Initial Coin Offerings as a Contemporary Financing Alternative: Successful Ways to Raise Funds
通过分析全球最大ICO数据库中的75个项目，使用fsQCA方法研究影响ICO筹资成功的因素，发现财务风险、沟通和用户社区对成败至关重要，为创业者提供规划ICO的实用工具。
Initial coin offerings (ICOs) have emerged as a modern alternative financing instrument capable of connecting economic agents, entrepreneurs, and investors from all over the world. The benefits of blockchain technology in terms of privacy, security, and immutability make these financing tools particularly attractive. In this article, we analyze ICOs through the world's largest global database of ICOs. The analysis has been carried out through fsQCA methodology to a sample of 75 projects funded through this funding tool and aims to answer what are the possible ways to achieve success in fundraising in an ICO. The results shed light on the importance of financial factors, such as the risk of the operation, but also related to communication and user communities for the success or failure of these campaigns. The aim of this article is to provide entrepreneurs with a tool to help them plan their ICOs, develop them in a suitable way to attract the largest amount of funds, and mobilize investors’ resources, achieving a synergy between the entrepreneur and the investor, with impactful, innovative, and profitable projects. It is also intended to contribute to the academic development of the subject with comparative qualitative studies.