchase and other reward-based forms of funding by the crowd as well as debt and equity financing. The authors focus on a sub-category of crowdfunding that can be defined as ‘crowdinvesting’ – Internet-based investment in new ventures by the crowd with the intention to obtain some residual claim on future cash flow of a venture. As a new development in the market it raises questions regarding the boundaries between crowdinvestors and business angels. The aims of the chapter are to describe the function of crowdinvesting and to analyze the similarities and differences between crowdinvesting and angel investing. The authors argue that in many cases, crowdinvestors are likely to complement rather than substitute business angels and venture capital funds.

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