What Do Crowdfunding Platforms Do? A Comparison between Investment-Based Platforms in Europe

30 Pages Posted: 20 Jun 2017

See all articles by Alice Rossi

Alice Rossi

University of Bergamo, Students

Silvio Vismara

University of Bergamo

Date Written: June 1, 2017

Abstract

Despite the growing popularity of investment-based crowdfunding, we know little about what platforms do before the campaign. This is one of the first studies to provide cross-platform evidence on investment-based crowdfunding. First, we describe the regulation and development over time of investment-based crowdfunding markets in France, Italy, Germany and the UK. Second, using a sample of 127 platforms in these countries, we document which services are offered to proponents, before, during and after the campaigns. Finally, our econometric analysis shows that a higher number of post-campaign services offered by the platforms increases the annual number of successful campaigns. Services offered before and during the campaign do not attract more campaigns to the platforms.

Keywords: crowdfunding, entrepreneurial finance, equity crowdfunding, platforms

JEL Classification: G30

Suggested Citation

Rossi, Alice and Vismara, Silvio, What Do Crowdfunding Platforms Do? A Comparison between Investment-Based Platforms in Europe (June 1, 2017). Available at SSRN: https://ssrn.com/abstract=2988965 or http://dx.doi.org/10.2139/ssrn.2988965

Alice Rossi

University of Bergamo, Students ( email )

Via Salvecchio, 19
Bergamo
Italy

Silvio Vismara (Contact Author)

University of Bergamo ( email )

Via Marconi 5
24044 Dalmine, Bergamo
Italy
00390352052352 (Phone)
0039035562779 (Fax)

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