Abstract: Entrepreneurship research shows that men unequivocally receive more funding for early-stage ventures than women receive. Studies seeking to explain gender biases attribute differences to the masculine framing of entrepreneurship, the stereotypes held by traditional funding providers, and expected male character traits. To explain this phenomenon, research employs various theoretical lenses. We test whether gender matters in the crowdfunding context using a sample of technology ventures between 2010 and 2013. We find no significant difference in funding success between male and female entrepreneurs. We theorize that crowdfunding alters the boundary conditions for resource assembly by breaking down barriers for female entrepreneurs and democratizing access to potential resource providers. This research contributes to the literature on gender and resource acquisition in the emerging context of crowdfunding.

Abstract: The dynamics of a market are influenced by the motives of actors in the market. This study contributes to emerging research on the microfoundations of strategy by exploring the importance of heterogeneous motives in fundraising markets. To do so, I examine the potentially conflicting investment motives found on a non-profit crowdfunding platform, where simultaneous market and charity logics may lead lenders to respond to the perceived ability and perceived need of the entrepreneurs requesting money. An original survey of lenders on the platform will supplement the analysis of millions of actual lending decisions. A deeper understanding of the existence and consequences of heterogeneous investment motives can ultimately help improve fundraising strategy for entrepreneurs.

Abstract: How investors make decisions on prospective investments is an important empirical question for entrepreneurship theory. Acknowledging Knight’s seminal distinction between risk and uncertainty, we contend that traditional risk-based decision frameworks are inadequate for understanding entrepreneurial financing decisions as such decisions are often made in contexts of Knightian uncertainty. Adopting a crowdfunding context for our theoretical and empirical investigation, we propose two key uncertainty dimensions as determinants of both the success rate of obtaining financing and the type of financing obtained. These are the type of uncertainty (i.e. risk/uncertainty) and the strength of the uncertainty. We offer several key insights into how entrepreneurs and their potential financiers deal with uncertainty through various financing options, and how these may impact the overall success of the venture.

Abstract: Crowdfunding remains one of the most exciting areas for entrepreneurial finance, as well as for supporting charities and creative works. Its power comes not just from the resources that it can mobilize, but also because it democratizes the supply of and access to capital in ways that have never been possible before. We believe it is important to examine how crowds of backers differ among platforms, and how this interacts with the funding mechanisms of the platforms themselves. There are three main reasons why individuals seek crowdfunding, and three main reasons why backers invest. We start by explaining these categories, and then examine what happens when we include them together. We then offer some of the first empirical comparisons between reward-based and equity crowdfunding.