TY  - JOUR
A1  - Tiberius, Victor
A1  - Hauptmeijer, Raoul
T1  - Equity crowdfunding
BT  - Forecasting market development, platform evolution, and regulation
JF  - Journal of small business management : advancing small business management and entrepreneurship research worldwide / published on behalf of the International Council for Small Business
N2  - In this study, we explore the development of equity crowdfunding (ECF) over the next 5 to 10 years by conducting an international Delphi study. Our results indicate that the ECF market is expected to grow significantly. However, it is unlikely to disrupt other forms of financing and will not cover all SME financing needs. ECF will remain a funding technique for SMEs and small investors; it is unlikely to attract large corporations or institutional investors. Platforms will impose stricter requirements for capital raisers, expand their services, and innovate their business models. National governments will probably partly liberalize the ECF market.
KW  - Equity crowdfunding
KW  - entrepreneurial finance
KW  - regulation
KW  - small
KW  - business
KW  - startup funding
Y1  - 2021
U6  - https://doi.org/10.1080/00472778.2020.1849714
SN  - 0047-2778
SN  - 1540-627X
VL  - 59
IS  - 2
SP  - 337
EP  - 369
PB  - Taylor & Francis Group
CY  - London
ER  -