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

See all articles by Johannes Wallmeroth

Johannes Wallmeroth

EMLYON Research Centre for Entrepreneurial Finance; EMLYON Business School; University of Lyon 3

Peter Wirtz

University of Lyon 3

Alexander Peter Groh

EMLYON Business School

Date Written: September 25, 2017

Abstract

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

Wallmeroth, Johannes and Wirtz, Peter and Groh, Alexander Peter, Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review (September 25, 2017). Foundations and Trends® in Entrepreneurship: Vol. 14: No. 1, pp 1-129, 2018, DOI: 10.1561/0300000066. Available at SSRN: https://ssrn.com/abstract=2967271 or http://dx.doi.org/10.2139/ssrn.2967271

Johannes Wallmeroth (Contact Author)

EMLYON Research Centre for Entrepreneurial Finance

23 Avenue Guy de Collongue
Ecully, 69132
France

EMLYON Business School

23 Avenue Guy de Collongue
Ecully, 69132
France

University of Lyon 3

6 cours Albert Thomas
Lyon, 69008
France

Peter Wirtz

University of Lyon 3 ( email )

1 rue de Université
B.P. 0638
Lyon, 69007
France

Alexander Peter Groh

EMLYON Business School ( email )

23 Avenue Guy de Collongue
Ecully, 69132
France

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