Swept Away by the Crowd? Crowdfunding, Venture Capital, and the Selection of Entrepreneurs
Swept Away by the Crowd? Crowdfunding, Venture Capital, and the Selection of Entrepreneurs
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DOI：
10.2139/ssrn.2239204
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发表时间：
2013-03
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影响因子：
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通讯作者：
Ethan Mollick
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作者：
Ethan Mollick
风险投资家（VC）是评估创业企业质量的专家。一项长期的研究传统是考察风险投资家在新企业中寻找的质量信号，以及风险投资选择过程中产生的偏见。最近，另一种新的风险投资形式以众筹的形式出现，它依赖于数百万业余爱好者对哪些创业项目值得资助的判断。对于业余爱好者对与风险投资人相同的质量信号的反应程度以及他们是否受到相同的偏见知之甚少。为了弥补这一差距，我研究了 2,101 个众筹项目，这些项目符合更传统的风险投资支持的种子企业的特征。尽管选择环境存在根本差异，但我发现风险投资家和众筹机构以相似的方式评估创业质量，但众筹减轻了与风险投资机构寻找质量信号的方式相关的一些地理和性别偏见。
Venture Capitalists (VCs) are experts in assessing the quality of entrepreneurial ventures. A long tradition of research has examined the signals of quality that VCs look for in new ventures, and the biases that result from the VC selection process. Recently, an alternative form of new venture funding has arisen in the form of crowdfunding, which relies on the judgement of millions of amateurs about which entrepreneurial projects are worth funding. Little is known about the degree to which amateurs respond to the same signals of quality as VCs, and whether they are subject to the same biases. To address this gap, I examine 2,101 crowdfunded projects that match characteristics of more traditional VC-backed seed ventures. Despite the radical differences in selection environments, I find that entrepreneurial quality is assessed in similar ways by both VCs and crowdfunders, but that crowdfunding alleviates some of geographic and gender biases associated with the way that VCs look for signals of quality.