Crowfunding and Innovation

Abstract : Entrepreneurs have started relying on crowdfunding to fund their investments. This paper surveys the literature linking crowdfunding with innovation in entrepreneurial firms. Two distinct areas are discussed. First, crowdfunding has the potential to foster innovation by offering new sources of capital to innovation‐driven firms and thereby reduce the funding gap for innovative startups. Second, crowdfunding offers a way for the crowd to participate in the innovation process by providing feedback to the entrepreneur. This feedback can take various forms, including providing ideas on the development of the product during and after the campaign (in the spirit of crowdsourcing), and providing valuable information on the future demand for the new product.
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https://hal-univ-bourgogne.archives-ouvertes.fr/hal-01875915
Contributeur : Crego - Université de Bourgogne <>
Soumis le : mardi 18 septembre 2018 - 08:50:37
Dernière modification le : lundi 8 avril 2019 - 19:01:30

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Fabrice Hervé, Armin Schwienbacher. Crowfunding and Innovation. Journal of Economic Surveys, Wiley, 2018, Issue 5 (32), pp.1514-1530. ⟨10.1111/joes.12274⟩. ⟨hal-01875915⟩

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