Crowdfunding Cleantech

43 Pages Posted: 14 Jun 2017

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University; Birmingham Business School; European Corporate Governance Institute (ECGI)

Gaël Leboeuf

CERGAM - Aix-Marseille University

Armin Schwienbacher

SKEMA Business School

Date Written: March 29, 2017


This paper provides insights on the crowdfunding of new alternative energy technologies by enabling inferences from large pools of small investors. We provide large sample evidence from 81 countries around the world that cleantech crowdfunding is more common in countries with low levels of individualism and more common when oil prices are rising. Cleantech crowdfunding campaigns are more likely to have higher capital goals, more photos, a video pitch, and longer text descriptions of the campaign. Relative to non-cleantech campaigns, the success of cleantech campaigns, in terms of achieving funding goals, is more economically sensitive to the campaign’s goal size, being not-for-profit, and having a video pitch. The evidence is consistent with the view that while alternative energies are viewed as being more risky, and investors face greater information asymmetries relative to other types of investment projects, there are mechanisms for entrepreneurs to mitigate these information problems and be at least as successful in cleantech crowdfunding markets.

Keywords: Crowdfunding, Cleantech, Internet, Signaling

JEL Classification: G32, Q42

Suggested Citation

Cumming, Douglas J. and Leboeuf, Gaël and Schwienbacher, Armin, Crowdfunding Cleantech (March 29, 2017). Energy Economics, Forthcoming, Available at SSRN:

Douglas J. Cumming

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States


Birmingham Business School ( email )

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Birmingham, B15 2TY
United Kingdom

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
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Gaël Leboeuf (Contact Author)

CERGAM - Aix-Marseille University ( email )

0651619110 (Phone)

Armin Schwienbacher

SKEMA Business School ( email )

Avenue Willy Brandt
Euralille, 59777


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