Democratizing Innovation and Capital Access: The Role of Crowdfunding
研究了众筹如何可能使创新商业化和融资更加民主化，比较了众筹与专家决策的差异，考察了众筹是否帮助历史上在资本市场中代表性不足的群体获得更多资本，以及众筹是否像传统融资一样促进新企业成长。
This article focuses on how crowdfunding might democratize the commercialization of innovation as well as financing. First, it examines how crowdfunders decide what effort to support and asks how do crowd and expert decisions differ? Second, it investigates whether crowdfunding democratizes access to capital by asking whether groups that have historically been underrepresented in capital markets gain additional access to capital markets through crowdfunding. Finally, it investigates whether crowdfunding leads to the growth of new firms in the same way that traditional funding does. Taken together, these questions point at a potentially vast alternative infrastructure for developing, funding, and commercializing innovation.