Abstract
This chapter puts crowdfunding as part of a broader portfolio of others types of entrepreneurial finance and explains that an appropriate set of regulatory and public policy goals considers regulation not in isolation, but in terms of how there is an interplay between different forms of entrepreneurial finance. That is, research in the area of public policy toward entrepreneurial finance has traditionally been focused on financing gaps, and whether or not government programs successfully address or mitigate those financing gaps. More recently, a growing literature has identified externalities across different forms of entrepreneurial finance. These externalities include but are not limited to spillovers from one form of finance to another (such as from crowdfunding to venture capital), spillovers from domestic to international investment, and spillovers from early stage to late stage investment. Sometimes these externalities are positive and other times they are negative. In this paper, we review what is known about these spillovers and highlight a need to better understand these spillovers for the optimal design of a government’s portfolio of policy toward entrepreneurial finance.
Published Version
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