Working the crowd: Improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures
基于对42家英国股权众筹初创企业创始人的访谈，发现即兴型创业者对此类融资需求旺盛，且股权众筹不仅提供资金，还带来重要的无形收益。
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.