Working the crowd: improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures

Brown, R., Mawson, S., Rowe, A. and Mason, C. (2018) Working the crowd: improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures. International Small Business Journal, 36(2), pp. 169-193. (doi:10.1177/0266242617729743)

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Equity crowdfunding has rapidly established itself as an important part of the funding landscape for nascent entrepreneurial ventures. To date, however, little is known about the nature of the demand for equity crowdfunding or its impact on recipient firms. This article draws on an interview-based study of entrepreneurs of 42 equity crowdfunded start-ups in the United Kingdom. The study found strong demand for this funding from these experimental and improvisational entrepreneurs within innovative, consumer-focused, early stage firms. Many entrepreneurs were classic ‘discouraged borrowers’ attracted by the ability to obtain finance quickly with relatively little diminution of their equity or autonomy. In terms of impact, equity crowdfunding seems to confer important intangible benefits to investee companies which amount to more than money. Given their strongly improvisational nature, the concept of entrepreneurial bricolage seems a suitable theoretical lens explicating the behavioural aspects of the entrepreneurs examined.

Item Type:Articles
Glasgow Author(s) Enlighten ID:Mason, Professor Colin
Authors: Brown, R., Mawson, S., Rowe, A., and Mason, C.
College/School:College of Social Sciences > Adam Smith Business School > Management
Journal Name:International Small Business Journal
ISSN (Online):1741-2870
Published Online:15 September 2017
Copyright Holders:Copyright © 2017 The Authors
First Published:First published in International Small Business Journal 36(2): 169-193
Publisher Policy:Reproduced in accordance with the copyright policy of the publisher.

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