Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review
Foundations and Trends® in Entrepreneurship: Vol. 14: No. 1, pp 1-129, 2018, DOI: 10.1561/0300000066
103 Pages Posted: 13 May 2017 Last revised: 24 Mar 2018
Date Written: September 25, 2017
Venture capital, angel financing, and crowdfunding have evolved and matured in the entrepreneurial finance market. These market developments have also been accompanied by a growing body of research. In this paper, we provide an overview of a vast body of literature in the field of entrepreneurial equity finance, presenting the current state of research and succinctly identifying its subcategories. We also provide insight into major research trends and research gaps and examine the growing research field of cognition in entrepreneurial equity finance. Our review is structured using a theoretical framework that aims to link venture capital, angels, and crowdfunding whilst considering the significant differences exhibited between each investment stage.
Keywords: Business Angel, Business Angel Networks, Crowdfunding, Equity Crowdfunding, Seed Financing, Institutional Seed Financing, Venture Capital
JEL Classification: G20, G23, G24
Suggested Citation: Suggested Citation