What do we know about the choices of entrepreneurs before the equity crowdfunding campaign?
这篇文献综述聚焦股权众筹的投资前阶段，比较了股权众筹与传统创业融资来源，探讨了企业家为何及何时偏好股权众筹，并深入分析了不同平台模式，对创业者和研究者均有参考价值。
Abstract This literature survey focuses on the pre-investment phase of equity crowdfunding, encompassing three key areas: (i) a comparative analysis of equity crowdfunding (ECF) in relation to traditional sources of entrepreneurial funding, such as venture capital and business angels; (ii) a discussion on why and when entrepreneurs prefer ECF; and (iii) an in-depth examination of the diverse models of ECF platforms. This paper is relevant for both practice and research. It can help entrepreneurs to identify under what circumstances ECF might be preferable to traditional sources of start-up funding and which platform model best suits their needs. It is also relevant for research because, besides providing an organized summary of the literature on this new way of financing start-ups, it also identifies some inconsistencies and gaps in the existing literature, providing some clues for further investigations.